332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

332 2nd Street - Excelsior, MN 55331

Office #: (952) 474-0894

Direct #: (612) 701-7404

Weekly Market Report

For Week Ending May 21, 2022

Rental prices continue to soar to new highs, with the median rent reaching $1,827 as of last measure, a 16.7% increase from the same time last year, according to Realtor.com. Rental units are in short supply and demand remains high, with real estate professionals reporting a surge in rental inquiries, applications, and showing activity across the nation. Bidding wars are becoming increasingly common in many rental home markets, causing some properties to rent for substantially over asking price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 21:

  • New Listings increased 3.4% to 2,008
  • Pending Sales decreased 8.7% to 1,490
  • Inventory increased 2.9% to 6,626

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 10.0% to $370,000
  • Days on Market decreased 9.7% to 28
  • Percent of Original List Price Received increased 0.5% to 103.8%
  • Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Mortgage Rates Continue to Decrease

May 26, 2022
Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing. Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the economy, such as consumer spending on durable goods.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending May 14, 2022

With home prices and mortgage rates continuing to rise, down payments are increasing nationwide, as buyers aim to lower their monthly mortgage costs and make their offer more attractive to sellers. According to Realtor.com, buyers averaged a $28,000 down payment in the first quarter of 2022, averaging 13.1% of the purchase price, compared to the first quarter of 2020, when down payments averaged $14,000, with buyers paying about 11% of the purchase price.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MAY 14:

  • New Listings decreased 6.2% to 1,875
  • Pending Sales decreased 19.3% to 1,280
  • Inventory decreased 2.9% to 6,152

FOR THE MONTH OF APRIL:

  • Median Sales Price increased 10.0% to $370,000
  • Days on Market decreased 9.7% to 28
  • Percent of Original List Price Received increased 0.5% to 103.8%
  • Months Supply of Homes For Sale remained flat at 1.1

All comparisons are to 2021

Click here for the full Weekly Market Activity Report. From MAAR Market Data News.

Mortgage Rates Decrease Slightly

May 19, 2022
Economic uncertainty is causing mortgage rate volatility. As a result, purchase demand is waning, and homebuilder sentiment has dropped to the lowest level in nearly two years. Builders are also dealing with rising costs, meaning this posture is likely to continue.

Information provided by Freddie Mac.