Real Estate Update

Weekly Real Estate Update
October 1, 2012


With October here, 2012 has certainly flown by. The things to be watching for this fall are the same things you’ve likely been watching all year. Changes in sales levels, active listings, market times, seller concessions and, of course, home prices have taken center stage. To showcase just one, home prices may moderate on a month-to-month basis but should continue to demonstrate resiliency in a year-over-year sense. While the economy has been sending some mixed signals lately, one aspect of this recovery remains convincing: housing will be a net contributor.

In the Twin Cities region, for the week ending September 22:
• New Listings decreased 1.1% to 1,295
• Pending Sales increased 22.8% to 1,078
• Inventory decreased 29.4% to 16,428

For the month of August:
• Median Sales Price increased 14.8% to $178,000
• Days on Market decreased 23.9% to 107
• Percent of Original List Price Received increased 4.2% to 95.1%
• Months Supply of Inventory decreased 41.1% to 4.2

As reported by the Minneapolis Area Association of Realtors

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Ready to buy or sell a home? Call the sister team.
We’d love to help you move forward.

Ellen and Kate Walsh
Coldwell Banker Burnet
612.220.3304
emwalsh@cbburnet.com

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Real Estate Update

Weekly Real Estate Update
July 24, 2012

It’s been a relatively pleasant year for the business of residential real estate. Case in point, the June 2012 NAHB/Wells Fargo Housing Market Index (HMI) rose to its highest level since May 2007. And for the first time since 2005, housing is on track for being a net positive contributor to national GDP in 2012. Speaking on behalf of America, it’s about time. Throw in some real price gains, and you can expect holdout buyers to be less afraid of buying and sellers to be less afraid of listing.In the Twin Cities region, for the week ending July 14:

• New Listings increased 6.2% to 1,536
• Pending Sales increased 13.4% to 1,125
• Inventory decreased 30.7% to 17,188

For the month of June:

• Median Sales Price increased 10.4% to $179,000
• Days on Market decreased 21.9% to 113
• Percent of Original List Price Received increased 4.1% to 95.1%
• Months Supply of Inventory decreased 43.3% to 4.5

As reported by the Minneapolis Area Association of Realtors.

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A Look Back: Real Estate in 2010

Signs of Price Recovery in 2010
Amidst Fragile Demand

Although 2010 included sales gains driven by a springtime tax credit, it also endured an extended decline after it expired. The year is summed up by a boom-and-bust tax credit, 55-year-low mortgage rates, record high affordability levels and a sluggish economic recovery.

2010 BY THE NUMBERS

• 82,127 new homes introduced to the marketplace, down 1.4 percent from 2009 and the lowest level in eight years.

• 37,608 homes sold, down 16.8 percent from 2009 levels and also the lowest level seen in eight years.

• $169,900 median sales price, up 2.3 percent from 2009.

The tax credit shifted the typical Twin Cities buying season to spring. There were year-over-year price gains for the first seven months followed by declines in four of the last five months.

The 2.3 percent gain in median sales price was likely the result of two primary factors: strong demand early in the year coupled with more upper-bracket homes selling. Improving oversupply issues also helped the market rebalance itself and stopped the price free-falls we saw in 2008 and 2009.

Msp-2010

Unemployment is still higher than normal for our region, but it has come down lately because of fewer layoffs and an improving jobs picture. If we can avoid more job losses, which often result in more foreclosure inventory, we should see improvement as we progress through 2011.

As reported by the Minneapolis Area Association of Realtors

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Photo of the Day: Ramsey Court

Don’t you love a pretty courtyard?

The gate with the lettering above is a nice touch.

Photographed in the Irvine Park neighborhood of St. Paul, Minnesota.

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Minneapolis-St Paul Real Estate Market: March 2010

Here’s the Monthly Skinny for March 2010, which is produced by the Minneapolis Area Association of REALTORS.

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 Cari Linn (Secretary of the Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.

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