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

.

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

###

.

Advertisement

Real Estate Update

Weekly Real Estate Update
September 4, 2012

We are converging upon an interesting wait-and-see season in residential real estate. All year-long, we have witnessed some rather positive year over year decreases in inventory numbers and increases in sales, percent of original list price received at sale and median sales price. After many years of struggling to tread water – and, indeed, often failing to do so – there is hope. With quieter autumnal and winter months looming, we will be giving extra scrutiny to the trend lines in the weeks to come.

In the Twin Cities region, for the week ending August 25:
• New Listings increased 1.3% to 1,282
• Pending Sales increased 19.4% to 1,027
• Inventory decreased 29.9% to 16,785

For the month of July:
• Median Sales Price increased 13.3% to $178,500
• Days on Market decreased 27.8% to 105
• Percent of Original List Price Received increased 3.6% to 95.0%
• Months Supply of Inventory decreased 42.1% to 4.4

As reported by the Minneapolis Area Association of Realtors

###

Real Estate Update

Weekly Real Estate Update
August 14, 2012

Let’s admit it: It’s been nice to have a year of positive headlines in the residential real estate industry. There have been more sales for more money in most markets across the country, and the foreclosure situation, although not entirely in the rearview mirror, has abated. We’re now entering the months of 2012 that should offer a true test of the lasting power of this buyer-seller tryst. A drop off in buyer and seller activity might be expected after so many months of bliss, but the feeling remains that the market will survive beyond the honeymoon phase.

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

• New Listings decreased 0.1% to 1,433
• Pending Sales increased 20.4% to 1,129
• Inventory decreased 29.6% to 17,085

For the month of July:

• Median Sales Price increased 14.2% to $179,900
• Days on Market decreased 27.8% to 105
• Percent of Original List Price Received increased 3.6% to 95.0%
• Months Supply of Inventory decreased 43.4% to 4.3

As reported by the Minneapolis Area Association of Realtors

###

.

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

###

.

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.

###

Real Estate Update

Weekly Real Estate Update
June 25, 2012


Market metrics are in the midst of seasonal peaks and valleys this time of year. Listings, sales and prices all tend to reach pinnacles on the historical trend line, while market times generally take a dip to annual lows. Summer is historically an exciting time for real estate. Between vacations to see family and friends and the crush of wedding weekends, Americans manage to find the time to buy and sell real estate. The last several years have been rough, no doubt, but an undeniable gleam has returned to the marketplace this year, and summer brings with it a certain extra swoon.

In the Twin Cities region, for the week ending June 16:
• New Listings decreased 3.7% to 1,476
• Pending Sales increased 19.8% to 1,173
• Inventory decreased 31.0% to 17,517

For the month of May:
• Median Sales Price increased 10.5% to $169,000
• Days on Market decreased 19.6% to 125
• Percent of Original List Price Received increased 3.8% to 94.6%
• Months Supply of Inventory decreased 43.9% to 4.6

As reported by the Minneapolis Area Association of Realtors.

###

.

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.

###

.

Real Estate Update

Weekly Real Estate Update
April 16, 2012

Market sentiment can become a self-fulfilling prophecy. Just as negative economic news sent a chill through the housing industry over the last several years, a newly confident consumer buying up excess inventory and further housing-related sundries helps stabilize and support home values. Some sellers are even starting to see rising prices. The numbers are beginning to reflect the fact that multiple offers on homes for sale are now more than anecdotal conversation between real estate professionals. For this week, new listings were down while purchase contracts were up compared to the same week in April 2011.

In the Twin Cities region, for the week ending April 7:

• New Listings decreased 19.0% to 1,411
• Pending Sales increased 15.5% to 1,036
• Inventory decreased 27.3% to 17,289

For the month of March:

• Median Sales Price increased 7.1% to $149,900
• Days on Market decreased 9.4% to 145
• Percent of Original List Price Received increased 3.8% to 92.1%
• Months Supply of Inventory decreased 38.5% to 4.7

As reported by the Minneapolis Area Association of Realtors.

###

.

Home Prices Stabilize Amidst Other Improvements

Minneapolis, Minnesota (April 11, 2012) – March provided a critical data point on the road to recovery. For the first time since October 2010, the median sales price of Twin Cities homes was higher than a year ago. The 6.4 percent gain was the largest year-over-year median price increase since a tax-credit-driven April 2010. After accounting for the growing square footage of homes selling, price per square foot increased for the first time since June 2010.

Year-Over-Year Change in Median Sales Price

 

Prices weren’t the only metric to show improvement in March. Pending home sales were up 20.4 percent and are already higher than any month in 2007, 2008 or 2011. Months supply of inventory fell nearly 40.0 percent to 4.6 months – the lowest reading for any month since January 2006. Compared to the year prior, sellers are seeing a greater share of their asking price in less time as competition and over saturation have both eased significantly.

A warm winter certainly helped boost buyer activity, but low interest rates, affordable prices and a sense of urgency caused by tightened inventories were also factors. The number of homes for sale continued to drop, down 27.5 percent from last year to 17,081 active listings – the lowest inventory reading for any month since January 2004.

“Don’t mistake price gains for a fully recovered market,” said Cari Linn, President of the Minneapolis Area Association of REALTORS®. “Supply is down, and the mix of homes selling is shifting toward traditional sales. We’ll accept that as progress and build upon it.”

Traditional sales surged 33.2 percent, while foreclosures slid 13.2 percent and short sales increased 5.0 percent. Distressed homes made up 34.6 percent of all new listings and 43.7 percent of all pending sales, the smallest shares since July 2008 and April 2010, respectively.

The overall median sales price was up 6.4 percent to $149,000. That reflects a shifting market share in terms of sales volumes and not price gains in the traditional, foreclosure and short sale segments. In fact, traditional prices fell 1.2 percent to $195,000; foreclosure prices fell 2.8 percent to $105,000; and short sale prices fell 3.8 percent to $128,950.

The seller side of the equation continues to improve. On average, homes tended to sell in 144 days compared to 160 last March. Sellers received an average of 92.1 percent of their asking price compared to 88.7 percent last March. That marks the sixth consecutive month of decreases in market times and the eighth consecutive month of increases in the ratio of sales price to list price. Seller confidence will play a key role in filling the supply pipeline moving forward.

“It’s looking increasingly likely the worst is behind us,” said Andy Fazendin, MAAR President-Elect. “We continue to see encouraging signals from the market that allow for an improving view on residential real estate in 2012.”

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

###

,

Real Estate Update

Weekly Real Estate Update
April 9, 2012

The weekly scorecard showcases that home buyers were more active compared to the same week last year. Buyers have been taking advantage of an affordable market, but sellers in many areas have been lazing in the tall grass like lions as the herd moves past. Watch for a changing landscape this spring and summer. Even skeptical sellers are sensing a need to get back into the hunt.

In the Twin Cities region, for the week ending March 31:

• New Listings decreased 12.1% to 1,532
• Pending Sales increased 25.2% to 1,113
• Inventory decreased 27.2% to 17,274

For the month of March:

• Median Sales Price increased 6.4% to $149,000
• Days on Market decreased 10.0% to 144
• Percent of Original List Price Received increased 3.7% to 92.1%
• Months Supply of Inventory decreased 39.2% to 4.6

As reported by the Minneapolis Area Association of Realtors.

~~~

.

Real Estate Update

Weekly Real Estate Update
April 2, 2012


The last time you were at the doctor, your vital signs were checked – heart rate, pulse, temperature and blood pressure. Progress was documented and valuable insights were gained, whether it was a routine visit or one of many checks during an extended hospital stay. The housing market has been in and out of intensive care for the past several years. Monitoring vitals matters. The pulse of today’s market indicates that we may be getting ready to leave the ICU. So if you could just please pull up your sleeve, let’s check your blood pressure.

In the Twin Cities region, for the week ending March 24:
• New Listings increased 2.2% to 1,414
• Pending Sales increased 30.2% to 1,052
• Inventory decreased 27.3% to 17,193

For the month of February:
• Median Sales Price decreased 1.4% to $138,000
• Days on Market decreased 9.0% to 145
• Percent of Original List Price Received increased 2.5% to 90.6%
• Months Supply of Inventory decreased 34.8% to 4.7

As reported by the Minneapolis Area Association of Realtors.


Click on chart to view larger size.

Click on chart to view larger size.

.

For more information on the market and your real estate needs,
contact the Real Estate team of Kate and Ellen Walsh.

Ellen Walsh
emwalsh@cbburnet.com
612.220.3304

Kate Walsh
info@designhouse9.com
612.220.3309

#

.

Real Estate Update

Weekly Real Estate Update | Minneapolis–Saint Paul
March 26, 2012


National Association of Home Builders/Wells Fargo Housing Market Index (HMI) reached 28. To put that in perspective, it went from above 70 in 2005 to below 10 in 2009. The HMI has not seen 28 since June 2007. This and other landmark data points are coalescing to signal calmer waters ahead. That’s not to say you should expect double-digit annualized appreciation, but both buyers and sellers are displaying the sort of confidence that is fluttering through the rest of the economy.

In the Twin Cities region, for the week ending March 17:
• New Listings decreased 1.3% to 1,406
• Pending Sales increased 23.1% to 1,029
• Inventory decreased 27.5% to 17,088

For the month of February:
• Median Sales Price decreased 1.4% to $138,000
• Days on Market decreased 9.0% to 145
• Percent of Original List Price Received increased 2.5% to 90.6%
• Months Supply of Inventory decreased 35.2% to 4.7

As reported by the Minneapolis Area Association of Realtors.

#

,

Real Estate Update

Weekly Real Estate Update
March 12, 2012


The last six years or so have been tough on home prices, and even the most optimistic prognosticators say it will take another six years for median sales prices to approach the halcyon days of assured annual value increases for home sellers. Generations of stable home price increases gave way to a boom-and-bust cycle that would have made the Pets.com sock puppet blush. As we enter what should be an active spring market, our communities would do well to focus effort toward creating healthy, happy homes. With those in place, prices will rise again.

In the Twin Cities region, for the week ending March 3:
• New Listings decreased 23.2% to 1,402
• Pending Sales increased 29.7% to 940
• Inventory decreased 22.9% to 17,818

For the month of February:
• Median Sales Price decreased 1.1% to $138,500
• Days on Market decreased 9.0% to 145
• Percent of Original List Price Received increased 2.6% to 90.6%
• Months Supply of Inventory decreased 36.5% to 4.6

As reported by the Minneapolis Area Association of Realtors.

~~~

Real Estate Update

Weekly Real Estate Update
February 27, 2012


The week left yet another trail of evidence leading back to a housing market on the mend. This time, the encouraging signs were even less clandestine. Nationally, both new and existing home sales enjoyed improvements. Even some December numbers were upwardly revised. New home sales have real and noticeable impacts on GDP, thus generating jobs and driving down unemployment. The overall bias for the entire U.S. is firmly toward balance. Locally, market activity was mostly positive. Spring will still be the major tell.

In the Twin Cities region, for the week ending February 18:
• New Listings decreased 7.1% to 1,256
• Pending Sales increased 28.6% to 899
• Inventory decreased 23.2% to 17,756

For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.5% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 34.2% to 4.7

As reported by the Minneapolis Area Association of Realtors.

~~~

.

Real Estate Update

Weekly Real Estate Update
February 4, 2012


It was a week full of intrigue if ever there was one. A positive jobs report gave way to bullish activity on Wall Street backed by heroics from the hometown team, as the Giants showcased their Manning(ham) magic. Meanwhile, dozens of state attorneys general brokered a deal that will likely include principal write-downs. In local housing news, buyers made more purchases while sellers listed fewer properties than during the same week in 2011. Other indicators have recently showcased key improvements elsewhere in the marketplace. The most notable trend is fewer active listings. Buyers in wait-and-see mode may find themselves with more competition for fewer properties come spring.

In the Twin Cities region, for the week ending February 4:
• New Listings decreased 6.7% to 1,236
• Pending Sales increased 35.8% to 888
• Inventory decreased 23.2% to 17,697

For the month of January:
• Median Sales Price decreased 3.4% to $140,000
• Days on Market decreased 8.4% to 142
• Percent of Original List Price Received increased 3.4% to 91.2%
• Months Supply of Inventory decreased 35.2% to 4.6

As reported by the Minneapolis Area Association of Realtors.

~~~

Real Estate Update: 2011 Annual Wrap Up

2011 Annual Wrap-Up: Lower Prices and a Healthier Market

2011 by the Numbers

• Consumers purchased 41,429 homes, up 8.2 percent from 2010 and—excluding 2009—the highest since 2006.

• Sellers listed 68,875 new homes on the market, down 15.8 percent from 2010 and the lowest level since 2002. Inventory levels dropped 28.7 percent from 2010 and are at the lowest level in 8 years.

• Months supply of inventory—the time it would take to sell off all active properties—dropped 36.5 percent to 4.5 months.

• The median sales price fell 11.7 percent to $150,000.

• Precisely 50.0 percent of all closed sales were either foreclosures or short sales, up from 47.9 percent in 2010 and 48.9 percent in 2009.

Decreased supply, high demand and low prices are among the encouraging developments in 2011 that give cause for optimism in 2012. As the active supply of homes for sale decreased dramatically, absorption rates improved to levels not seen since 2005. Unprecedented low-interest rates and record housing affordability resulted in an 8.2 percent increase in home sales for the area.

“We are pleased with the recovery we saw in 2011,” said Richard Tucker, President of the St. Paul Area Association of REALTORS®. “Median sales price reflects the mix of properties sold during the year—and in 2011 a lot moved in that lower bracket. Price increases will be the final piece of the recovery.”

Distressed properties were the driving factor of home prices, selling for roughly 60 cents on the dollar compared to traditional homes.

“Homeowners need to remember that median sales price does a better job of reflecting what’s going off the market as a whole than representing the home values in a given area—each area is unique,” said Cari Linn, President of the Minneapolis Area Association of REALTORS®.

Improvements in the local economy will boost the Twin Cities real estate market in 2012. The outlook is positive: steady hiring, lessening layoffs and record low unemployment are all reasons the area continues to outperform the nation.

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

~~~

Real Estate Update

Minneapolis and Saint Paul Real Estate Update
December 5, 2011


Tryptophan and chatty in-laws were not able to curb the appetite of local
home buyers, as purchase activity easily gobbled up last year’s levels. Sellers
were apparently stuffed and lethargic, as they brought fewer new properties
onto the market than during the same holiday week last year. As we approach
the slowest time of year for residential activity, expect transacted dollar
volumes and sales counts to weaken from the spring and summer of this
year. Keep watching inventory declines; they could have a measurable impact
on the Spring 2012 market.

In the Twin Cities region, for the week ending November 26:
• New Listings decreased 9.1% to 601
• Pending Sales increased 46.8% to 574
• Inventory decreased 22.8% to 20,318

For the month of October:
• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.5% to 134
• Percent of Original List Price Received increased 0.9% to 91.2%
• Months Supply of Inventory decreased 27.6% to 6.3

Click on either of the charts below to enlarge.


As reported by the Minneapolis Area Association of Realtors.

~~~

.

Real Estate Update

Minneapolis and Saint Paul Real Estate Update
November 28, 2011


Buyers continued to exceed their November 2010 purchase volumes. Sellers weren’t so keen, posting fewer newly listed properties on the MLS than at this time last year. With roughly 87.5 percent of 2011 data in the books, and with 2012 just around the corner, the clever observers will start snapping sneak peeks of annual statistics and watching Year-to-Date numbers a little closer than usual. Just how did 2011 rank in real estate sales compared with prior years? We’ll know soon enough. In the meantime, here are the latest statistics.

In the Twin Cities region, for the week ending November 19:

• New Listings decreased 18.6% to 938
• Pending Sales increased 30.5% to 805
• Inventory decreased 21.8% to 20,796

For the month of October:

• Median Sales Price decreased 9.6% to $154,500
• Days on Market decreased 0.6% to 134
• Percent of Original List Price Received increased 0.9% to 91.2%
• Months Supply of Inventory decreased 27.8% to 6.3

Statistics reported by the Minneapolis Area Association of Realtors.

~~~

.