Twin Cities New Listings, Pending Sales, and Housing Inventory Decrease: MAAR Report
by Jeannie Hill on behalf of Home Destination: February 2, 2014
Low Twin Cities housing inventory or more specifically, the low number of quality finished vacant inventory is one of the best indicators of the health of a housing market, according to MetroStudy's new report titled Twin Cities New Home Growth Showing Signs of Slowing as Affordability Weakens.
Buyers closed on 2,536 properties last month, according to the monthly report released Wednesday by the Minneapolis Area Association of Realtors. Traditional sales were up 6.2 percent while foreclosure sales fell 34.7 percent and short sales 54.3 percent. Foreclosures and short sales made up 29.4 percent of all closed sales last month, down from 42.2 percent a year ago. New Twin Cities real estate listings declined 11.5 percent to 4,247 overall. New listings for traditional homes rose 7.9 percent, while new listings for metro home foreclosures and short sales fell about 50 percent each, according to Finance Commerce's Twin Cities report.
MAAR Statistics Showing Twin Cities Real Estate Listings
The Minneapolis Area Association of Realtors (MAAR) newly released statistics for the Twin Cities 3 county housing market for the week ending February 8, 2014 shows overall decreases and the need for additional Minneapolis metro real estate listings.
I believe our Twin Cities housing market looks like it will continue strong and the new home market is positioned to grow at a nice even pace too While our the uptick in home prices could slow a little in 2014 we expect continued growth in new home activity throughout the year. Home equity levels may adjusted in regards to the pace of increases, if the economy weakens or rates change dramatically, however they are still expected to climb higher. Our levels of housing inventory give home sellers tremendous advantages. Consider our current levels of week to week adjustments:
* New Listings decreased 3% to 1,193
• Ending Sales decreased 8.8% to 794
• Inventory decreased 10.2% to 11,809
Drop In Inventory Give Home Seller Positive Positioning
The latest drop in real estate listings comes on top of news that December Months Supply of Inventory decreased 15.6% to 2.7. Given how far the Twin Cities real estate recovery has progressed, many area homeowners may find it the perfect season to reassess their situation. Some potential home sellers who have been hesitant to sell in recent years are now discovering that they in a completely new and more positive different position. Sellers are finding they have new home equity which empowers them to sell now and move-up to another home.
On an individual basis, there was an increase in inventory levels for 17 of the 21 cities we track, 17 of which were in the double-digit figures. In contrast, just four cities witnessed a increase in the number of real estate listings available to Minneapolis metro real estate buyers.
January 2014 Months Supply of Inventory Across Several Twin Cities Housing Communities
Chanhassen homes for sale dropped from 127 in 2013 to 102 listings in January 2014, dropping by -19.7%
Chaska homes for sale dropped from 124 in 2013 to 97 listings in January 2014 a change of -21.8 %
Eagan homes for sale dropped from 179 in 2013 to 149 listings in January 2014 a change of -16.8%
Eden Prairie homes for sale dropped from 259 in 2013 to 237 listings in January 2014, a change of -8.5%
Edina homes for sale dropped from 233 in 2013 to 225 listings in January 2014, a change of -3.4%
Excelsior homes for sale dropped from 11 in 2013 to 0 listings in January 2014, a change of -100.0%
Hopkins homes for sale dropped from 40 in 2013 to 34 listings in January 2014, a change of -15.0%
Lake Minnetonka Area homes for sale dropped from 389 in 2013 to 343 listings in January 2014, a change of -11.8%
Long Lake homes form sale dropped from 9 in 2013 to 7 listings in January 2014, a change of -22.2%
Maple Grove homes for sale dropped from 276 in 2013 to 244 listings in January 2014, a change of -11.6%
Minnetonka Beech homes for sale dropped from 7 in 2013 to 4 listings in January 2014, a change of -42.9%
Minnetrista homes for sale increased from 69 in 2013 to 70 listings in January 2014, a change of + 1.4%
Mound homes for sale dropped from 69 in 2013 to 75 listings in January 2014, a change of -25.0%
Orono homes for sale dropped from 100 in 2013 to 62 listings in January 2014, a change of -10.1%
Plymouth homes for sale dropped from 305 in 2013 to 229 listings in January 2014, a change of -24.9%
Prior Lake homes for sale increased from 166 in 2013 to listings in January 2014, a change of 169 + 1.8%
Richfield homes for sale dropped from 110 in 2013 to 91 listings in January 2014, a drop of -17.3%
Tonka Bay homes for sale dropped from 11 in 2013 to only 7 listings in January 2014, a drop of -36.4%
Saint Louis Park homes for sale increased from 145 in 2013 to 177 listings in January 2014, a change of + 22.1%
Shorewood homes for sale dropped from 42 in 2013 to 37 listings in January 2014, a change of -11.9%
Wayzata homes for sale increases from 24 in 2013 to 44 in January 2014, a positive change of + 83.3%
"My home-selling clients in Northern Virginia have been waiting to list their homes in early 2014. They believe January and February will be the sweet spot when they can sell their home quickly, for a great price, while also enjoying a smaller selection of competing homes for sale." ~ Redfin agent Anna Schwoerer
Download the University of St Thomas Report on Twin Cities Housing Recovery and Inventory Levels
Download Redfin's January 2014 report on Dwindling Housing Inventory Pushes Home Prices Upwards
Contact Home Destination at 612-396-7832 if you are seeking to sell a Twin Cities home. I will help you make the most of your sellers advantage.
Jenna Thuening, a Minneapolis residential Realtor keeps readers current on Twin Cities housing inventory levels and how it creates sellers advantages.
Eden Prairie MN 55344
Jenna's home page: homedestination.com
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