Weekly Market Activity Report A RESEARCH TOOL FROM MINNEAPOLIS AREA REALTORS

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Weekly Market Report A RESEARCH TOOL FROM MINNEAPOLIS AREA REALTORS For Week Ending November 3, 2018 Publish Date: November 12, 2018 All comparisons are to 2017 According to Freddie Mac, the 30-year fixed rate is at its highest average in seven years, reaching 4.94 percent. Last year at this time, the average rate was 3.90 percent. The higher rates are causing a slowdown in home price growth in some markets, but not all markets yet. Keeping a positive perspective, average rates were 5.97 percent ten years ago at this time, 6.78 percent 20 years ago and 10.39 percent 30 years ago. For maximum comparative impact, consider the 17.21 percent average rate of November 1981. In the Twin Cities region, for the week ending November 3: New Listings increased 9.7% to 1,115 Pending Sales decreased 16.5% to 943 Inventory decreased 1.1% to 12,095 For the month of : Median Sales Price increased 6.1% to $262,000 Days on Market decreased 16.0% to 42 Percent of Original List Price Received increased 0.3% to 98.4% s Supply of Homes For Sale remained flat at 2.6 Quick Facts + 9.7% - 16.5% Change in New Listings Metrics by Week New Listings 2 Pending Sales 3 Inventory of Homes for Sale 4 Metrics by Change in Pending Sales - 1.1% Change in Inventory Days on Market Until Sale 5 Median Sales Price 6 Percent of Original List Price Received 7 Housing Affordability Index 8 s Supply of Homes for Sale 9 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime.

New Listings A count of the properties that have been newly listed on the market in a given month. Last Three s Ago 2,000 1,800 1,600 1,400 1,200 1,000 8/11/18 8/18/18 8/25/18 9/1/18 9/8/18 9/15/18 9/22/18 9/29/18 10/6/18 10/13/18 10/20/18 10/27/18 11/3/18 For the Week Ending 8/11/2018 1,831 1,697 + 7.9% 8/18/2018 1,761 1,656 + 6.3% 8/25/2018 1,690 1,499 + 12.7% 9/1/2018 1,294 1,309-1.1% 9/8/2018 1,757 1,691 + 3.9% 9/15/2018 1,843 1,537 + 19.9% 9/22/2018 1,556 1,466 + 6.1% 9/29/2018 1,596 1,384 + 15.3% 10/6/2018 1,556 1,400 + 11.1% 10/13/2018 1,390 1,367 + 1.7% 10/20/2018 1,393 1,330 + 4.7% 10/27/2018 1,240 1,077 + 15.1% 11/3/2018 1,115 1,016 + 9.7% 3- Total 20,022 18,429 + 8.6% Historical New Listings 3,000 2,500 2,000 1,500 1,000 500 0 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 2

Pending Sales A count of the properties on which offers have been accepted in a given month. Last Three s Ago 1,400 1,300 1,200 1,100 1,000 900 8/11/18 8/18/18 8/25/18 9/1/18 9/8/18 9/15/18 9/22/18 9/29/18 10/6/18 10/13/18 10/20/18 10/27/18 11/3/18 For the Week Ending 8/11/2018 1,295 1,274 + 1.6% 8/18/2018 1,264 1,353-6.6% 8/25/2018 1,226 1,276-3.9% 9/1/2018 1,290 1,212 + 6.4% 9/8/2018 1,058 1,073-1.4% 9/15/2018 1,237 1,141 + 8.4% 9/22/2018 1,193 1,122 + 6.3% 9/29/2018 1,138 1,199-5.1% 10/6/2018 1,161 1,136 + 2.2% 10/13/2018 1,096 1,081 + 1.4% 10/20/2018 1,057 1,082-2.3% 10/27/2018 971 1,035-6.2% 11/3/2018 943 1,130-16.5% 3- Total 14,929 15,114-1.2% Historical Pending Sales 2,000 1,750 1,500 1,250 1,000 750 500 250 1-2006 8-2006 3-2007 10-2007 5-2008 12-2008 7-2009 2-2010 9-2010 4-2011 11-2011 6-2012 1-2013 8-2013 3-2014 10-2014 5-2015 12-2015 7-2016 2-2017 9-2017 4-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 3

Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. Last Three s Ago 14,000 13,500 13,000 12,500 12,000 8/11/18 8/18/18 8/25/18 9/1/18 9/8/18 9/15/18 9/22/18 9/29/18 10/6/18 10/13/18 10/20/18 10/27/18 11/3/18 For the Week Ending 8/11/2018 12,601 13,552-7.0% 8/18/2018 12,708 13,705-7.3% 8/25/2018 12,849 13,599-5.5% 9/1/2018 12,906 13,463-4.1% 9/8/2018 12,617 13,159-4.1% 9/15/2018 12,841 13,323-3.6% 9/22/2018 12,975 13,343-2.8% 9/29/2018 12,947 13,281-2.5% 10/6/2018 12,776 12,963-1.4% 10/13/2018 12,704 12,868-1.3% 10/20/2018 12,544 12,689-1.1% 10/27/2018 12,420 12,549-1.0% 11/3/2018 12,095 12,225-1.1% 3- Avg 12,691 13,132-3.4% Historical Inventory Levels 40,000 30,000 20,000 10,000 0 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 4

Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 57 50 42-12.3% - 16.0% 2016 2017 2018 October 2017 52 61-14.8% November 2017 56 63-11.1% December 2017 61 72-15.3% January 2018 69 80-13.8% February 2018 69 82-15.9% March 2018 57 73-21.9% April 2018 53 59-10.2% May 2018 47 52-9.6% June 2018 40 48-16.7% July 2018 38 46-17.4% August 2018 40 48-16.7% 2018 42 50-16.0% 12- Avg 49 58-15.5% Historical Days on Market Until Sale 180 160 140 120 100 80 60 40 20 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 5

Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month. $262,000 $247,000 $230,000 + 7.4% + 6.1% 2016 2017 2018 October 2017 $244,000 $230,000 + 6.1% November 2017 $245,000 $230,000 + 6.5% December 2017 $248,000 $226,000 + 9.7% January 2018 $244,000 $222,500 + 9.7% February 2018 $250,000 $221,800 + 12.7% March 2018 $258,100 $235,000 + 9.8% April 2018 $267,000 $245,000 + 9.0% May 2018 $271,000 $250,000 + 8.4% June 2018 $270,500 $257,250 + 5.2% July 2018 $268,000 $251,500 + 6.6% August 2018 $268,000 $252,000 + 6.3% 2018 $262,000 $247,000 + 6.1% 12- Med $260,000 $242,500 + 7.2% Historical Median Sales Price $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 6

Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 97.5% 98.1% 98.4% + 0.6% + 0.3% 2016 2017 2018 October 2017 97.7% 96.9% + 0.8% November 2017 97.4% 96.6% + 0.8% December 2017 97.1% 95.9% + 1.3% January 2018 96.9% 95.9% + 1.0% February 2018 98.0% 96.5% + 1.6% March 2018 99.1% 98.0% + 1.1% April 2018 99.9% 99.1% + 0.8% May 2018 100.2% 99.5% + 0.7% June 2018 100.3% 99.5% + 0.8% July 2018 99.8% 99.1% + 0.7% August 2018 99.2% 98.5% + 0.7% 2018 98.4% 98.1% + 0.3% 12- Avg 98.9% 98.1% + 0.8% Historical Percent of Original List Price Received 102% 100% 98% 96% 94% 92% 90% 88% 86% 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 7

Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 188 170 145-9.6% - 14.7% 2016 2017 2018 October 2017 171 188-9.0% November 2017 169 181-6.6% December 2017 167 177-5.6% January 2018 167 183-8.7% February 2018 161 184-12.5% March 2018 154 173-11.0% April 2018 146 168-13.1% May 2018 144 167-13.8% June 2018 143 162-11.7% July 2018 143 166-13.9% August 2018 144 166-13.3% 2018 145 170-14.7% 12- Avg 156 175-10.9% Historical Housing Affordability Index 300 250 200 150 100 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 8

s Supply of Homes for Sale The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 3.0 2.6 2.6-13.3% 0.0% 2016 2017 2018 October 2017 2.4 2.7-11.1% November 2017 1.9 2.3-17.4% December 2017 1.5 1.9-21.1% January 2018 1.5 1.8-16.7% February 2018 1.6 1.9-15.8% March 2018 1.8 2.2-18.2% April 2018 2.0 2.4-16.7% May 2018 2.3 2.5-8.0% June 2018 2.5 2.7-7.4% July 2018 2.5 2.7-7.4% August 2018 2.6 2.6 0.0% 2018 2.6 2.6 0.0% 12- Avg 2.1 2.4-12.5% Historical s Supply of Homes for Sale 12 10 8 6 4 2 0 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 All data from NorthstarMLS. Provided by Minneapolis Area REALTORS. Report 2018 ShowingTime. 9