Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 13, 2010

Remember the week ending May 1? The weather was considerably warmer, there wasn’t more than two feet of snow on the ground and the optimism was high surrounding our professional sports teams. Things change.

That fateful week in May was also the last time our market recorded a year-over-year increase in weekly pending sales…until now.

For the week ending December 3, there were 606 pending sales, an increase of 10.0 percent from the same week last year. That’s the first year-over-year increase in 30 weeks. Whether this positive trend continues will depend upon job growth and other economic factors, but this small sign of hope is nice to see in December.

On the opposite end of the spectrum, new listings are consistently not matching last year’s marks — a welcome sign in this era of high supply. The 1,081 new listings for the most recent week is a decline of 13.8 percent from last year’s pace and marks the 11th week of the last 13 to post a year-over-year decline.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
December 6, 2010

After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year.

Let’s play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met about eight months ago, but you haven’t seen each other in a while. We’ll let you catch up.

And that’s our running theme for the week. Sellers mimicked their activity from last year and tightened up to 2009’s trend line. Like Pending Sales, New Listings have narrowed the gap between this and last year’s numbers, but they experienced a notable slowdown due to the Thanksgiving holiday. There were 676 new properties entering the market for a 6.4 percent decrease from last year.

Inventory has been dropping at roughly the same rate as it did at this time in 2009. Currently, the 23,812 Active Listings represent a 9.8 percent supply spike compared to last year. Keep in mind that some sellers take property off the market at this time of year as a way to stop the play clock while buyers hibernate.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 29, 2010

For the week ending November 20, Pending Sales in the Twin Cities metropolitan area declined by just 4.1 percent from year-ago levels, marking the second week in a row where this year’s sales figures closely match last year’s numbers. There were 579 pendings for the week, and we have kept pace at about 600 sales per week for the past six months.

At 1,159, New Listings were 1.3 percent below 2009 levels. This year’s listing activity has occasionally strayed from last year’s trend line but has, for the most part, tracked along a fairly similar path.

As expected, the year-over-year inventory gains have been tapering off. As of November 29, the 24,423 active listings were 9.6 percent fewer than last year at this time. That’s the third consecutive week of decreasing inventory gains. This metric does a great job of illustrating the buyer-seller balance as the market prepares for hibernation.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St Paul Real Estate Market: November 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 Brad Fisher (2010 President, Minneapolis Area Association of REALTORS®), script written by David Arbit, audio recorded by Zach Foty and video produced by Chelsie Lopez.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 22, 2010

Despite the icy roads, year-over-year purchase demand gives the appearance of gaining some traction. For the week ending November 13, there were 577 Pending Sales in the Twin Cities metropolitan area, a small 4.3 percent decline from year-ago levels.

Don’t put too much stock in this closing gap of home buyer activity, as compared to 2009. This year’s home sales have remained relatively flat at winter levels since the tax credit expired last spring. Buyer activity declined at this time in 2009 and that’s driving down the year-over-year change. We’re just now entering the part of the calendar where this sales trend is to be expected.

After two weeks of flirting with black ink, seller activity is back in the red. The 1,144 new homes listed on the market was a 5.3 percent decrease from 2009 levels. Inventory increases seem to be tapering off, a seasonal expectation for this time of year. There are 24,849 homes for buyers to choose from, up 10.4 percent from year-ago levels. That’s the smallest inventory gain in seven weeks. If this trend continues, it will serve to help rebalance the Twin Cities housing market.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis–St.Paul Real Estate Market Update

Real Estate Weekly Update
November 8, 2001

For the week ending October 30, New Listings in the 13-county Twin Cities metropolitan area were up 0.4 percent over last year to punch in at 1,266 new units. That’s the first time seller activity has outpaced last year’s levels since the last full week of April.

Buyer activity wasn’t quite so fortunate as Pending Sales were down 29.9 percent over the same week last year. But that’s a major win in its own right. The 579 signed purchase agreements mark the smallest year-over-year decrease in housing demand since the first week of May.

Inventory continued its ascent. As of November 8, the 25,629 Active Listings weighed in 12.0 percent heavier than last year. This metric has been steadily climbing since early June and should continue to be monitored closely. It means increased competition among sellers and more options and leverage for buyers.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Weekly Update
November 1, 2010

Pending Sales in the 13-county Twin Cities metro experienced its smallest decrease since the end of May. The 611 purchase agreements signed for the week ending October 23 were 34.0 percent fewer than the same week in 2009. While still in the red, it’s not to the extent we’ve seen the past few months.

Seller activity held fairly stable at 1,303 New Listings for the week. This made for an 8.9 percent dip from last year’s levels and was roughly on par with the 7.8 percent average decline over the past three months.

Inventory is still high. As of November 1, it stands at 25,706 Active Listings, an 11.5 percent jump since last year at this time. The pace of inventory activity should continue to decline as we step toward winter.

As reported by the Minneapolis Area Association of Realtors.

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Minneapolis–St. Paul Real Estate Market Update

Real Estate Market Update
October 25, 2010

For the week ending October 16, New Listings in the Twin Cities declined only
2.1 percent from the same week last year with 1,424 properties entering the
market. That’s the smallest year-over-year decline in nine weeks, as the gap
comparing last year’s performance with this continues to close.

Weekly Pending Sales are still stuck around the 600 mark. The 580 purchase
agreements signed for the week translated into a 39.2 percent drop from last
year at this time. That year-over-year decline is nothing new to regular followers of the Weekly Market Activity Report.

The real story continues to be the delicate balance between buyer and seller
activity. As of October 25, the 26,606 active listings were 11.3 percent greater
than the same week in 2009. For only the second time in the past 25 weeks,
the magnitude of inventory growth is smaller than the previous week. In other words, the rate of inventory increase is decelerating. If it sounds like we’re scrounging for good news, we are. Even so, this shouldn’t be overlooked.

As reported by the Minneapolis Area Association of REALTORS®.

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Minneapolis–St Paul Real Estate Market: October 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 Jeff Allen (Research Director, Minneapolis Area Association of REALTORS® and 10K Research | Marketing), audio recorded by Zach Foty and video produced by Chelsie Foty.
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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
October 12, 2010

We’re used to seeing housing activity slow down at this time of year. Trouble is,
this seasonal slowdown is amplified when compared to a front-loaded 2010
selling season and a comparably strong tax-credit-driven 4th quarter 2009
selling season. The net effect is that year-over-year changes are comparing an
incentive period to a non-incentive period. Keep that in mind in the coming
weeks when looking over the latest housing market figures.

For the week ending October 2, sellers placed 5.3 percent fewer homes on the
market. In sum, 1,541 new properties came online during the week. By
comparison, over the past three months, the average decline between this and
last year’s activity is 9.1 percent.

The 630 pending sales during the week were 39.6 percent fewer than the same
week last year. Since the second week of June, the percentage decline in
buyer activity from the same week last year has ranged between 48 and 34
percent. That’s not a pretty picture for the most recent four-month period.
Inventory continued along its growth path, checking in at 27,033 as of October
12. This was an 11.0 percent increase over last year at this time, which is the
largest increase since the final week of January 2008. Market times and
negotiations are starting to reflect this trend.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St Paul Real Estate Market: September 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 Cari Linn (Secretary, Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Foty.
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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
October 4, 2010

In the Twin Cities metropolitan area, the frost that some of us found on our lawns also kept the housing market in a sort of frozen state. For the week ending September 25, sellers placed 1,382 new homes on the market, which was 19.9 percent fewer than last year at this time. Over the past three months, listing activity has been an average of 9.2 percent under last year’s levels.

Buyer activity produced 41.7 percent fewer purchase agreements than last year
at this time. There were 616 contracts signed. Pending Sales are still mimicking last year’s activity, except with roughly 400 fewer sales. For the three-month average, the decline rests at 39.0 percent below 2009 levels.

Be aware that we’re in an apples-to-oranges comparison period since the tax
credit was in force last year at this time. Year-over-year comparisons may
appear artificially low due to a market incentive that no longer exists.
Inventory levels are a crucial metric to watch, as they tell the story of whether
listings overwhelm the market during times of slow purchase demand. As of
October 4, there were 26,915 active listings on the market, 9.8 percent more
than the same week in 2009.

As reported by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
September 13, 2010

The Twin Cities residential real estate market’s paralysis continues. New listings were down 12.8 percent compared to last year at this time for the week ending September 4, 2010. Even so, more properties came on the market this past week than the week ending August 28th—a time when the school year normally slows seller activity.

Pending Sales were up slightly from the previous four weeks but remain 35.9 percent behind where we were at this time in 2009. This has been the case all summer long.

Active Listings for Sale are now 8.9 percent ahead of last year. Percent of Original List Price Received at Sale leaned toward buyers last month. Good news for home hunters; even more challenges for those looking to sell.

Statistical information provided by the Minneapolis Area Association of Realtors

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Minneapolis—St. Paul Real Estate Market Update

Real Estate Weekly Update
August 30, 2010

For twelve consecutive weeks now, the number of homes for sale in the Twin Cities housing market has been higher than it was a year ago. The gap between this year’s inventory and last year’s inventory at the same time period has been steadily growing.

The current inventory of homes for sale (27,784) is up 8.1 percent from this time in 2009. Inventory is not growing due to an influx of new sellers putting their homes on the market; It’s growing due to a drop in buyers who once were absorbing supply.

For the week ending August 21, there were 601 signed purchase agreements. This represents a decrease of 40.6 percent from a year ago. That’s the 15th consecutive week of significant declines compared to a year ago.

With supply growing and fewer buyers to purchase it, home sellers can expect a challenging fall market that will result in a downward pressure on home values. Motivated sellers who want to move quickly may have to pursue aggressive pricing to attract buyers.

As reported by the Minneapolis Area Association of Realtors
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3920 Cedar Shore Drive, St. Louis Park MN

Exceptional Mid-Century Home just steps from Cedar Lake

Beautifully renovated from top to bottom. Gorgeous grounds and rarely found five-car garage. Please feel free to contact me for additional information or to arrange a showing of this fine home.

This property has sold.

Family room off kitchen with view to four-season porch and backyard.
Kitchen and Family Room

What an ideal room arrangement! The family room off the kitchen features a beautiful stone-surround fireplace, built-in cabinetry and shelves, and a wall of windows/doors that open to the backyard. The four-season porch with its many windows continues the line of views to the yard.

This kitchen provides both functional beauty and entertaining space.

Click on any photo below to see it in a larger format.

The four-season porch with views of the landscaped backyard.
Formal living room with view to street and greenery beyond.
Main level master bedroom.
Main level master bath
Beautifully landscaped yard
Plenty of green grass, surrounded by flowers, patio and shrubs.
Captivating plantings and design.
Plenty of room to the side for a play area.
Lower level family room has a fireplace and dramatic lighting.
Lower level office area and bedroom. There's also a bath on this level.
The lower level was just finished this year and includes this second kitchen.
Classic stone-front rambler in St. Louis Park, Minnesota
The front yard is also beautifully landscaped.

The Details:

  • Four bedrooms and three baths
  • Private master suite
  • Hardwood floors
  • Central air conditioning
  • Three fireplaces with a mix of wood-, and gas-burning styles
  • Main floor laundry
  • Attached, heated and insulated five-car garage—a rare find in the city!
  • Exceptional presentation and finishes
  • Approximate finished square footage: 4,154
  • List Price: $889,900

For more information or to arrange a showing, contact:

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

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Listing provided courtesy of Coldwell Banker Burnet.

Information deemed reliable but not guaranteed. Lasted updated on October 21, 2010 at 05:29pm.

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 is not a Multiple Listing Service MLS, nor does it offer MLS access. This website is a service of DesignHouse9 and Lakes Area Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.

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