Weekly Housing Market Activity Report

[DANIMAL]

There is further evidence that home sellers (both traditional and lender-mediated) in the Twin Cities housing market are becoming more successful in attracting buyer interest by pricing their properties attractively from the get-go. This is having the bonus effect of limiting further extension of market time and reducing the number of price concessions. For instance, the Average Days on Market Until Sale in October was 141, down from last year by 0.8 percent. This is the first year-over-year decline in market time since we began tracking the figures in 2006.

Similarly, the Percent of Original List Price Received at Sale in October sat at 91.3 percent. While still down from last year, it is only down 1.9 percent, compared to the more robust drops of 4 percent or higher seen during most of 2008. In other words, the market is still tilted in the buyer's favor, but sellers and banks are responding with more realistic prices at the time of first listing.

For the week ending November 1, there were 21 percent fewer new listings than there were at this time last year, and 1.4 percent fewer pending sales. This is the first downward year-over-year movement in pending sales since June.

The Housing Affordability Index has increased slightly in November to 161, while November's Months Supply of Inventory shows a drop to 9 months.

[Stormwalker]

Huh, and here I was just hearing about how several home builders were probably going out of business next year because absolutely fucking no one is buying a house.

[68GTO]

The problem with this rosy report is that it does not break down how many of these were short sales from foreclosure

[HAULNSS]

For instance, the Average Days on Market Until Sale in October was 141, down from last year by 0.8 percent. This is the first year-over-year decline in market time since we began tracking the figures in 2006.

141 x .008 = 1.128 days on the market. Things are really looking up!

<insert picture of realtors and lenders high five-ing each other>

[kineda]

141 x .008 = 1.128 days on the market. Things are really looking up!

<insert picture of realtors and lenders high five-ing each other>

[Scotty07]

Been farting around looking at new construction the last couple of months. The cost of new construction is still dropping as compared to even this last spring. Subs are charging less, and material cost are lower.

To give an idea, one custom home builder in the neighborhood has a model home that has 2800 finished square feet. It was finished early this spring and priced out at $675,000. They are currently building a new model that has 3100 finished square feet with the same level of upgrades with an additional bathroom upstairs, and it is on a nicer lot (walk-out instead of a look-out) and it priced out at $663,000. That is a big difference consider a 300 SF difference, and extra shitter, and the nicer lot.

In my simple world, if new construction costs are still sliding, then it would make sense that existing house prices would be still sliding.

[Scotty07]

The problem with this rosy report is that it does not break down how many of these were short sales from foreclosure

My g/f has two family members who are realtors. They are doing nothing but short sales and are crazy busy. Making some real decent money doing it, too.

[LES]

Huh, and here I was just hearing about how several home builders were probably going out of business next year because absolutely fucking no one is buying a house.

I guess I don't see where it mentions new builds?

[LES]

My g/f has two family members who are realtors. They are doing nothing but short sales and are crazy busy. Making some real decent money doing it, too.

Well hopefully they are smarter then my realtor friends that were living high on the hog for 3-4 years and didn't save a penny for a rainy day.

[Fosters]

My g/f has two family members who are realtors. They are doing nothing but short sales and are crazy busy. Making some real decent money doing it, too.

better make sure they're being patriotic!

[Stormwalker]

I guess I don't see where it mentions new builds?

Oh my bad. I forgot that the well doing of home builders has nothing to do with housing demand.

[svttom]

better make sure they're being patriotic!

Let 'em be patriotic. 90% of them are pretty scummy anyways.

[Fosters]

Let 'em be patriotic. 90% of them are pretty scummy anyways.

I'm pretty sure you just called 1.8 family members of Scotty07's girlfriend pretty scummy...