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 2019
Weekly insight: An increase in seller activity is usually expected around this week, but the latest new listings trend haven’t followed that pattern. Seller activity has had mixed performance since early April and continues to underperform when compared to 2019 and 2018. Overall, new listings are down 27% from 2019. Listings below $250K saw the largest drop, supply in this price range is down anywhere from -36.0 to -59.0 percent. The only range where new listings grew was in the $500-750K price range, up 21.0 percent. Buyer activity in the Twin Cities dipped slightly from last week, but remains above the past two years’ performance. Pending Sales track alongside our other metrics, showing that listings below $250K have seen a decrease in demand while listings in the higher price ranges see the largest percentage increases in demand. Once again, homes priced above $1 million see significant gains in buyer activity, up almost 86.0 percent compared to 2019. Showing activity in recent weeks has leveled off, but continues to surpass recent years for this time of year. Listings in the higher price points continue to see an increase in showing interest. Last week, homes in the $500-600K range saw the greatest increase in showings compared to 2019, while homes priced at $250-300K were the most attended showings in the area. The silver lining for buyers is that the 30-year fixed rate mortgage remains around 2.96 percent, so they have more buying power that can partially offset affordability challenges caused by strong price growth.
Join MAR’s Director of Research, David Arbit, for a free monthly presentation and discussion on the Twin Cities real estate market Thursday, May 20, 2021 (2:00 PM to 3:00 PM).