Featured Listing: 7941 Colorado Ave N

The Home You’ve Been Waiting For!

This listing is sold and is no longer available for showings.

Wonderfully updated three bedroom, two bath home on beautiful lot!
List price: $149,000
Sale price: $145,000

Sold in just 17 days!

Sun-filled living/family room with fireplace, built-in cabinetry and door to deck.

Living/family room with view to dining room.

Formal dining room with doors to close off living/family room.

Remodeled kitchen with cherry cabinets, Corian®, and granite!

Two-tiered island with seating. Note TV cubby and convenient garage access.

Beautifully remodeled baths on main and lower level.

Bright bedroom with large closet and a view of the backyard.

Large deck and yard.

Wonderfully maintained inside and outside!

Covered entry and two-car attached garage.

This home features over $65,000 in improvements including newer kitchen, renovated baths, newer windows, roof, and more! Sun-filled, turnkey spaces are ready to move into. Beautifully landscaped yard with privacy fencing and a large deck is perfect for summer relaxing and entertaining! The main floor features three bedrooms and a full bath. The lower level has a family room, bath, workshop area, and potential future office or bedroom. Improvements include:

2010 Remodeled main level bath
2008 New windows (except living room which were not needed)
2007 New 30-year roof
2006 New water heater
2006 New maintenance free garden shed for backyard
2005 Landscaped yard, installed sod, and improved grade from house to yard.
2005 New water softener
2003 New maintenance free deck
2002 Remodeled lower level bath, replaced plumbing, fixtures, vanity and walls.
2002 New kitchen appliances, range, refrigerator and microwave.
2002 Remodeled kitchen to add cherry cabinets with roll-out shelving, granite and Corian® countertops, Corian® inset sink, and a 2-level island with bar for seating for three.
2000 New air conditioning system
1999 Buried electric/cable lines in backyard to house.
1998 New washer and gas dryer
1995 New dishwasher
1995 New furnace with humidifier

7941 Colorado Ave N, Brooklyn Park, MN
All photos by Kate Walsh

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Thinking of selling? Let the sister team of Ellen and Kate Walsh
show you a personalized marketing plan to sell your home!

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For more information about Colorado Ave or selling your home, please contact us:

Ellen Walsh
612.220.3304
emwalsh@cbburnet.com

Kate Walsh
612.220.3309
info@designhouse9.com
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..Minneapolis Lakes Office

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Real Estate Update

Real Estate Weekly Update: Minneapolis–St. Paul
May 31, 2011

The 889 purchase agreements signed in the Twin Cities for the week ending May 21 were 40.2 percent higher than the same week in 2010. That’s a big number, and it’s certainly good news, but let’s break it down.

Three short weeks ago, current sales activity was 37.4 percent below last year’s levels. The truth is current sales levels have been slowly but steadily increasing all year. The sudden change from negative to positive year-over-year Pending Sales comparisons reflects sharply declining 2010 post-tax credit activity rather than skyrocketing 2011 activity. Even so, double-digit year-over-year gains are a welcome sight.

The change in listing activity was less dramatic. New Listings were up 7.9 percent with 1,706 new homes introduced to the market. This is the third consecutive week of year-over-year gains in listings, yet the three-month average shows a 19.7 percent decline compared to last year.

At 23,767, Active Listings for Sale are 10.0 percent lower than last year at this time.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
May 23, 2011

For only the second time since the end of last year’s tax credit, there were more Pending Sales for a given week than in the prior year. A total of 958 buyers entered into contract for the week ending May 14, an increase of 15.4 percent and the highest number of pending sales since the week ending May 8, 2010.

But let’s not get too excited just yet, because this apparent shift in Twin Cities home purchase activity was primarily driven by the post-tax-credit slowdown seen at this time last year. To illustrate this point, 2011 sales activity has increased 4.1 percent since the final week of April, while 2010 saw a 43.5 percent decrease during the same period.

On the supply side, New Listings have come back in line with historical norms for this time of year. Sellers brought 1,704 new homes online, or 7.7 percent more than the same time in 2010. Again, 2011 activity has been fairly stable over the past month while 2010 activity declined by nearly 33 percent.

The 23,739 Active Listings for Sale have grown slightly over the course of the year, but remain 10.1 percent under 2010 inventory levels or about 2,700 units slimmer. All those crunches are really starting to pay off as we enter bikini season.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
May 16, 2011

Last week marked the official end of year-over-year comparison to the 2010 tax credit period, and we’re likely to have at least one (not uncommon) transitional week to count up the final sales of the tax credit. This week’s numbers are still about as negative as the Minnesota Twins have been this May, but we anticipate a more positive showing in the weeks to come.

For the week ending May 7, Pending Sales were down 27.7 percent to 819 purchase agreements signed, marking the 22nd consecutive week of year-over-year declines in Pending Sales.

There are 23,475 homes to choose from in the 13-county metro area – 210 more than last week but 10.3 percent fewer than last year at this time.

One interesting blip on the radar is that New Listings were up 14.5 percent from last year. A total of 1,774 new homes were introduced to the market, similar to last week but ahead of last year’s post-tax credit drop-off.

Pending Sales over the next four weeks will be compared to 830, 634, 600 and 527, respectively. Those are numbers that even the Minnesota Twins should beat.

Statistics provided by the Minneapolis Area Association of Realtors.

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End of Comparison to Heightened Spring 2010 Tax Incentive Market Draws Nigh

Press Release

Pending sales in the 13-county Twin Cities metropolitan area were down 25.8 percent to 4,289 from April 2010’s incentive market high of 5,781. The overall median sales price dropped 14.6 percent to $145,000. Sellers introduced 7,279 new properties to the market, 25.3 percent fewer than last April, and inventory levels were a welcome 16.1 percent lower at 24,380 units—the lowest April inventory count since 2005.

Since activity was disproportionately strong during April 2010, the months of April 2009 and 2008 can provide more reliable comparisons. Pending sales were down 17.7 percent versus 2009 but up 1.9 percent against 2008; the median sales price was down 5.2 percent compared to 2009; and new listings were down 10.3 percent compared to 2009. Comparing non-incentive markets to similar non-incentive markets provides a different picture – one of stabilization.

Although overall purchase activity was down, overall pending sales for the month were the highest they’ve been since last April and the number of foreclosure pending sales increased by 31.0 percent. Traditional (non-distressed) sales were down 39.0 percent while short sales were down 11.4 percent. Traditional sales prices were down 3.0 percent to $193,000; foreclosure prices were down 18.9 percent to $103,000; and short sale prices were down 9.9 percent to $132,400.

Foreclosures and short sales comprised 46.1 percent of all pending home sales during the month—the lowest level since November 2010 and down from 55.6 percent in January. Also, distressed homes represented 30.5 percent of all new listings—the lowest level since April 2010. “The fact that comparatively more homes in financial distress are selling off the market than are entering the market is a positive sign,” said Fisher.

The average days on market was up to 152 days, the percent of list price received at sale declined to 90.1, months supply of inventory was up to 8.2 months and pending sales gained only at price points above $500,000.

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Get the latest housing market statistics for your neighborhood or area:
The 200+ / Local Market Updates for More Than 200 Twin Cities Communities

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Have real estate questions? Call or write us.

Ellen Walsh
612-220-3304
emwalsh@cbburnet.com

Kate Walsh
612-220-3309
info@designhouse9.com

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
May 9, 2011

The final week of comparisons to last year’s tax credit market is upon us. For the week ending April 30, New Listings in the Twin Cities were down 3.9 percent from the same week in 2010. A total of 1,733 new homes were introduced to the market, marking the smallest decline in seller activity in 17 weeks. There are 23,265 homes to choose from in the 13-county metro area.

Buyer activity was down 37.4 percent to 920 purchase agreements signed. That’s the 21st consecutive week of year-over-year declines in Pending Sales. Pending Sales were up at this time last year because of the tax credit

The story should change significantly in the coming weeks as comparisons to last year’s credit-induced spike in market activity comes to an end. The numbers should show gains over the post-tax-credit period during summer and fall 2010.

Statistics provided by the Minneapolis Area Association of Realtors.

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Minneapolis–Saint Paul Home Tour

Real Homes. Real People. Real Ideas.

April 30 from 10 a.m. to 5 p.m.
May 1 from 1 p.m. to 5 p.m.

It’s the 24th Annual Home Tour in the Twin Cities. The tour is an opportunity to see numerous interesting remodeling and expansion projects in homes throughout the two cities. It’s also an opportunity to get a sense of various neighborhoods.

Homeowners are the focus of this tour and have been since the beginning twenty-four years ago. Owners often choose to remodel their current homes because they wish to stay in the neighborhoods they’ve come to love.

The tour features homes with the following renovation projects:

  • Whole-house renovations
  • Space additions, basement and attic finishing
  • Kitchen remodel
  • Bathroom remodel/addition
  • Historic preservation, adaptation
  • Green construction or solar features
  • Landscaping
  • New construction

All tours are free and self-guided. Visitors will be requested to remove their shoes so slip-on shoes are a good choice. Shoe coverings will also be provided for visitors with special needs.

MSP Home Tour Website and Information

A List of the homes on the Home Tour

Home Tour Maps and Directions

Frequently Asked Questions about the Home Tour

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Photos featured in this post are not of homes in the Home Tour.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
April 25, 2011

New Listings for the week ending April 16 were down 21.5 percent from the same week in 2010 to 1,846 properties. The 3-month average is down 26.4 percent. It appears that year-over-year declines in listing activity peaked around the end of March when motivated sellers were eager for buyers to consider their properties during the run-up to the end of last year’s tax credit deadline.

Pending Sales, too, predictably fell short of April 2010’s credit-inspired five-year high-water mark. The 898 purchase agreements signed were 18.6 percent fewer than last year. That’s on-par with the 17.6 percent 3-month average decline. Purchase demand is currently the highest it’s been since the week ending May 8, 2010. Sales activity in 2010 peaked during the week that ended April 25 and then fell sharply, so we can expect a very different story in two weeks.

Inventory plunged by 15.4 percent from the same week in 2010. It’s worth noting that the number of active listings for sale ballooned at this time last year as sellers moved to take advantage of the increased buying activity. Notwithstanding, we haven’t seen declines of this magnitude in nearly 15 months. It’s a trend that will mean fewer options for buyers as well as improved market balance.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
April 18, 2011

For the week ending April 9, sellers introduced 1,770 New Listings to the Twin Cities housing market. That’s down an even 30.0 percent from the same week in 2010 when motivated sellers rightfully decided it was time to sell.

Current buyer activity simply cannot compete with an elevated 2010 incentive market. Pending Sales were down 22.7 percent from the same week last year to 838 contracts written. Analyzing a wider time frame provides perspective on the theatrical plunge. Buyer activity was down 16.7 percent on average over the past three months. Comparing non-incentive markets to non-incentive markets also tells a more realistic story. Buyer activity was down only 2.3 percent compared to the same week in 2008.

The gap between this year’s and last year’s Active Listings for Sale has been growing for 10 straight weeks. There is also a pattern with year-over-year inventory levels, which are down 14.7 percent from 2010, 12.3 percent from 2009 and 28.3 percent from 2008. Those shopping for a home now have 22,869 options or about 27 active listings per purchase agreement signed for the week.

Statistics provided by the Minneapolis Area Association of Realtors.

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Current Trends and Projections Video

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How Foreclosure Activity Affects Prices and Inventory
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Pending Sales Comparison

Pending sales in the 13-county Twin Cities metropolitan area decreased 17.6 percent from March 2010 to 4,162 purchase agreements signed. Sellers introduced 6,977 new properties to the market, which was 30.2 percent fewer than the year prior. Inventory levels shrunk by 4.5 percent to 24,112 units—the lowest March inventory count since 2005. This trend should help stabilize prices and restore balance to the market.

Market conditions were particularly strong at this time last year due to the 2010 tax credit,thus making 2009 and 2008 more reliable comparison years. Pending sales were down a less dramatic 5.6 percent from March 2009 and they were actually up 14.6 percent over March 2008. Closed sales were down 3.5 percent from March 2010 but were up 2.7 percent over March 2009 and up 17.4 percent over March 2008.

Market activity can vary greatly from one segment to the next. Although overall purchase activity was down 17.6 percent, the foreclosure segment saw a 31.3 percent jump in pending sales and a 29.9 percent jump in closed sales. Foreclosure prices decreased 11.0 percent to $105,000; short sale prices decreased 6.9 percent to $134,950; and traditional prices decreased 3.5 percent to $192,000. While the bargain status of lender-mediated homes unquestionably helped their popularity surge among consumers, that same popularity pushed overall prices down 15.2 percent to $140,000.

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Have real estate questions? Call or write us.

Ellen Walsh
612-220-3304
emwalsh@cbburnet.com

Kate Walsh
612-220-3309
info@designhouse9.com

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Housing Supply Overview: March 2011


Examining market recovery requires delving in to the details. For the 12-month period spanning April 2010 through March 2011, Pending Sales in the Twin Cities region were down 20.4 percent from the same period one year prior. The largest gain occurred in the $1,000,001 and above range, where they increased 19.8 percent to 290 units.

Motivated sellers are watching market times closely these days. The segment with the largest increase in market times was the $1,000,001 and above range, where they increased 14.7 percent to 234 days. The segment that tended to sell the quickest was the $120,000 and under range at 123 days; the segment that tended to sell the slowest was the $1,000,001 and above range at 234 days.

Prices were down 1.2 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 0.6 percent to $182,000. Meanwhile, the property type with the strongest sales was Condos, where inventory levels have decreased 12.8 percent. Single-Family inventory levels, by contrast, have decreased 1.9 percent.

Click on the above chart to enlarge it.

Statistics provided by the Minneapolis Area Association of Realtors.

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Get the latest housing market statistics for your neighborhood or area:
The 200+ / Local Market Updates for More Than 200 Twin Cities Communities

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Market Update
April 11, 2011

Daylight hours are increasing but contrary to seasonal norms, the number of homes for sale continues to remain about the same. There are now 22,449 active listings in the Twin Cities, 14.4 percent fewer than last year. Nine consecutive weeks of year-over-year inventory decline bring a number of implications.

On the good side, sellers have fewer properties to compete with. This should quicken market times and increase seller leverage at the closing table. Improving demand with unchanging supply has the tendency to lift prices. On the not-so-good side, buyers have fewer options than in recent years. In light of skyrocketing affordability, historically low interest rates, foreclosure bargains, favorable negotiations and low prices, buyers are still proving to be either very patient, highly cost-conscious or both. Even so, purchase demand has more or less kept pace with non-incentivized 2009 levels.

New Listings decreased for the fourteenth consecutive week, dropping 19.2 percent to 1,738 properties. Pending Sales hit their highest weekly total this year but still trail last year’s pace, down 25.1 percent year-over-year to 840 purchase agreements signed.

Statistics provided by the Minneapolis Area Association of Realtors.

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Get the latest housing market statistics for your neighborhood or area:
The 200+ / Local Market Updates for More Than 200 Twin Cities Communities

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This may not be the big news story of the day anymore
but help is still needed if you’re able.

Help survivors of Japan Quake and Tsunami

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
April 4, 2011

For the week ending March 26, Pending Sales in the Twin Cities metro posted a 27.2 percent decrease from the same week last year to 764 purchase agreements. Sellers listed 1,402 or 37.4 percent fewer homes than they did during the same week in 2010. The repetitive mantra says: “Don’t put too much stock in these year-over-year comparisons since we’re up against an elevated baseline due to the 2010 home buyer tax credit.”

In the meantime, the gap between this year’s and last year’s inventory levels continues to grow. The current number of Active Listings for Sale looks and feels 12.3 percent leaner than last year at this time. Buyers currently have 22,158 properties to choose from, which is the lowest total at this point in the year since 2005. The spring jeans we’ve been wearing for the last several seasons now look downright baggy.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
March 28, 2011

The week ending March 19 showed a 16.6 percent decline in Pending Sales from the same week last year and a 36.9 percent decline in New Listings.

With a little imagination, spring is in the air. Buyer activity has been gradually on the rise for most of 2011 as prospective buyers seem to prefer sporadic puddles to insurmountable snowbanks. Compared to last year’s incentive market, however, the year-over-year declines in purchase activity have been growing as well.

The number of Active Listings for Sale has remained remarkably stable thus far in 2011. In 2010, inventory levels had fluctuated by more than 6,000 units from the first of the year. That volatility has been tamped down below 1,000 units so far this year. With no additional purchase incentive in the pipeline, this should bring supply side improvements and price stability as demand returns to historically reasonable levels.

As reported by the Minneapolis Area Association of Realtors.

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Housing Supply Overview: February 2011

Housing Supply Overview

Hso_overview_icon

Whenever someone asks you “how is the market,” the most logical response is “for which segments and relative to what?” In the Twin Cities region, the price range with the strongest sales activity was the $1 Million and above range, where sales were up 24.5 percent over the last 12 months. Sales were weakest in the $190,001 to $250,000 range, where sales were down 25.4 percent versus last year.

Inventory in the region has fallen 4.6 percent, led by a decline in new construction. Median Sales Price was up the most in the Single-Family segment with a 2.4 percent gain, while prices for Townhomes and Condominiums both declined.

The price range with the longest Days on Market Until Sale was the $1 Million abd above range, where the average market time was 249 days. The range with the shortest market times was $120,000 and below, all sitting at 118 days on average.
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For additional information, please contact us.

Kate Walsh
612.220.3309

Ellen Walsh
612.220.3304

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
March 14, 2011

For the week ending March 5, there were 717 signed purchase agreements, a decline of 11.4 percent from a year ago when the market was stimulated by the federal home-buyer tax credit. Over the last three months, there have been almost 900 fewer signed purchase agreements than during the same period a year prior.

On the supply side, sellers brought 1,845 new homes onto the market, or 19.0 percent fewer than the same week last year. The three-month average pace of listing activity was 16.6 percent slower than it was a year ago.

Despite the decline in supply, there are a few other metrics that indicate challenging conditions remain for sellers. The Average Days on Market Until Sale currently sits at 157, up 16.1 percent from a year ago. Similarly, the Percent of Original List Price Received is down to 88.2 from last year’s mark of 93.2.

In essence, in an environment where it takes homes longer to sell, sellers should be focused on proper pricing and preparation if they want a faster sale. Although there are fewer new listings, smart pricing and marketing are more important than ever.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
March 7, 2011

For the week ending February 26, home purchase activity in the Twin Cities diverged further away from last year’s tax-credit-inspired market. There were 606 purchase agreements signed during the week, which made for a 30.2 percent decline from year-ago levels. On average, over the past three months, Twin Citizens made a less-distorted 9.5 percent fewer home purchases than they did during the same three-month period in 2010.

On the supply side, sellers brought 1,238 new homes onto the market, or 27.8 percent fewer than the same week last year. The three-month average pace of listing activity was 16.1 percent slower than it was last year.

Both the 2011 and 2010 inventory levels have begun to climb at this time of year, which is normal. Sellers were more likely to list their home at this time last year knowing that credit-motivated buyers were more determined to purchase. It seems as though sellers wanted to ensure their property appeared in preliminary MLS queries while buyers continued to shop around for the best value up until the deadline.

As reported by the Minneapolis Area Association of Realtors.
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Minneapolis Home and Garden Show

Minneapolis Home and Garden Show

Ready for a respite from winter? Check out the Home and Garden Show this week. There will be plenty to see and do. Click on the link below to get all the details.

Minneapolis Convention Center
March 2-6, 2011

More information about the Minneapolis Home and Garden Show

Save $3 off an Adult Ticket when you purchase it online here.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
February 28, 2011

The gap between current and year-ago listing activity continues to widen, as anticipated. Expect the supply-side numbers to show sizable year-over-year declines due to the high baseline set during the spring 2010 tax credit. It should be noted that we are now approaching a period where we’ll be comparing the 2011 non-tax credit market to the 2010 tax credit market at its peak level.

For the week ending February 19, there were 690 signed purchase agreements, which made for a 12.1 percent decline from the same week last year. There were 1,367 New Listings for the week, representing a 25.4 percent decline from a year ago. Active Listings, at 21,642, have been holding steady since the beginning of the year due to subdued seller activity coupled with fairly reliable sales volumes. That marked a 3.3 percent decline from year-ago inventory levels.

A more meaningful comparison is to look back at 2009 and 2008 and avoid tax credit stimulated activity. This week’s 690 Pending Sales fall right in between 2008 and 2009 numbers. While that is less buyer activity than we would like, it does provide hope for
the future.

As reported by the Minneapolis Area Association of Realtors
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Wall Street Journal article: Getting a Mortgage Before the Door Shuts

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
February 21, 2011

For the week ending February 12, there were 710 signed purchase agreements, a meager drop of 0.1 percent from the same week last year. Although we fully expect to be down in year-over-year comparisons for the next three months due to last year’s tax credit incentive, this is still interesting because it marks the first time we’ve had more than 700 Pending Sales since May 2010. Think about that. More sales activity in mid-February 2011 than mid-June 2010.

Similar to the week prior, there were 1,324 New Listings for the week, representing a decline of 24.9 percent from a year ago. Active Listings increased slightly from the week before to 21,553, just a 3.2 percent decline from last year.

How much of this week’s reported pending sales can be attributed to unseasonably warm weather? Looking at 15-plus inches of fresh snowfall today, we’re certain to find out in a couple of weeks.

As reported by the Minneapolis Area Association of Realtors.

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