Inventory
Weekly Market Report
For Week Ending January 2, 2021
The New Year has begun and with it, many buyers and sellers have a change of housing in their new year resolutions. While ongoing unemployment claims are still elevated, it is less than one quarter of what it was at its high during the early days of the pandemic. With interest rates remaining near record lows, the stock market near record highs, and inventory of homes available still constrained in most segments of the market, the year is setting up to be another filled with strong demand and limited supply.
In the Twin Cities region, for the week ending January 2:
- New Listings decreased 25.8% to 519
- Pending Sales increased 17.0% to 653
- Inventory decreased 38.1% to 5,511
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 40.9% to 1.3
All comparisons are to 2020
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Hit a New Record Low the First Week of 2021
January 7, 2021
A new year, a new record low mortgage rate. Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices. However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending December 26, 2020
As we near the end of the year, overall real estate activity slows as many buyers and sellers briefly turn their focus from real estate to the holidays, family, and friends. With mortgage rates closing the year at near record lows, and almost one percent lower than a year ago, home purchase mortgage loan application volume remains high and continues to signal strong buyer demand going into the new year.
In the Twin Cities region, for the week ending December 26:
- New Listings increased 22.0% to 338
- Pending Sales increased 17.0% to 593
- Inventory decreased 37.9% to 5,777
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 40.9% to 1.3
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Remain Near Record Low Heading Into 2021
December 31, 2020
All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than one percentage point over the last twelve months, driving housing market activity in 2020. Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending December 19, 2020
According to research by realtor.com®, all-cash home purchases make up about 36% of the market, which is up only slightly from last year. While the middle-price tiers saw about the same percentage of all-cash sales as last year, the low end of the market (under $200,000) and the very top of the market (over $1 million) saw higher shares of cash sales this year than last.
In the Twin Cities region, for the week ending December 19:
- New Listings increased 28.1% to 693
- Pending Sales increased 24.4% to 923
- Inventory decreased 37.0% to 6,137
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 38.1% to 1.3
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
