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November 14, 2016 | Tags: Strong Demand, Rising Prices, but Weak Supply Heading into Winter Pending home sales rose 1.6 percent compared to last year and reached their highest level for any October since 2004. Sellers listed 5,249 for-sale properties on the market, 9.5 percent fewer than last October. Closed sales increased 0.8 percent to 4,791. That closed sales figure is between 2004 and 2005 levels. Although home prices have… Read More
November 7, 2016 | Tags: Median Seller Tenure in Home (1985-2016) For quite some time, NAR's reports have shown that homeowners tend to stay in their homes for 5-7 years. Based on the data from NAR's most recent Profile of Home Buyers and Sellers report, that was true up until 2008. By 2011–just after the seismic shifts that rocked the market–owner tenure rose to 9 years and… Read More
October 26, 2016 | Tags: Trading Places on Affordability Since the beginning of 2003 (chart above starts at 2005), there have been more homes for sale in Minneapolis priced under $250,000 than in St. Paul. And then one cold winter morning that was no longer the case. Starting in February 2016 and every month since, there have been more homes priced under $250,000 for… Read More
October 19, 2016 | Tags: Making Sense of Unemployment Data Whether in a classroom setting, at a public event or community meeting, working a media relations angle or just doing a quick office visit, we often encourage real estate professionals (or anyone with an income reliant on the health of a consumer-driven marketplace, really) to monitor not only the housing market but also the labor market.… Read More
October 14, 2016 | Tags: Prices Firm and Signs of Seller Confidence Moving into Fall Seller activity increased 5.6 percent since last September, the largest increase all year. Sellers introduced 6,727 new listings to the marketplace. Closed sales increased 5.7 percent while pending purchase activity was flat. That closed sales figure is on par with 2005 levels. Although home prices have reached their seasonal peak for 2016, the median sales… Read More
September 26, 2016 | Tags: POTW | Chaska                       As you may or may not have noticed, it’s a moderately significant golf week. The Ryder Cup is taking place at the Hazeltine Course in Chaska and golf legend Arnold Palmer—dubbed the “King of Golf”—sadly passed on September 25, 2016. So grab a lemonade… Read More