Monday, July 15th, 2013
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In light of a 14.2 percent increase in pending sales, Twin Cities home buyers seem unphased by recent mortgage rate increases. Even with rates around 4.5 percent, the housing stock remains highly affordable by historical comparison. In 25 of the past 26 months, there have been year-over-year gains in pending sales; and the metric is currently at its highest level since June 2006. House hunters are watching seller activity for clues of additional inventory.New listings rose 20.0 percent, the second-largest gain since March 2010. Buyers have 15,193 properties from which to choose – 17.2 percent fewer than in June 2012 but 17.4 percent more than in January 2013.

The median sales price for the metro area rose 17.5 percent to $210,000. That’s the highest median sales price since December 2007. A shift in sales types is driving this price recovery. As recently as February 2011, foreclosures and short sales comprised 61.5 percent of all sales activity.

In June 2013, these two distressed segments together comprised just 21.7 percent of all sales. On the seller side, the percentage of all new listings that were distressed in June fell to 16.8 percent, its lowest level since September 2007.

Seller activity was up 20.0 percent overall, but traditional new listings surged 44.4 percent. Foreclosure new listings decreased 24.6 percent and short sale new listings fell 51.7 percent. With 16 straight months of year-over-year price gains, multiple-offer situations and just 3.5 months’ supply of inventory, the same market that recently favored buyers is now tilting toward sellers.

Looking at price movement by segment, the traditional median sales price rose 8.7 percent to $232,000; the foreclosure median sales price was up 16.9 percent to $145,000; the short sale median sales price increased 14.2 percent, also to $145,000.

On average, traditional homes sold in 68 days for 97.7 percent of original list price, foreclosures sold in 71 days for 98.2 percent of original list price and short sales lagged at 156 days and 93.0 percent of original list price.

Posted in The Skinny |
Tuesday, July 9th, 2013

By Tom Kraeutler

If you’re planning to sell your house any time soon, home improvements that build property value should be on your to-do list. It’s a buyer’s market, and between tighter purse strings and plenty of properties to choose from, shoppers want homes that are move-in ready and free of the need for home improvement projects that will add to their own bottom lines.

“There’s enough inventory out there right now that buyers can find what they like without having to compromise,” says Harrison Tulloss, a ZipRealty agent based in Raleigh, N.C. “They don’t have the money or inclination to put in a down payment, get a loan and then turn around and spend more cash to do exactly what they want to improve a property.”

Planning home improvements that pay you back at the time of sale requires a strategic vision as well as design, finish and product selections that welcome the widest possible range of buyer tastes. Drawing on tips from real estate pros, along with Remodeling magazine’s annual Cost vs. Value Report, here are 10 home improvements that pay you back when you sell.

Read The Full Article Here

Monday, July 8th, 2013

A fellow named Newton once said that a body in motion tends to stay in motion. Presently, the housing market is going to be in a state of anti-motion, otherwise known as inertia. Each year, the activity around Independence Day collides with market trends because the summer holiday season ends up being more about family fun than housing fuss. As the market shifts from under us, things like historically low interest rates and rising rents cause pause for those with a clear idea of what they want despite the lack of funding to achieve it.

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

• New Listings increased 22.8% to 1,738
• Pending Sales increased 22.4% to 1,405
• Inventory decreased 16.8% to 15,405

For the month of June:

• Median Sales Price increased 17.5% to $210,000
• Days on Market decreased 33.6% to 75
• Percent of Original List Price Received increased 2.5% to 97.5%
• Months Supply of Inventory decreased 27.1% to 3.5

Click Here to View Full Weekly Activity Report

Posted in Weekly Market Activity Reports |
Monday, July 8th, 2013

A fellow named Newton once said that a body in motion tends to stay in motion. Presently, the housing market is going to be in a state of anti-motion, otherwise known as inertia. Each year, the activity around Independence Day collides with market trends because the summer holiday season ends up being more about family fun than housing fuss. As the market shifts from under us, things like historically low interest rates and rising rents cause pause for those with a clear idea of what they want despite the lack of funding to achieve it.

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

  • New Listings increased 22.8% to 1,738
  • Pending Sales increased 22.4% to 1,405
  • Inventory decreased 16.8% to 15,405

For the month of June:

  • Median Sales Price increased 17.5% to $210,000
  • Days on Market decreased 33.6% to 75
  • Percent of Original List Price Received increased 2.5% to 97.5%
  • Months Supply of Inventory decreased 27.1% to 3.5

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

Posted in Weekly Report |
Tuesday, July 2nd, 2013


By Jim Buctha

Home prices in the Twin Cities posted a record gain in April, outpacing the recovery in most parts of the nation and revealing the strength of the local economy.

Values in the metro area jumped 14.8 percent over last year, according to the closely watched Standard & Poor’s Case-Shiller home price index. The 13-county region was one of four major U.S. metro areas to post record gains during the month. Nationally, home prices were up 12 percent.

“Prior to 2012, things weren’t good in the Twin Cities,” said David Blitzer, chairman of S&P’s index committee.

“Recent price gains have definitely been superior.”

A key turning point for the Twin Cities is the vast decline in the number of distressed sales. During 2011, the Twin Cities area was flooded with foreclosures, which put pressure on prices because repossessed homes usually sell for a fraction of a traditional property.

Now that the economy is recovering, homeowners are more willing to test the market and are increasingly getting the asking prices for their homes. That, combined with an overall shortage of homes, is driving up values in many neighborhoods.

Read The Full Article Here