Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations. This May, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!
In the Twin Cities region, for the week ending May 12:
- New Listings decreased 11.8% to 1,485
- Pending Sales increased 18.9% to 1,159
- Inventory decreased 28.3% to 17,761
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 42.4% to 4.7
If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.
In the Twin Cities region, for the week ending May 5:
- New Listings decreased 6.6% to 1,643
- Pending Sales increased 41.9% to 1,232
- Inventory decreased 28.3% to 17,579
For the month of April:
- Median Sales Price increased 12.1% to $162,500
- Days on Market decreased 15.1% to 135
- Percent of Original List Price Received increased 3.6% to 93.4%
- Months Supply of Inventory decreased 43.1% to 4.7
Buyers don’t live in a spreadsheet. When they find a home to love and cherish, they don’t intellectualize it too much. There are generally fewer homes on the market, they’re selling more quickly and prices in most areas are no longer in a downtrend. Dwindling inventories means there’s less competition and more pricing power for sellers, who are finally starting to be rewarded by strong buyer activity. Interest rates at 50-year lows doesn’t hurt either. Love is in the air and all around the housing market.
In the Twin Cities region, for the week ending April 28:
- New Listings decreased 14.9% to 1,475
- Pending Sales increased 21.4% to 1,187
- Inventory decreased 28.0% to 17,603
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.7% to 144
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 37.2% to 4.8
There’s that sound again. It’s the media message you once heard on the TV and radio or read in newspapers and on the Internet in days seemingly long gone. Real estate stories are mostly being cast in a generous light. That’s all well and good, but is now the time to list or buy? Answering that question still relies upon many specific, localized, determining factors, but we have reached a place where the process is generally more positive and enjoyable. That big American dream of homeownership is no longer haunted by night terrors.
In the Twin Cities region, for the week ending April 21:
- New Listings increased 13.9% to 1,677
- Pending Sales increased 41.2% to 1,281
- Inventory decreased 28.4% to 17,447
For the month of March:
- Median Sales Price increased 7.1% to $149,900
- Days on Market decreased 9.7% to 144
- Percent of Original List Price Received increased 3.8% to 92.1%
- Months Supply of Inventory decreased 37.6% to 4.7