Here's the Latest from MAAR:
For the week ending August 16, 2008, there were a whopping 33.0 percent more pending sales than the same week last year—an increase of more than 200 units. This extremely strong showing is due to a combination of legitimately robust current demand and the uncharacteristically steep downward dive sales took last year after the credit markets began to constrict in August 2007. This week's figures are more in line with the equivalent (pre-credit crunch) time period in 2006—just 2.5 percent off that pace.
As for housing supply, the number of new listings on the market receded by 18.4 percent for the same time period comparison, and the total number of active properties for sale is currently 7.1 percent lower than at the same point last year.
Monday, August 25, 2008
Monday, August 18, 2008
Pending sales 21% higher than one year ago!
Pop Those Corks!
Here's the latest from MAAR:
Pending sales for the week ending August 9 were a startling 21.0 percent higher than one year ago, posting 900 sales as compared to 744 a year ago. While one week of such robust increase doesn't justify the opening of stored champagne bottles, it is another welcome sign of reviving buyer demand. While a highly productive number in its own right, the year-over-year increase is somewhat amplified by just how slow August of last year was, as that is the specific month in which tightening lending standards began to take root.
New listings declined by 11.3 percent for the same time period comparison, and the total number of active properties for sale is currently 6.4 percent lower than it was one year ago. With foreclosure and short sale activity increasing, the declining supply underscores just how many traditional sellers are waiting this market out by not placing their homes up for sale.
Here's the latest from MAAR:
Pending sales for the week ending August 9 were a startling 21.0 percent higher than one year ago, posting 900 sales as compared to 744 a year ago. While one week of such robust increase doesn't justify the opening of stored champagne bottles, it is another welcome sign of reviving buyer demand. While a highly productive number in its own right, the year-over-year increase is somewhat amplified by just how slow August of last year was, as that is the specific month in which tightening lending standards began to take root.
New listings declined by 11.3 percent for the same time period comparison, and the total number of active properties for sale is currently 6.4 percent lower than it was one year ago. With foreclosure and short sale activity increasing, the declining supply underscores just how many traditional sellers are waiting this market out by not placing their homes up for sale.
Monday, August 11, 2008
Sales Tantalizing the Marketplace
For the fifth consecutive week and ninth of the last twelve, there were more purchase agreements written on homes than one year previous.
Here's the Latest from MAAR:
For the week ending August 2, there were 820 pending sales—an increase of 2.2 percent from the same week in 2007. Over the last three months, pending sales have held relatively steady, posting an increase of 0.6 percent from the same period last year. With sales tantalizing the marketplace with slight upward jiggering over the past several weeks, some might want to predict that we've reached bottom. While the news is encouraging, it's a bit premature to stake that claim. Meanwhile, housing supply is clearly in decline. New listings from the most recently reported week were a stirring 19.8 percent lower than last year and were down 12.8 percent over the last three months.
This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics. Days on Market Until Sale in July fell slightly to 146 but remains up 13.3 percent from July 2007. Percent of Original List Price Received at Sale decreased to 92.6 percent, also down from last year. Months Supply of Inventory is up 8.6 percent from last year at 10.5. And our Housing Affordability Index (HAI) fell 4 points from last month to 144 due to another increase in interest rates and seasonal increases in home prices. Despite the drop, the HAI remains much improved from 2006 and 2007.
Here's the Latest from MAAR:
For the week ending August 2, there were 820 pending sales—an increase of 2.2 percent from the same week in 2007. Over the last three months, pending sales have held relatively steady, posting an increase of 0.6 percent from the same period last year. With sales tantalizing the marketplace with slight upward jiggering over the past several weeks, some might want to predict that we've reached bottom. While the news is encouraging, it's a bit premature to stake that claim. Meanwhile, housing supply is clearly in decline. New listings from the most recently reported week were a stirring 19.8 percent lower than last year and were down 12.8 percent over the last three months.
This week's edition of the MAAR Weekly Market Activity Report features updated figures for several key metrics. Days on Market Until Sale in July fell slightly to 146 but remains up 13.3 percent from July 2007. Percent of Original List Price Received at Sale decreased to 92.6 percent, also down from last year. Months Supply of Inventory is up 8.6 percent from last year at 10.5. And our Housing Affordability Index (HAI) fell 4 points from last month to 144 due to another increase in interest rates and seasonal increases in home prices. Despite the drop, the HAI remains much improved from 2006 and 2007.
Monday, August 04, 2008
A New Market Picture ?
Here's the latest from MAAR:
There are fewer homes to choose from for today's prospective buyers than there were a year ago. There are currently 32,978 residential housing units up for sale in the Twin Cities region, down 5.5 percent-or about 2,000 units-from this time last year. The cause of the lessened supply is a decrease in new listings combined with more homes coming off the inventory list by way of "sold" signs. For the week ending July 26, there were only 1,816 new listings, a drop of 16.5 percent from one year ago. Newly signed purchase agreements (pending sales) for the same year-over-year comparison increased by 5.1 percent.
Less supply coupled with promising signs of demand have created a new market picture. In August, our Supply-Demand Ratio (SDR) indicates that there will be 8.68 homes for sale per buyer, a decrease of 4.2 percent from one year ago. This is the second consecutive month of downward year-over-year movement in this metric, which is a good thing. A well-balanced market for the month of August would show an SDR of about 5 homes for sale per buyer. We have a ways to go, but we're on the right track if this trend continues.
There are fewer homes to choose from for today's prospective buyers than there were a year ago. There are currently 32,978 residential housing units up for sale in the Twin Cities region, down 5.5 percent-or about 2,000 units-from this time last year. The cause of the lessened supply is a decrease in new listings combined with more homes coming off the inventory list by way of "sold" signs. For the week ending July 26, there were only 1,816 new listings, a drop of 16.5 percent from one year ago. Newly signed purchase agreements (pending sales) for the same year-over-year comparison increased by 5.1 percent.
Less supply coupled with promising signs of demand have created a new market picture. In August, our Supply-Demand Ratio (SDR) indicates that there will be 8.68 homes for sale per buyer, a decrease of 4.2 percent from one year ago. This is the second consecutive month of downward year-over-year movement in this metric, which is a good thing. A well-balanced market for the month of August would show an SDR of about 5 homes for sale per buyer. We have a ways to go, but we're on the right track if this trend continues.
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