Metro area Market Data

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Even with temperatures cooling, the Twin Cities housing market remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. Prior to that, we had 15 weeks in a row of 700 or more pending sales per week.



Think about that for a minute. There were more pending sales in the metro during the first full week of February than in the last full week of August. And last year at this time, we were consistently hitting 1,000 or more pendings throughout the summer.



All of this adjustment firmly points to the federal tax credit for first-time home buyers that was in full swing both at this time last year and during the winter and spring months of this year. We have returned to a world void of juicy government incentives.



The number of homes for sale has grown to 27,271, up 8.6 percent from the prior year. Increased supply plus declining demand has caused the Supply-Demand Ratio to grow 56 percent in one year\'s time. This boils down to greater opportunity for buyers and increased challenges for sellers. You\'re probably used to hearing that by now. We\'re certainly used to saying it.

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Metro area Market Data

  1. 1. A free research tool from the Minneapolis Area Association of REALTORS® Week of September 7, 2010 Brought to you by the unique data-sharing traditions of the REALTOR® community Contents Even with temperatures cooling, the Twin Cities housing market New Listings ......... 2 remained in its summer swelter of a holding pattern for the week ending August 28. Signed purchase agreements topped off at 636, continuing a sub-700 trend that has gone on for 15 weeks in a row. ti i b 700 t d th t h f k i Pending Sales ......... 3 Prior to that, we had 15 weeks in a row of 700 or more pending sales per week. Active Listings ......... 4 Think about that for a minute. There were more pending sales in the metro during the first full week of February than in the last full week of August. And last year at this time, we were consistently hitting Days on Market Until Sale ......... 5 1,000 or more pendings throughout the summer. All of this adjustment firmly points to the federal tax credit for first- time home buyers that was in full swing both at this time last year Percent of Original List Price Received at Sale ......... 6 and during the winter and spring months of this year. We have returned to a world void of juicy government incentives. Supply-Demand Ratio ......... 7 The number of homes for sale has grown to 27,271, up 8.6 percent from the prior year. Increased supply plus declining demand has caused the Supply-Demand Ratio to grow 56 percent in one year's Housing Affordability Index ......... 8 time. This boils down to greater opportunity for buyers and increased challenges for sellers. You're probably used to hearing that by now. We're certainly used to saying it. Months Supply of Inventory ........ 9 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 1
  2. 2. New Listings As of September 7, 2010 Last Three Months Weekly New Listings 2,250 Current Activity For the week Current One Year One Year One Year Ago ending: Activity Ago Change 2,000 6/5/2010 1,521 2,160 - 29.6% 6/12/2010 1,729 1,970 - 12.2% 6/19/2010 1,712 1,870 - 8.4% 6/26/2010 1,608 1,719 - 6.5% 7/3/2010 1,397 1,482 - 5.7% 1,750 7/10/2010 1,542 1,867 - 17.4% 7/17/2010 1,618 1,798 - 10.0% 7/24/2010 1,578 1,652 - 4.5% 7/31/2010 1,566 1,637 - 4.3% 1,500 8/7/2010 1,759 1,802 - 2.4% 8/14/2010 1,601 1,630 - 1.8% 8/21/2010 1,516 1,600 - 5.3% 8/28/2010 1,385 1,641 - 15.6% 1,250 3-Month 3 Month Total: 20,532 20 532 22,828 22 828 - 10 1% 10.1% 6/5/10 6/12/10 6/19/10 6/26/10 7/3/10 7/10/10 7/17/10 7/24/10 7/31/10 8/7/10 8/14/10 8/21/10 8/28/10 Historical New Listings 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1/4/04 3/28/04 6/20/04 9/12/04 12/5/04 2/27/05 5/22/05 8/14/05 11/6/05 1/29/06 4/23/06 7/16/06 10/8/06 12/31/06 3/25/07 6/17/07 9/9/07 12/2/07 2/24/08 5/18/08 8/10/08 11/2/08 1/25/09 4/19/09 7/12/09 10/4/09 12/27/09 3/21/10 6/13/10 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 2
  3. 3. Pending Sales As of September 7, 2010 Last Three Months Weekly Pending Sales 1,300 Current Activity For the week Current One Year One Year 1,200 One Year Ago ending: Activity Ago Change 1,100 6/5/2010 527 1,226 - 57.0% 6/12/2010 674 1,210 - 44.3% 6/19/2010 645 1,156 - 44.2% 1,000 6/26/2010 587 1,121 - 47.6% 7/3/2010 611 989 - 38.2% 900 7/10/2010 545 1,007 - 45.9% 7/17/2010 626 1,038 - 39.7% 800 7/24/2010 628 1,009 - 37.8% 7/31/2010 651 991 - 34.3% 700 8/7/2010 659 1,037 - 36.5% 8/14/2010 631 1,026 - 38.5% 600 8/21/2010 601 1,012 - 40.6% 8/28/2010 636 1,013 - 37.2% 500 3-Month 3 Month Total: 8,021 8 021 13,835 13 835 - 42 0% 42.0% 6/5/10 6/12/10 6/19/10 6/26/10 7/3/10 7/10/10 7/17/10 7/24/10 7/31/10 8/7/10 8/14/10 8/21/10 8/28/10 Historical Pending Sales 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 1/23/05 4/17/05 7/10/05 10/2/05 12/25/05 3/19/06 6/11/06 9/3/06 11/26/06 2/18/07 5/13/07 8/5/07 10/28/07 1/20/08 4/13/08 7/6/08 9/28/08 12/21/08 3/15/09 6/7/09 8/30/09 11/22/09 2/14/10 5/9/10 8/1/10 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 3
  4. 4. Active Listings for Sale As of September 7, 2010 Last Three Months Weekly Inventory for Sale 28,000 Current Inventory One Year Ago Current One Year One Year Inventory as of: 27,500 Inventory Ago Change 6/7/2010 26,746 26,608 + 0.5% 6/14/2010 26,990 26,703 + 1.1% 27,000 6/21/2010 27,234 26,857 + 1.4% 6/28/2010 27,526 26,674 + 3.2% 7/6/2010 27,044 26,043 + 3.8% 26,500 7/12/2010 27,365 26,207 + 4.4% 7/19/2010 27,530 26,279 + 4.8% 26,000 7/26/2010 27,661 26,255 + 5.4% 8/2/2010 27,380 25,818 + 6.1% 8/9/2010 27,627 25,923 + 6.6% 25,500 8/16/2010 27,664 25,765 + 7.4% 8/23/2010 27,784 25,691 + 8.1% 8/30/2010 27,797 25,538 + 8.8% 25,000 9/7/2010 27,271 27 271 25,117 25 117 + 8.6% 8 6% 6/7/10 6/14/10 6/21/10 6/28/10 7/5/10 7/12/10 7/19/10 7/26/10 8/2/10 8/9/10 8/16/10 8/23/10 8/30/10 9/6/10 3-Month Avg: 27,452 26,067 + 5.3% Historical Weekly Inventory for Sale 40,000 35,000 30,000 25,000 20,000 15,000 10,000 3/12/04 6/4/04 8/27/04 11/19/04 2/11/05 5/6/05 7/29/05 10/21/05 1/13/06 4/7/06 6/30/06 9/22/06 12/15/06 3/9/07 6/1/07 8/24/07 11/16/07 2/8/08 5/2/08 7/25/08 10/17/08 1/9/09 4/3/09 6/26/09 9/18/09 12/11/09 3/5/10 5/28/10 8/20/10 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 4
  5. 5. Days on Market Until Sale July 2010 — 127 Current One Year One Year Month 146 Year Previous Change 137 8-2009 133 143 - 7.1% 127 129 145 9-2009 - 11.0% 10-2009 128 141 - 9.4% 11-2009 127 149 - 14.5% 12-2009 132 148 - 10.5% 1-2010 135 146 - 7.8% 2-2010 142 157 - 9.7% 3-2010 130 150 - 13.7% 4-2010 127 150 - 15.3% - 6.6% - 6.8% 5-2010 118 147 - 19.9% 6-2010 121 140 - 14.0% 7-2010 127 137 - 6.8% 12-Month Avg: 129 146 - 11.7% 7-2008 7-2009 7-2010 Two Year Picture: Days on Market Until Sale 170 160 150 140 130 120 110 100 7-2008 1-2009 7-2009 1-2010 7-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 5
  6. 6. Percent of Original List Price Received at Sale July 2010 — 91.8% 100% Current One Year One Year Month Year Previous Change 8-2009 94.1% 92.7% + 1.5% 95% 94.0% 9-2009 93.9% 92.2% + 1.8% 92.6% 10-2009 94.6% 91.3% + 3.6% 91.8% 94.3% 90.1% 11-2009 + 4.7% 12-2009 93.4% 90.0% + 3.8% 90% 1-2010 92.8% 89.5% + 3.7% 2-2010 92.3% 89.3% + 3.4% 3-2010 94.0% 91.5% + 2.7% 85% 4-2010 93.6% 90.0% + 4.0% + 1.5% - 2.3% 5-2010 94.1% 91.5% + 2.8% 6-2010 93.4% 92.9% + 0.5% 7-2010 91.8% 94.0% - 2.3% 80% 12-Month Avg: 93.5% 91.3% + 2.5% 7-2008 7-2009 7-2010 Two Year Picture: Percent of Original List Price Received at Sale 100% 95% 90% 85% 80% 7-2008 1-2009 7-2009 1-2010 7-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 6
  7. 7. Supply Demand Ratio September 2010 — 7.96 Houses Per Buyer Actual Projected Current One Year One Year Month Year Previous Change 7.83 7.96 10-2009 5.30 8.88 - 40.3% 11-2009 7.72 10.88 - 29.0% 12-2009 8.27 12.06 - 31.4% 1-2010 6.97 8.43 - 17.3% 5.10 2-2010 5.85 7.64 - 23.4% 3-2010 4.43 5.79 - 23.5% 4-2010 4.37 5.02 - 13.1% 5-2010 6.77 5.23 + 29.3% 6-2010 7.62 4.55 + 67.4% - 34.9% + 56.2% 7-2010 8.42 5.06 + 66.2% 8-2010 8.64 5.28 + 63.5% 9-2010 7.96 5.10 + 56.2% 12-Month Avg: 6.86 6.99 - 1.9% 9-2008 9-2009 9-2010 Two Year Picture: Supply-Demand Ratio 14 12 10 8 6 4 9-2008 3-2009 9-2009 3-2010 9-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 7
  8. 8. Housing Affordability Index August 2010 — 205 Current One Year One Year Month Year Previous Change 205 9-2009 195 151 + 29.1% 195 10-2009 201 159 + 26.4% 11-2009 202 161 + 25.5% 144 12-2009 207 180 + 15.0% 1-2010 208 192 + 8.1% 2-2010 217 202 + 7.3% 3-2010 213 206 + 3.2% 4-2010 206 218 - 5.4% 5-2010 202 219 - 7.8% + 35.4% + 5.1% 6-2010 200 199 + 0.4% 7-2010 199 192 + 3.6% 8-2010 205 195 + 5.1% 12-Month Avg: 204 190 + 7.9% 9-2008 9-2009 9-2010 Two Year Picture: Housing Affordability Index 240 220 200 180 160 140 120 8-2008 2-2009 8-2009 2-2010 8-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 8
  9. 9. Months Supply of Inventory August 2010 — 7.8 Months Current One Year One Year Month 10.5 Year Previous Change 9-2009 6.9 9.9 - 30.3% 10-2009 6.6 9.5 - 30.5% 7.8 11-2009 6.1 9.0 - 32.2% 7.2 5.7 8.5 12-2009 - 32.9% 1-2010 5.0 7.6 - 34.2% 2-2010 5.5 7.7 - 28.6% 3-2010 6.0 7.8 - 23.1% 4-2010 6.5 7.7 - 15.4% 5-2010 6.7 7.7 - 13.0% - 31.4% + 8.3% 6-2010 7.0 7.6 - 7.9% 7-2010 7.1 7.3 - 2.9% 8-2010 7.8 7.2 + 8.3% 12-Month Avg: 6.4 8.1 - 21.1% 8-2008 8-2009 8-2010 Two Year Picture: Months Supply of Inventory 11 10 9 8 7 6 5 8-2008 2-2009 8-2009 2-2010 8-2010 © 2010 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 9

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