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 seller activity in the Twin Cities metro area trended down last week. Compared to 2021, the supply of new listings declined 28.1 percent on average. The affordable end of the market saw a more dramatic decrease in supply, where homes under $250K saw a 39.5 percent drop in supply to the market. Buyer activity faired slightly better, but remained below comparisons from last year, a loss of 14.9 percent in average demand from pending sales. However, the upper end of the market saw increased demand, most notably homes priced between $500-750K which were up 24.5 percent. Showing activity in the Twin Cities continues to show post-pandemic performance while activity from buyers and sellers have been unable to keep up with the pace from the past few years. While overall showings are down 14.2 percent from last year, interest from potential buyers is significantly increased in the upper end of the market. The luxury market saw 52.1 percent increase in showing activity last week compared to 2021. The 30-Year Fixed Rate Mortgage in the United States averaged 3.7 percent over the past few days. This is the latest increase since a record low of 2.6 percent a little over a year ago. Keep an eye out for today’s Twin Cities Press Release from MAR & SPAAR covering market trends from the month of January.
Join MAR for a free monthly presentation and discussion on the Twin Cities real estate market Thursday, February 17, 2022 (2:00 PM to 3:00 PM).