Real Estate Update

Housing Supply Overview
February 2013

Let’s review what’s transpired over the past 12 months. For the 12-month period spanning March 2012 through February 2013, Pending Sales in the Twin Cities region were up 14.8 percent overall. The price range with the largest gain in sales was the $350,001 to $500,000 range, where they increased 42.7 percent.

The overall Median Sales Price was up 13.3 percent to $170,000. The property type with the largest price gain was the Condo segment, where prices increased 13.8 percent to $108,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 103 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 245 days.

Market-wide, inventory levels were down 31.6 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 28.9 percent. That amounts to 3.0 months supply for Single- Family Detached homes and 2.4 months supply for Townhomes and Twinhomes. See the PDF below for the full report.

HSO Feb 2013

As reported by the Minneapolis Area Association of Realtors

Interested in buying or selling real estate? Contact the Walsh Sisters.
We’d love to help you make your next move.

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

Coldwell Banker Burnet

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Why Sell Now? Here’s Why.

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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
February 25, 2013

Here’s an oldie but goodie: All Real Estate is Local. We’ve all heard it. This is why industry insiders don’t pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. You don’t grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here’s your data for your local housing market.

In the Twin Cities region, for the week ending February 16:

• New Listings decreased 4.9% to 1,196
• Pending Sales increased 7.9% to 916
• Inventory decreased 31.0% to 12,309

For the month of January:

• Median Sales Price increased 14.3% to $160,000
• Days on Market decreased 24.1% to 107
• Percent of Original List Price Received increased 2.5% to 93.5%
• Months Supply of Inventory decreased 40.0% to 3.0

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
December 26, 2012

As we celebrate with family and friends this holiday season, we can take comfort in the fact that housing markets across the country are reaching their own holiday milestones. Even though the trend is our friend, recovery can often feel piecemeal: fewer foreclosures here, improved absorption rates there and lower days on market over there. But, overall, we’ve struck a positive stride, and momentum has a way of accumulating. Here’s a peek at the week’s housing market data.

In the Twin Cities region, for the week ending December 15:
• New Listings decreased 3.6% to 773
• Pending Sales increased 10.1% to 762
• Inventory decreased 28.9% to 13,630

For the month of November:
• Median Sales Price increased 16.2% to $172,000
• Days on Market decreased 26.4% to 103
• Percent of Original List Price Received increased 3.6% to 94.2%
• Months Supply of Inventory decreased 39.5% to 3.4

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
November 5, 2012

Over the course of the year, we’ve cleverly devised new tactics each week to communicate just how far the market has come. This week is no exception. Most level-headed housing advocates agree that lower residential vacancy rates are a good thing. Well, chalk one up for level-headed housing advocates, because Reuters just reported that the U.S. residential vacancy rate fell to 1.9 percent in the third quarter. That’s the lowest level in seven years. It’s just the latest installment of overwhelming bullish housing news.

In the Twin Cities region, for the week ending October 27:

• New Listings decreased 3.0% to 1,037
• Pending Sales increased 11.1% to 914
• Inventory decreased 28.8% to 15,700

For the month of September:

• Median Sales Price increased 12.7% to $174,625
• Days on Market decreased 28.5% to 101
• Percent of Original List Price Received increased 4.1% to 94.8%
• Months Supply of Inventory decreased 38.8% to 4.1

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
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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They Fell in Love…

And Then They Bought It

My sister and I were working with a lovely newly wedded couple to find them a home. We looked at homes in Saint Paul. We looked in Minneapolis. We looked along the river front. And then this home came on the market. Initially, the only photo on the MLS was of the front exterior. I told them it was either ugly and dated inside or the listing agents were planning professional photos to be taken.  It turned out they were having professional photos taken of the interiors.

We went to see it right away. The couple knew they had found something special that first time through. My sister and I have worked with many buyers who have walked into homes and known immediately it was the home for them.

The home had been owned by the sellers for over forty years. The prior owners had also lived in this home for decades. Both of the previous owners had been newly wedded couples when they first moved in to this home. This is what I call great predecessor history. It bodes well for this couple’s future happiness.

The next day we went back with an architect to get some ideas and cost information for remodeling the kitchen. The architect confirmed they had great space to work with.

They made their offer, and after some pretty painless negotiation, the contract was signed and delivered. They secured an amazing 2.75% mortgage rate. The closing took place at the end of July. They love their new home.

I can’t wait to see their new kitchen!

The home has a great screened porch!

And a private, double lot with mature trees and perennial gardens.

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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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Fall 2012 Parade of Homes

Parade of Homes (New Homes)
September 8-30

Remodelers Showcase
September 28-30

Homes open Thursday through Sunday, noon to 6pm

There are very few new homes on the Parade this year compared with other years. There are far more remodels. This is not surprising given the real estate marketplace of late.

We’re featuring these two St. Paul remodels because we recently had clients close on their new home in St. Paul and they plan to do some remodeling. They are seeking to make the new space blend and match the original period of the house. This is always a good way to approach a remodel and addition; big differences in the feel of spaces will hurt sellers when it comes time to sell.

839 Osceola Avenue, St. Paul

Here is a description of this project from the Parade of Homes website: “This kitchen and bath remodel in a historically significant house in Saint Paul’s Summit Hill neighborhood illustrates how to remodel the heart of a house without losing its soul. Next Level Renovation, with designer David Heide, replaced the 1980’s kitchen in this 1890 residence with a space that features period sensibilities and the latest amenities. The original house was designed by Cass Gilbert, the turn-of-the-twentieth-century architect, notable for his classic homes and other buildings, including the State Capitol in Saint Paul.”

683 Portland Avenue, St. Paul

From the description on the Parade of Homes website: “Come and see how the convenience of a modern kitchen blends seamlessly with a stately home in the historic Summit Avenue neighborhood of St. Paul. The three-story addition also provides an art studio, main-floor laundry/mud room, and a cozy wine cellar with tasting room. In collaboration with architect David Herreid, McDonald Remodeling proves again that you can have it all: character, style, and convenience in your existing home!”

Contact us for more information if you are considering a remodel or an addition and would like to discuss keeping your home and design as salable as possible. Visiting the Remodelers Showcase homes is a good way to meet remodelers and see their work in person.

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

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Weekly Photo Challenge: Urban

A rental building in Minneapolis and the patio created by the artist tenant

A creative environmental message in Saint Paul, MN

A torn lace curtain in a window of a home in St. Paul, Minnesota

Learn about the WordPress Weekly Photo Challenge here.

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Real Estate Update

Weekly Real Estate Update
August 6, 2012

For decades now, the real estate industry has been both humbled and invigorated by the strong and direct relationship between the labor and housing markets. As goes the economy, seemingly so goes housing. That relationship was especially clear after the 2007 recession. The economy added 163,000 jobs in July, the highest figure since February. Our economy is growing, but not as quickly as many would like. Meanwhile, inventory drops and surging buyer demand from renters and first-timers are anchoring home prices and giving sellers more power than they’ve had in years, in many cases.

In the Twin Cities region, for the week ending July 28:
• New Listings increased 8.3% to 1,430
• Pending Sales increased 20.9% to 1,149
• Inventory decreased 30.5% to 17,103

For the month of June:
• Median Sales Price increased 10.2% to $178,600
• Days on Market decreased 22.0% to 113
• Percent of Original List Price Received increased 4.1% to 95.1%
• Months Supply of Inventory decreased 42.6% to 4.6

Click on any graph below to enlarge it.

As reported by the Minneapolis Area Association of Realtors.

For additional information on the market
or buying and selling a home, contact us.
We’re friendly, fun and professional real estate agents!

Ellen Walsh
emwalsh@cbburnet.com
612.220.3304

Kate Walsh
info@designhouse9.com
612.220.3309

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Real Estate Update

Weekly Real Estate Update
July 16, 2012

With the second quarter now in the books, seasonal peaks and valleys should start to become apparent. Even if activity begins to slow for the remainder of 2012, gains are still likely when compared to the same time last year. Housing demand has been strong, supply levels have been falling and prices are turning a corner in many local markets. Keep a watchful eye toward market times, percent of list price received at sale and months of supply.

In the Twin Cities region, for the week ending July 7:
• New Listings decreased 21.9% to 970
• Pending Sales increased 24.6% to 892
• Inventory decreased 30.8% to 17,134

For the month of June:
• Median Sales Price increased 10.4% to $179,000
• Days on Market decreased 22.0% to 113
• Percent of Original List Price Received increased 4.0% to 95.1%
• Months Supply of Inventory decreased 44.0% to 4.5

As reported by the Minneapolis Area Association of Realtors

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Real Estate Update

Weekly Real Estate Update
July 9, 2012

Summer heat waves roll across the north land as election season also heats up. Meanwhile, as the mercury and partisan rhetoric both escalate, residential real estate continues to show signs consistent with market recovery. For the current round of numbers, both buyer and seller activity levels were higher than last year at this time. Buyers have been taking advantage of historic affordability levels for some time, but renewed seller confidence is a more recent development and some would even call it an encouraging omen, as long as supply levels don’t exceed a prior apex.

In the Twin Cities region, for the week ending June 30:
• New Listings increased 0.1% to 1,414
• Pending Sales increased 20.4% to 1,194
• Inventory decreased 31.0% to 17,417

For the month of June:
• Median Sales Price increased 10.4% to $179,000
• Days on Market decreased 22.0% to 113
• Percent of Original List Price Received increased 4.0% to 95.0%
• Months Supply of Inventory decreased 44.7% to 4.4

As reported by the Minneapolis Area Association of Realtors.

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Furnace Filters Become Art

Relief Circles by Louise Harris

I came across this art and met the artist, Louise Harris, at the “Fall into the Arts Festival” in Edina. I was first struck by the three-dimensional aspect of the artwork. I then learned they were made from recycled furnace filters. Talk about creativity and vision!

Can you see the undulating waves of the smaller circles over the larger circles in this piece? I loved both of these pieces when I saw them.

Here’s a sampling of her smaller works. Ms. Harris is producing unique, beautiful and green art; she‘s also donating profits to non-profit organizations around the world. For more information, visit her website:

lhoriginals.com – The artwork of Louise Harris

Edina Fall Into the Arts Festival – Sept 8-9, 2012

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Real Estate Update

Weekly Real Estate Update
May 21, 2012

Houses are just things. Boxes waiting to be filled. In the hands of caring, nurturing citizens, those simple boxes become homes that create memories and fortify communities for generations.

This month, more than 13,000 REALTORS® rallied at the Washington Monument to preserve the American Dream of homeownership. Some components of the dream are being threatened by budget pressures and market realities. But homeownership is very much alive and well, as more than three out of five residencies are owner-occupied in the U.S. Moreover, buyer demand has been impressive throughout the year. As Franklin D. Roosevelt famously stated: “A nation of homeowners is unconquerable.” Our response in 2012: Fill the box!

In the Twin Cities region, for the week ending May 12:
• New Listings decreased 11.8% to 1,485
• Pending Sales increased 18.9% to 1,159
• Inventory decreased 28.3% to 17,761

For the month of April:
• Median Sales Price increased 12.1% to $162,500
• Days on Market decreased 15.1% to 135
• Percent of Original List Price Received increased 3.6% to 93.4%
• Months Supply of Inventory decreased 42.4% to 4.7

Click on charts below to enlarge.

Number of Pending Sales Continue to Increase Each Month

Inventory Levels Continue Their Downward Trend

As reported by the Minneapolis Area Association of Realtors.

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Real Estate Update

Weekly Real Estate Update
May 14, 2012

If only there were a system of grand, colorful lights for tracking residential real estate. Green for rising market, yellow for a transitional market and red for declining market. Let’s see if we can try to determine today’s market without the ease of well-known signals. Prices are bottoming and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. Green means go.

In the Twin Cities region, for the week ending May 5:

• New Listings decreased 6.6% to 1,643
• Pending Sales increased 41.9% to 1,232
• Inventory decreased 28.3% to 17,579

For the month of April:

• Median Sales Price increased 12.1% to $162,500
• Days on Market decreased 15.1% to 135
• Percent of Original List Price Received increased 3.6% to 93.4%
• Months Supply of Inventory decreased 43.1% to 4.7

As reported by the Minneapolis Area Association of Realtors.

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Arched French Windows

Framing Art with Architecture

I attended an art exhibit one day. A glance upward brought this window into view. I found I liked this window more than much of the art hanging on the walls and displayed throughout the space below this window. (Photographed with a cell phone.)

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Minneapolis and Saint Paul Home Tour

Real Homes. Real People. Real Ideas.
April 28–29, 2012

This weekend offers an opportunity to take a FREE, self-guided tour of 60 Twin Cities remodeled and/or reinvented homes. See homes projects that were both “on-a-budget” and “blow out”. You can tour examples of remodeled kitchens and baths, room additions, and whole house renovations.

These projects are unique in that they cover a wide range of housing eras. The home tour is also unique in that homeowners, contractors and/or architects are available to discuss the projects with visitors. This is a wonderful way to learn about remodeling, meet contractors and architects, and discover different neighborhoods.

This is the twenty-fifth year of the Minneapolis and Saint Paul Home Tour. It all began when some Minneapolis real estate agents and city officials were concerned about suburban flight. They took it upon themselves to promote city living and the home tour was born.

Homes will be open to visitors:

• Saturday, April 28, 2012 from 10:00 a.m. to 5:00 p.m.
• Sunday, April 29, 2012 from 1:00 p.m. to 5:00 p.m.

The home tour will take place regardless of weather conditions.

Minneapolis–Saint Paul Home Tour Preview – a video showcasing information and home tour highlights.

Minneapolis Home Tour Map

Saint Paul Home Tour Map

msphometour.com – the Minneapolis and Saint Paul Home Tour website.

Visit HistoricSaintPaul.org for information on: “Historic Homes for Everyday Families” workshop, why preservationists will enjoy the Minneapolis and Saint Paul Home Tour, walking tours of “Storybook” houses with architect Bob Roscoe, and more.

Thinking of buying or selling real estate? Call Kate and Ellen Walsh and we’ll help you make all the right moves.

Ellen Walsh
612.220.3304
emwalsh@cbburnet.com

Kate Walsh
612.220.3309
info@designhouse9.com

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Real Estate Update

Weekly Real Estate Update
April 23, 2012

Job growth, low mortgage rates, rising rents and a relatively inexpensive housing stock. These are just some of the playful teases in the burlesque revue that is today’s market recovery. Another week passed with buyers displaying no signs of slowing down. In general, sellers are discovering a less-intimidating scene, and buyers are reveling in the showy marketplace. As expected, spring’s warming glow continues to fuel optimism and consumer activity. But that won’t necessarily be
the case in every area or segment, so do your research before making that move.

In the Twin Cities region, for the week ending April 14:
• New Listings decreased 9.5% to 1,637
• Pending Sales increased 25.5% to 1,170
• Inventory decreased 27.8% to 17,384

For the month of March:
• Median Sales Price increased 7.1% to $149,900
• Days on Market decreased 9.6% to 145
• Percent of Original List Price Received increased 3.8% to 92.1%
• Months Supply of Inventory decreased 38.0% to 4.7

As reported by the Minneapolis Area Association of Realtors.

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