Minneapolis—St. Paul Real Estate Market: June 2010

Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by David Arbit, audio recorded by Zach Foty and video produced by Chelsie Foty.

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Interest Rate Update

Today I’m reading reports of interest rates at 4.375% for a 30-year fixed loan and 3.875% for a 15-year fixed loan. I’m wondering what impact these rates will have on homebuyer activity for the rest of this month. These are incredible rates!

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Minneapolis—St. Paul Real Estate Market: July 12, 2010

Weekly Market Activity Report

As the summer progresses, the Twin Cities housing market continues a remarkably similar week-to-week pattern —tepid new listings, extremely weak buyer demand and a total supply of available homes that slowly increases.

New listings for the week ending July 3 were 5.6 percent below last year, but the drop in pending sales was much more dramatic. The 611 signed agreements for the week ending July 3rd represented a 38.2 percent drop from last year’s figures. Because the decline in demand is stronger than the decline in supply, the number of total active listings is up 3.8 percent from a year ago.

On the upside, Days on Market until Sale has dropped considerably over the last year. At 121 days in June this is 14 percent below the 140 days it took to sell a house last year. Percent of Original List Price has also increased, in related news. However, these metrics tend to lag a few months behind the true supply-demand picture, so it is unlikely that these positive trends will continue.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: July 5, 2010

Weekly Market Activity Report

The post-tax credit malaise continues as the Twin Cities housing market comes to grips with the new normal. Pending Sales for the week ending June 26 were down 47.6 percent versus 2009 numbers—from 1,121 a year ago to 587 now. New Listings are also down from a year ago, though not to the same extreme as Pending Sales, only dropping 6.5 percent from a year ago.

With demand weakening faster than new supply, the inventory of available homes is starting to grow. The current count of 27,526 homes is 3.2 percent higher than at this time last year.

The slight growth in total inventory is happening in the face of dropping demand, which means that the balance between buyers and sellers is shifting back in the buyer’s favor. This is reflected in July’s Supply Demand Ratio of 7.44, which was a ginormous 46.9 percent over last July and means that there are 7.44 homes available for each buyer during the month of July.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market: June 14, 2010

Weekly Market Activity Report: June 14, 2010

As reported by the Minneapolis Area Association of Realtors

Remember how we’ve been saying that the Twin Cities housing market has been getting successively slower in home sales every week since the tax credit ended? Umm, yeah, well that’s still happening.

Pending sales for the week ending June 5 were 57.0 percent behind the pace seen a year ago, dropping from 1,226 in 2009 to 527 today. This is the fifth consecutive week-to-week drop in signed contracts. While activity is down across the board, lender-mediated foreclosures and short sales are slowly increasing their market share of sales because traditional home sales have declined sharply. During this week last year, 37.8 percent of pending sales were lender-mediated; this year the share is 43.3 percent.

Thankfully, new supply is not growing in lock-step. The 1,521 new homes placed on the market for the most recent reporting week were 29.6 percent less than last year at this time. This has helped keep the Months Supply of Inventory metric at 6.9 months, down 9.3 percent from May 2009.

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My thoughts on the current marketplace can be read here:

Home Buyer Demand Slows But is This the Whole Story?

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Tax Credit Expires; Home Sales Dip

Weekly Market Activity Report

Home sales in the Twin Cities housing market took another dip as the hangover from the tax credit expiration continued. For the week ending May 22, there were 624 pending sales, a precipitous drop of 42.5 percent from a year ago.

The biggest drops in sales since the credit ended can be seen in the traditional seller market (i.e., anything that’s not a foreclosure or short sale) and in the middle price ranges from $150,000 to $350,000. Pending sales have dropped in those ranges from 1,085 the week the credit ended to 384 for the week ending May 22. In sum, it may be a difficult summer market for home sellers.

The good news is that new supply is also slowing, which means the market
is already self-correcting to avoid a surge in unneeded inventory. New listings fell to 1,581 for the same reporting week, a decline of 15.8 percent from this time last year.

The Supply-Demand Ratio has been updated for June and shows a figure of 5.05, which means there are 5.05 homes for sale for each buyer in the month. That’s a 10.9 percent increase over the mark seen a year ago and is a result of the decline in buyer activity.

Elegant Brick Condo by Lake of the Isles

Featured: Illyricun Condo

Illyricun Condominium in Minneapolis, MN

This elegant and beautiful building is located at 2719 Humboldt Avenue South in Minneapolis. It’s a short walk to both Lake of the Isles and Uptown. The association is comprised of seven units, six that are almost 1800 square feet in size and one garden level unit that is less than 1000 square feet.

Illyricun Condominium in Minneapolis MN

The building was originally built as an apartment house and retains most, if not all, of the exquisite exterior detailing from when it was constructed in 1913. The front steps lead to a two-story, exterior entry area; the doorway is framed in an arch and the opening at the second level is also arched. The top floor units have arched windows along the front of their units which provide continuity with the framing arches on the first and second floors.

There is currently one unit on the market, priced at $349,900.

Living room with fireplace
Note the windows on three sides of the living room. Divine!
Formal dining room with built-in buffet and elegant moldings.
Sunny kitchen with informal dining area.
Unique tile work in the bathroom that has a separate tub and shower.
Spacious entry hall / foyer

Contact me for more information about these units and other condo properties in Minneapolis.

Kate Walsh, Realtor®
Lakes Area Realty
612.220.3309
info@designhouse9.com

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Listing provided courtesy of Edina Realty, Inc. and Coldwell Banker Burnet.

Information deemed reliable but not guaranteed. Lasted updated on October 24, 2010 at 17:39pm.

© Copyright 2010, Regional Multiple Listing Service of Minnesota, Inc. All rights reserved.

The data relating to real estate for sale on this site comes in part from the Broker Reciprocity program of the Regional Multiple Listing Service of Minnesota, Inc. Real Estate listings held by brokerage firms other than Lakes Area Realty are marked with the Broker Reciprocity logo or the Broker Reciprocity house icon and detailed information about them includes the names of the listing brokers. DesignHouse9.com is not a Multiple Listing Service MLS, nor does it offer MLS access. This website is a service of DesignHouse9.com and Lakes Area Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.

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For additional properties, please see Select Homes for Sale.

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4105 Upton Ave S, Mpls

Property has Sold—No Further Showings

4105 Upton Avenue South, Minneapolis MN 55410 — $699,900
Sale Price: $625,000

Spacious and sun-filled duplex in Linden Hills.
Short walk to Lake Harriet and the Linden Hills business district.

Walls of windows in the dining and living rooms.
4105 Upton Ave S — Sunroom currently used as office.

Main Floor Unit:

  • 2+ bedrooms and 3 baths.
  • Open floor plan.
  • Hardwood floors.
  • Three-sided gas fireplace between living and dining rooms.
  • Updated kitchen is open to dining room.
  • Master suite features an arched window and a row of glass-block atop the wall separating the bedroom and dining room.
  • Lower level includes a family room with built-in cabinetry and “bar” with sink and fridge. This space can also be a guest suite with Murphy bed and its adjoining bath. A French door at the bottom of the stairs provides greater privacy from the main floor.
  • Laundry and mudroom by attached garage. Laundry room has Duet® washer and dryer.
  • Other highlights include a deck and courtyard and an attached double garage.
  • Main unit finished square feet: approximately 2,090
4105 Upton Ave S — Living Room with great windows.
4105 Upton Ave S — Nicely updated kitchen
4105 Upton Ave S — Master bedroom suite. Note glass block in wall dividing bedroom and bath.

Upper-Level Unit:

  • Two-level unit on 2nd and 3rd floors.
  • Private entrance at front of property and two private interior entries.
  • 3 bedrooms and 2 full baths.
  • Large living room, formal dining room and eat-in kitchen on 2nd floor.
  • Gas fireplace in living room.
  • Two bedrooms and a bath on the 2nd floor.
  • 3rd floor includes a bedroom, sitting room, full bath, laundry, and deck.
  • Numerous skylights on the 3rd floor.
  • Decks off of living room and kitchen on 2nd floor.
  • Upper unit total finished square feet: Approximately 1,800
4105 Upton Ave S — 2nd floor unit living room
4105 Upton Ave S — 3rd floor space with skylights
4105 Upton Ave S — 3rd level deck
4105 Upton Ave S — Exterior during warm weather months.

For additional information or to schedule a private showing of this fine property, please contact:

Kate Walsh
Lakes Area Realty
612.220.3309
info@designhouse9.com

Please see Select Homes for Sale for additional properties.

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