The Good Life, Twin Cities

The National Association of Homebuilders index recently rose to levels not seen since 2007. Historically, it’s been a great leading indicator of housing starts. We lead with this information because it is just the latest in a series of testimonials toward a market with some wind in its sails. In as few as four months, the residential real estate scene could look quite different than it has in recent years. That’s not to say that we’re wave riding our way to a national housing boom, but market fundamentals could be steering the rudder in the direction of calmer waters. For sellers eager to get out but unwilling to take capital losses, that’s more relieving than the usual threat of hull breach.

In the Twin Cities region, for the week ending February 11:

• New Listings decreased 0.4% to 1,313
• Pending Sales increased 28.9% to 928
• Inventory decreased 23.5% to 17,690

For the month of January:

• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.5% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 34.6% to 4.7

Click here for the full Weekly Market Activity Report.

From The Skinny.

It was a week full of intrigue if ever there was one. A positive jobs report gave way to bullish activity on Wall Street backed by heroics from the hometown team, as the Giants showcased their Manning(ham) magic. Meanwhile, dozens of state attorneys general brokered a deal that will likely include principal write-downs. In local housing news, buyers made more purchases while sellers listed fewer properties than during the same week in 2011. Other indicators have recently showcased key improvements elsewhere in the marketplace. The most notable trend is fewer active listings. Buyers in wait-and-see mode may find themselves with more competition for fewer properties come spring.

In the Twin Cities region, for the week ending February 4:

• New Listings decreased 6.7% to 1,236
• Pending Sales increased 35.8% to 888
• Inventory decreased 23.2% to 17,697

For the month of January:

• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.4% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 35.2% to 4.6

Click here for the full Weekly Market Activity Report.

From The Skinny.