For Week Ending April 4, 2020

More than 6.6 million workers filed for unemployment benefits last week according to the latest report by the Labor Department, on top of the 3.3 million that filed for unemployment the week prior. High levels of unemployment filings are expected to continue in the coming weeks as businesses remain shuttered and shelter in place orders have expanded to cover most of the country. The impact of these orders is becoming more apparent in the market activity stats reported here.

In the Twin Cities region, for the week ending April 4:

• New Listings decreased 27.7% to 1,393
• Pending Sales decreased 13.7% to 1,077
• Inventory decreased 7.9% to 8,859

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 5.6% to 1.7

All comparisons are to 2019

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

For Week Ending March 28, 2020

This week was heavily influenced by the ongoing impacts from the spread of COVID-19. Washington passed a $2.2 trillion stimulus package and news broke that 3.28 million people filed for unemployment benefits last week—nearly five times the previous weekly record. As more businesses temporarily close due to the growing outbreak, even higher unemployment filings are expected in coming weeks. As many begin or continue to shelter at home, real estate activity is slowing down right along with the rest of the economy.

In the Twin Cities region, for the week ending March 28:

• New Listings decreased 5.8% to 1,422
• Pending Sales decreased 5.4% to 1,131
• Inventory decreased 7.0% to 8,843

For the month of February:

• Median Sales Price increased 6.2% to $281,570
• Days on Market decreased 2.9% to 67
• Percent of Original List Price Received increased 0.3% to 98.0%
• Months Supply of Homes For Sale decreased 11.1% to 1.6

All comparisons are to 2019

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