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: The Twin Cities metro area showed positive signs that our real estate market can keep up with both supply and demand from previous years. The metro’s buyer activity continues a consistent upward trend, although pending sales were down 19.4 percent from this time in 2021. The upper end of the market reported notable gains, particularly in the luxury market which saw 91.7 percent year-over-year growth. Seller activity in the metro also saw a positive trend, but ended the week 27.1 percent down on last year’s supply of new listings. A silver lining in terms of affordable supply was that homes priced between $120-150K grew by 15.8 percent in a year. Unfortunately, all other price points below $250K dealt with significant losses in comparison. Speaking of significant loses, keen-eyed readers will notice for the next few weeks that showing activity numbers are likely to see relative declines compared to the highest recorded performance the metro experienced in 2021. Last week was the first instance of this outlier as our reference point. Generally, showings throughout the metro are trending up, so take these numbers with a healthy grain of salt. Average showings were down 24.8 percent overall, with homes priced between $500-600K performing the best, only 3.0 percent below last year. The 30-Year Fixed Rate Mortgage Average in the United States ticked back up to 3.9 percent, possibly in anticipation of the Federal Reserve increasing interest rates. If this comes to pass, expect mortgage rates to follow suit. Keep an eye out for the tomorrow’s joint press release on the February 2022 real estate market presented by MAR and SPAAR.
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).