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: Market activity in the Twin Cities metro area picked up last week overall. While still behind the hyper-active winter of 2021, most metrics managed to shrink the gap between this year and last. Buyer activity saw the most growth. Average pending sales were only a mere 9.4 percent down compared to this time last year. When broken down by price, most segments improved year-over-year, including the median priced $350-500K homes in which purchase agreements increased by 7.6 percent on average. Affordable and luxury price segments also saw increased demand from pending sales. Seller activity managed an uptick as we continue into 2022, but last week’s supply of new listings fell 21.6 percent short of the year prior. While homes priced between $500-750K saw the largest year-over-year increase at 8.4 percent, homes priced under $250K experienced a supply drop of 43.2 percent. As has been the case for months, the affordable end of the market continues to be the hardest hit by the lack of supply in the market. Showing activity saw noticeable growth, but compared to last year’s spike at the same time in the year, showings were down 24.7 percent. The upper half of the market saw gains in showing activity, namely listings priced between $600-800K which grew engagement by 15.7 percent on average. The 30-Year Fixed Rate Mortgage Average in the United States dipped to around 3.75 percent last week. This was the first interest rate drop since late December 2021.
Join MAR for a free monthly presentation and discussion on the Twin Cities real estate market Thursday, March 17, 2022 (2:00 PM to 3:00 PM).