Monday, January 14th, 2013


With 2012 in the books, we’re starting to see some 2013 activity trickle in. Watch for continuations of last year’s trends: less inventory, strong buyer activity and firmer prices. It’s hard to believe spring is just around the corner, but would-be spring sellers are noticing the changes that have taken place. It’s a much less scary time to sell a home. Foreclosure activity will also be a key metric to watch. For the current cycle, here’s what the data shows.

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

  • New Listings decreased 34.6% to 832
  • Pending Sales increased 12.7% to 594
  • Inventory decreased 31.1% to 12,000

For the month of December:

  • Median Sales Price increased 16.2% to $168,452
  • Days on Market decreased 23.4% to 108
  • Percent of Original List Price Received increased 3.5% to 93.8%
  • Months Supply of Inventory decreased 42.0% to 2.9

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |
Monday, January 14th, 2013

Decreased supply, strong demand and higher prices are among the encouraging developments in 2012 that make the case for continued recovery in 2013. Consumer purchase demand increased organically, absent any government incentives. As the active supply of homes for sale fell to 10-year lows, absorption rates improved to levels also not seen since 2003. Multi-decade low interest rates and record housing affordability resulted in a 16.9 percent increase in home sales for the 13-county metro.

2012 by the Numbers

• Sellers listed 65,914 new homes on the market, a modest 4.3 percent decrease from 2011 and a 10-year low.
• Buyers purchased 48,641 homes, up 16.9 percent from 2011 and the highest figure since 2006 (783 units shy).
• Inventory levels dropped 31.8 percent from 2011 to 11,875 units, the lowest level in 10 years.
• Months Supply of Inventory dropped 42.2 percent to 2.9 months.
• The Median Sales Price of closed sales was up, rising 11.9 percent to $167,900.
• Cumulative Days on Market was down 20.6 percent to 117 days, on average.
• Lender-mediated properties made up a smaller share of overall activity
• 34.6 percent of all New Listings were lender-mediated (either foreclosures or short sales), down from 41.9 percent in 2011 and 42.6 percent in 2010
• 37.3 percent of all Inventory was lender-mediated, down from 44.4 percent in 2011 and 47.4 percent in 2010
• 39.7 percent of all Closed Sales were lender-mediated, down from 50.0 percent in 2011 and 47.9 percent in 2010

Wednesday, January 9th, 2013

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 Andy Fazendin (2012 President-Elect, Minneapolis Area Association of REALTORS®), video produced by Chelsie Lopez.

 

Posted in Monthly Skinny Videos |
Tuesday, January 8th, 2013

By Brendon DeSimone

A real estate agent’s job entails more than assisting clients with the nitty-gritty details of buying or selling a home. Good agents also tour as many homes as possible. Knowing the local inventory gives them an edge over the competition and provides great value for future buyers and sellers because those agents know the market — their product.

Having toured hundreds of homes through the years, agents have come to loathe certain sights. They sometimes leave houses wondering whether the seller even knew a showing was scheduled for that day.
Here are five huge turnoffs agents and their buyer clients see when touring homes and how to avoid them:

What Buyers Don’t Want to See in Your Home

Pets and Their Stuff

Pets bring so many great things to a family and home. But no potential buyer wants to see a dirty cat litter box next to the breakfast table or Fido’s bitten, saliva-filled bone on the sofa in the living room.

When your home is for sale, nobody to know that a pet lives there. Potential buyers who are allergic to dogs or cats will be turned off immediately, and the mere presence of a pet will send some buyers right out the front door.

Read the full article

Monday, January 7th, 2013


The results are mostly in, and the evidence is overwhelming. Housing not only outperformed most other sectors of the economy, but for the first time in half a decade, there was meaningful market recovery in 2012. For 2013, a few things seem likely. Expect interest rates to remain low and rents to rise, which will continue to drive buyer activity. Sellers should return to the marketplace in light of the improvements. Prices should remain firm and show moderate to strong gains. Foreclosure activity and job growth remain wildcards, but momentum is heading in the right direction.

In the Twin Cities region, for the week ending December 29:

  • New Listings decreased 40.1% to 358
  • Pending Sales decreased 12.6% to 442
  • Inventory decreased 30.0% to 12,916

For the month of November:

  • Median Sales Price increased 16.4% to $172,200
  • Days on Market decreased 26.5% to 103
  • Percent of Original List Price Received increased 3.6% to 94.2%
  • Months Supply of Inventory decreased 38.6% to 3.5

Click here for the full Weekly Market Activity Report.From The Skinny.

Posted in Weekly Report |

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