Christine Hazel

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Weekly Market Report

March 13, 2023 by Christine Hazel

For Week Ending March 4, 2023

According to recent data from Black Knight, more than 40% of US mortgages originated in 2020 – 2021, with almost 25% of all current home loans originating in 2021, when the pandemic helped mortgage rates tumble to historic lows. What’s more, nearly 65% of mortgages are at rates of 4% or below, offering little incentive for many current homeowners to sell their homes now that borrowing costs are significantly higher.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING MARCH 4:

  • New Listings decreased 23.2% to 1,126
  • Pending Sales decreased 36.1% to 751
  • Inventory increased 11.3% to 5,539

FOR THE MONTH OF JANUARY:

  • Median Sales Price increased 2.7% to $342,000
  • Days on Market increased 46.3% to 60
  • Percent of Original List Price Received decreased 3.6% to 96.0%
  • Months Supply of Homes For Sale increased 55.6% to 1.4

All comparisons are to 2022

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

Filed Under: Inventory

Christine Hazel

Christine Hazel is a full-time, dedicated Realtor licensed in Minnesota with more than 10 years of real estate experience and success... (read more)

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All information deemed reliable but not guaranteed and should be independently verified.

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