New Listings and Pending Sales
Inventory
Weekly Market Report
For Week Ending December 26, 2020
As we near the end of the year, overall real estate activity slows as many buyers and sellers briefly turn their focus from real estate to the holidays, family, and friends. With mortgage rates closing the year at near record lows, and almost one percent lower than a year ago, home purchase mortgage loan application volume remains high and continues to signal strong buyer demand going into the new year.
In the Twin Cities region, for the week ending December 26:
- New Listings increased 22.0% to 338
- Pending Sales increased 17.0% to 593
- Inventory decreased 37.9% to 5,777
For the month of November:
- Median Sales Price increased 10.7% to $310,000
- Days on Market decreased 33.3% to 34
- Percent of Original List Price Received increased 2.8% to 100.2%
- Months Supply of Homes For Sale decreased 40.9% to 1.3
All comparisons are to 2019
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
Mortgage Rates Remain Near Record Low Heading Into 2021
December 31, 2020
All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than one percentage point over the last twelve months, driving housing market activity in 2020. Heading into 2021 we expect rates to remain flat, potentially rising modestly off their record low, but solid purchase demand and tight inventory will continue to put pressure on housing markets as well as house price growth.
Information provided by Freddie Mac.
New Listings and Pending Sales
Inventory
