Hello stats fans and data lovers near and far. These special weekly market updates put buyer and seller activity in context and capture any market shifts. They feature all the charts and data you’ve come to love, including showings by price point. Don’t forget to check out our regular Weekly Market Activity Report. Once you’ve logged in to Northstar, Infosparks is also an excellent resource for custom market research and data.
In the meantime, check out the latest showings numbers and market indicators compared to 2021.
Weekly insight: Overall showing activity in the Twin Cities metro surpassed trends in 2019 & 2020 last week. Although the metro is down 23.0 percent from last year, this gap speaks more to the frenzy in showings last year than anything else. Remarkably, the pricier market segments saw significant showing gains beginning with homes priced between $500-600K which were up 49.3 percent on average. Unfortunately the same cannot be said for the supply of new listings in the market. After a two week downward trend, seller activity from last week is 23.2 percent below that of 2021. The luxury market faired best, with new listings up 42.9 percent, while all price ranges below $500K saw decreased supply on average. Buyer activity performed in a similar manner, with demand from pending sales down 12.5 percent overall. The upper market saw gains while all price ranges below $500K saw drops in demand. Most notably, homes priced between $750K-$1M saw a 15.0 percent increase in signed purchase agreements. Last week the Federal Reserve raised interest rates, influencing the 30-Year Fixed Rate Mortgage Average in the United States to increase to 4.2 percent. Look for continued increases in mortgage rates as the economy establishes a new equilibrium given this change from the Fed.
Join MAR for a free monthly presentation and discussion on the Twin Cities real estate market Thursday, April 21, 2022 (2:00 PM to 3:00 PM).