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 February 12, 2022

Freddie Mac reports the 30-year fixed-rate mortgage averaged 3.69% the week ending February 10, up 14 basis points from a week earlier and a full point higher than the record low of 2.65% at the beginning of 2021. Rising interest rates and increasing housing prices continue to impact affordability, and buyer sentiment is softening as a result, with the mortgage application Purchase Index falling 7% from the same week last year, according to the Mortgage Bankers Association.


  • New Listings decreased 12.1% to 1,040
  • Pending Sales decreased 9.1% to 910
  • Inventory decreased 20.0% to 4,371


  • Median Sales Price increased 10.6% to $332,950
  • Days on Market decreased 2.4% to 41
  • Percent of Original List Price Received increased 0.1% to 99.6%
  • Months Supply of Homes For Sale decreased 20.0% to 0.8

All comparisons are to 2021

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

Twin Cities Housing Market Starts off the Year Slowly, For Now

  • Metro-wide Inventory is down 24.2 percent since the start of 2021
  • Month’s Supply of Inventory (absorption rate) is at a record low, ~ 3 weeks of supply
  • Median Sales Price rose 10.4 percent to $332,250

(February 15, 2022) – According to new data from Minneapolis Area REALTORS® and the Saint Paul Area Association of REALTORS®, inventory levels in the Twin Cities metropolitan area have reached a decades-long low of 4,221 homes at the end of January. At the current rate of demand, this inventory would last little more than three weeks without the addition of new listings. The market would require six months of supply in order to be considered balanced.


Real estate in the Twin Cities saw a peak of buyer activity throughout 2021, but only now are we able to see the extent of that increased demand. Year over year comparisons of pending sales indicate a noticeable drop of 11.7 percent from last January, but a more historical perspective shows that the 3,170 purchase agreements signed last month are comparable to January of 2019 and 2018. Closed sales show a similar picture, 2022 is not starting off with the same fervor as 2021. The same goes for sellers, resulting in an 11.5 percent drop in supply since last January.

“The year began about as expected, with both sales and listings unable to match their year-ago levels,” said Denise Mazone, President of Minneapolis Area REALTORS®. “But don’t get the wrong idea, the market is expected to remain pretty hot this year as demand continues to outpace supply but also as buyers hope to get ahead of rising rates.”


While the supply of new listings has historically been a concern for over a decade, the public could usually count on consistent year-over-year activity from sellers until 2020. A sharp fall in supply two summers ago followed by a rebound in 2021 led to variations in seller activity unseen since 2015. Last month sellers listed 3,605 properties on the market, our lowest level of seller activity since 2005.

“It’s important that market participants understand what less than 1.0 month of supply means,” according to Mark Mason, President of the Saint Paul Area Association of REALTORS®. “This means well-priced and attractive listings will sell quickly and often with multiple offers in play. Buyers should be patient but prepared to write strong, non-contingent offers while sellers should be ready to move quickly.”


The stark contrast between lackluster seller activity and the remaining rush of demand from buyers leaves the Twin Cities with a housing market where half of its listings last no longer than 21 days, down 4.5 percent from a year prior. This strong seller’s market has driven up the price of listings, now at $332,250 which is the highest January median sales price on record. These market dynamics, if left unchanged, show signs of high market prices and stiff competition for buyers as the weather warms.


Market activity varies by area, price point and property type. The condominium market has seen a significant increase in the past year, yet January was the first significant drop in the number of condo sales, down 11.5 percent. New construction has hit a downward trend since last summer and this trend continues with a 6.8 percent decrease in sales. Between Minneapolis and St. Paul, the state capitol city fared better for the first month of the year, seeing a 2.3 percent increase in closed sales while Minneapolis experienced a 16.1 percent drop in sales. The suburban cities that showed the most sales growth in January were Savage (100 percent), Chanhassen (50.0 percent), and Stillwater (45.5 percent) while those that lost the most sales from last year were West Bloomington (- 43.9 percent), Lakeville (- 43.0 percent), and St. Louis Park (- 41.7 percent).

January 2022 by the numbers compared to a year ago

    • Sellers listed 3,605 properties on the market, an 11.5 percent decrease from last January
    • Buyers signed 3,170 purchase agreements, down 11.7 percent (3,020 closed sales, down 10.4 percent)
    • Inventory levels fell 24.2 percent to 4,221 units at month-end
    • Months Supply of Inventory was down 20.0 percent to 0.8 months (4-6 months is balanced)
    • The Median Sales Price rose 10.4 percent to $332,250
    • Days on Market fell 2.4 percent to 41 days, on average (median of 21 days, down 4.5 percent from January 2021)
    • Changes in Sales activity varied by market segment
      • Single family sales fell 11.0 percent; Condo sales declined 11.5 percent & townhouse sales were down 4.5 percent
      • Traditional sales decreased 9.3 percent; foreclosure sales tumbled 32.4 percent; short sales fell 69.2 percent
      • Previously owned sales were 9.9 percent lower; new construction sales were 6.8 percent lower

January 2022 housing charts

From The Skinny Blog.

Mortgage Rates Continue to Jump

February 17, 2022
Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.

Information provided by Freddie Mac.

Weekly Market Report

For Week Ending February 5, 2022

Despite falling temperatures and a surge in COVID-19 cases across the country, the U.S. real estate market remains active, with homes selling in record time due to robust buyer demand and a shortage of housing options. With inventory down 28.4% compared to a year ago, the average home spent just 61 days on the market in January, a 14% drop from last year and the fastest pace of any January on record, according to Realtor.com’s monthly housing report.


  • New Listings decreased 15.3% to 1,018
  • Pending Sales decreased 19.1% to 883
  • Inventory decreased 21.2% to 4,341


  • Median Sales Price increased 8.0% to $331,420
  • Days on Market decreased 12.8% to 34
  • Percent of Original List Price Received decreased 0.2% to 99.5%
  • Months Supply of Homes For Sale decreased 18.2% to 0.9

All comparisons are to 2021

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

Mortgage Rates Jump

February 10, 2022
The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic. Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.

Information provided by Freddie Mac.