August Market Statistics

August 25th, 2006

The Minneapolis Area Association of Realtors released its new version of the weekly report recently and I love all the new data and breakouts by price and style.  It really helps you look into the data further to see what’s happening on a sector-by-sector basis.

Here’s this week’s report:
MAAR Weekly Statistics – August 21, 2006

While these numbers are great, it can also be helpful to look at the market as a whole in summary:

AUGUST 2006 CURRENT RMLS STATISTICS MARKET UPDATE

69       Average days on market

45%    More listing on the market than 1 year ago totaling 60663.

35%    Of the inventory that has sold in last 30 days has had a price adjustment

5.3    Months Absorption Rate=the time it would take for all the listings to sell if no more homes were put on the market

6      For every sale that takes place, there are 6 more homes that haven’t sold 
 
36     Showings for every home that sells (From Edina Realty appt center statistics)

Posted in General, Info for Buyers, Info for Sellers | Comments (0)






Prices Are Officially Flat

August 25th, 2006

As we near Fall in the Twin Cities, we’ve now entered a new stage in the housing market we have not seen for many years: the Average Selling Price is now unchanged from last year at this time.

In recent years we have seen a large runup in Average Sales Price during the spring and summer months.  This year was marked by much smaller gains, which has lead to us “catching up” with last year’s price.  While this means that sellers cannot expect any appreciation in their home over last year, it also means for sellers that are moving up that their future home will not cost as much as they expected.

This is not a sign of a bursting bubble, this is only a continued ease in the housing market that is bringing more historically common market times and appreciation back into the market.  We’ve been cooling off for several years now and this has sharply reduce the chances for a dramatic price drop.

   RMLS Average Sales Price Year of Year July 2006

Posted in General, Info for Buyers, Info for Sellers | Comments (1)






Mortgage Rates Take a Dip

August 1st, 2006

Over the last several weeks the rates I’ve seen quoted from my loan officers have dropped from 6.75% to 6.375%.  On a loan of $200,000 that can save about $60 per month, or give you approximately $8000 more buying power for the same monthly payment.

While this rate drop is a pleasant surprise, buyers should not expect it to continue to drop or to stay this low for very long.  Most professionals in the industry expect rates to resume their slowly upward climb and reach 7% near the end of the year.  Think of this as a great reason to get out and buy a house this week!

Posted in General, Info for Buyers | Comments (0)







Edina Realty
612-605-2252
Edina Realty Aaron Dickinson
Licensed in MN


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This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.


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