Inventory
Weekly Market Report
For Week Ending November 28, 2020
On Tuesday, the Dow Jones Industrial Average closed over 30,000 for the first time based on the good news in the development of coronavirus vaccines. Strength in the stock market, coupled with ongoing near-record low mortgage rates, continues to support healthy buyer demand in the market, though many take a short pause over the Thanksgiving holiday this week.
In the Twin Cities region, for the week ending November 28:
- New Listings increased 11.2% to 568
- Pending Sales increased 13.6% to 829
- Inventory decreased 34.8% to 7,219
For the month of October:
- Median Sales Price increased 12.5% to $315,000
- Days on Market decreased 23.9% to 35
- Percent of Original List Price Received increased 2.4% to 100.5%
- Months Supply of Homes For Sale decreased 36.0% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Reach Another Record Low
December 3, 2020
Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending November 21, 2020
The National Association of REALTORS® reported that existing-home sales rose again in October, the fifth monthly increase in a row. Total existing-home sales increased 4.3% from September, rising to a seasonally adjusted annual rate of 6.85 million homes, and marking the highest home sales level in 15 years. While home sales activity slows during the holiday season, overall buyer demand remains strong.
In the Twin Cities region, for the week ending November 21:
- New Listings increased 5.2% to 990
- Pending Sales increased 8.8% to 1,093
- Inventory decreased 33.5% to 7,604
For the month of October:
- Median Sales Price increased 12.5% to $315,000
- Days on Market decreased 23.9% to 35
- Percent of Original List Price Received increased 2.4% to 100.5%
- Months Supply of Homes For Sale decreased 36.0% to 1.6
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
October Monthly Skinny Video
Mortgage Rates Hold Steady Heading into the Thanksgiving Holiday
November 25, 2020
Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower-and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
