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Archive for the 'Twin Cities Real Est' Category

Minneapolis Real Estate Market Gains Weight

August 31st, 2010 categories: Twin Cities Real Est

The Minneapolis real estate market is like someone who just can’t stop eating.

No matter how much it needs to not put another piece of chocolate in its mouth without also working out, it just can’t seem to keep itself from reaching for another piece.

For the last 12 weeks, the number of single family homes for sale in the market has been higher than it was a year ago; 8.1 percent higher to be exact.

And it’s growing because buyers aren’t out there to help work off the pounds of excess inventory.

For the week ending August 21, there were 601 purchase agreements signed. That’s 40.6 percent less than a year ago.

Duplex and small multi-family sales fared better however. While pended sales were down 10.7 percent year over year, the amount of new inventory also declined by 9.75 percent.

Of those properties that received purchase agreements, just 20 percent were signed by traditional sellers. This is down slightly from last year’s 25 percent. While the average off market price was $119,492, faring better than last year’s sold price of $113,148, it’s important to remember we won’t know until the sales have closed how near list price those transactions were for. In this market, odds are the “getting” price was below the “asking” price.

Traditional sellers brought 32.43 percent of the new inventory to the market for the week; a healthier showing than last year’s 22 percent of the new offerings.

Spoken by Kari Lundin | Discussion: No Comments »

Duplex Sales Make You Want To Stay In Bed

August 24th, 2010 categories: Twin Cities Real Est

Some days, it’s tough for Realtors to get out of bed.

Today was one of those mornings, knowing as I did that the National Association of Realtors would be releasing their report for July existing home sales.

The news was worse than expected. Nationally, sales fell by more than 27 percent; the largest decline in 15 years.

Worse yet, Minneapolis lead the nation in declines, with sales down 42 percent from their mark one year ago.

August doesn’t appear to be faring any better. For the week ending August 14,  pending single family home sales were down 38.5 percent from last year.

In fact, over the last three months, there have been 5,812 fewer pending sales than there were one year ago over the same stretch of time.

Pending duplex and small multi-family property sales also declined 24 percent from the same week last year. Of those property owners who accepted purchase agreements, 74 percent were or had to involve lenders in their negotiations.

Traditional sellers eased ahead of foreclosures and short sales in the new listing category, bringing 53 percent of the listings to market.

The silver lining may be that while duplex and small multi-family sales were down, the average off market price of $126,742 was 11.9 percent higher than the sold price of last year.

Somebody wake me when this is over.

Spoken by Kari Lundin | Discussion: 1 Comment »

Twin Cities Housing Market Needs Hair Of The Dog

August 17th, 2010 categories: Twin Cities Real Est

If the first time and repeat buyer tax credits were a housing party, then it’s fair to say the post tax credit hangover continued in the Twin Cities housing market for the week ending August 7.

Pending sales of single family homes continued stay in bed; down 36.5 percent from their mark one year ago.

With fewer sales, it’s natural that the amount of  inventory would continue to swell. In fact, there are 7.4 percent more homes available for sale than there were last year at this time. This month, there will be 8.64 homes available for every buyer in the marketplace. Last year, there was an average of just 5.28 for each buyer to choose from.

Duplex sales fared no better, with week over week sales dropping 25.6 percent from their 2009 mark. Of those duplex houses went under contract, just 13.79 percent were offered by traditional sellers. While this is an improvement over the 10.26 percent sold by parties other than banks for the same week last year, neither number is reason to celebrate.

However, it could be argued that the $118.224 average off market price for the pended sales is an improvement over last year’s sold price of $86,334, neither number is worthy of a party announcement.

Unlike single family homes, new duplex and small multi-family listings were down year over year by 31.8 percent.

While less inventory should ultimately put upward pressure on prices, and 7 percent more of the week’s new listings were offered by traditional sellers than last year’s figures, we’re a long way from anything resembling either price stability or appreciation.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Market On A Diet

August 10th, 2010 categories: Twin Cities Real Est

I’m trying to find positives in what’s happening in the Minneapolis and St Paul duplex market, and so I’ve decided to look at the sliding figures like a diet.

Pending duplex sales for the week ending July 31 were down 25 percent from the same week one year ago. Meanwhile, pending single family home sales were down 34.3 percent.

If the market were attending Weight Watchers, it would get a lot of gold stars this week.

Unfortunately, however, that’s not the case. But you’ve got to give me points for optimism.

Of course, with declining sales, the amount of inventory on the market keeps expanding. In fact, there are now 8.64 homes on the market for every buyer- a substantial gain from last year’s 5.28 homes per buyer.

There was also weight loss in the duplex market. The average pended list price for the week was $119,230; down just over $10,000 from last years average sold price for the week.

While the number of pended duplex home sales was down, the percentage of the market belonging to traditional sellers remained largely unchanged at 16 percent each year.

New listings were actually also down 53 percent, which is actually a bit of good news. Fewer new listings mean less competition for those properties already on the market.

So much for optimism. I don’t know about you, but I sure wish the market would binge a little.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Sales Need Another Tax Credit

August 3rd, 2010 categories: Twin Cities Real Est

This morning the National Association of Realtors reported its June index of purchase agreements for existing homes was down 19 percent from the same month one year ago.

The two regions leading the plunge in pending sales was lead by a 12 percent drop in the Northeast and a 9.5 percent dip in the Midwest.

As if to prove the data, the Minneapolis Area Association of Realtors reported pending sales for the week ending July 24 were down 37.8 percent compared to last year.

The number of acting listings, meanwhile, is up 5.4 percent.

Duplex sales seemed to follow suit. The number of pended sales for the week was down 21 percent compared to last year, while the number of new listings rose 28 percent.

Of those duplex homes that received and accepted purchase agreements, just 13.04 percent involved a traditional seller in the negotiations. Last year, 31 percent of the pended sales involved people with names, not banks.

With fewer humans involved in the selling, this year’s average off-market price for the week dropped to $117,674; trailing last year’s average sold mark by a whopping $46,671.

Maybe it’s time to call Sen. Johnny Isaakson and ask for another $8000 tax credit.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Market Is What It Is

July 27th, 2010 categories: Twin Cities Real Est

The word for today is “is”.

As in the Minneapolis and St Paul duplex market just “is”.

For example, three months after the expiration of the first time and move up buyer tax credits the market is what it is.

And outside of trudging on, there isn’t much we can do right now to change it.

Pended sales for the week were down 36.8 percent from the same week last year. Of those properties that received offers, just 12.5 percent were put on the market by traditional sellers. This is down from last year’s 15.8 percent for the week.

Comparing prices week over week, this year’s average off market price of $71,825 paled in comparison to last year’s sold price of $109,234. Considering the off market price, which is the last figure the property active on the MLS is usually higher than the actual sold figure, this isn’t good news.

New duplex house and small multi-family listings for the week 4 percent from last year.

In the single family market, sales notched their 9th week in the 500-600 transaction range; down 39.7 percent from one year ago.

Fortunately, the number of new listings were down 10 percent as well. Trouble is, with less demand, the amount of inventory has already swelled by 4.8 percent over last year.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Market Heads For The Basement

July 20th, 2010 categories: Twin Cities Real Est

I’m starting to feel like the rain is ganging up on us.

The summer has been full of tornado warnings and severe thunderstorm watches that have sent us all scrambling for the basement or at least the comfort of a brightly lit television radar screen. And there’s also been the turbulence of the Minneapolis/St Paul duplex market.

For the week ending July 10, just 9 duplex home owners received and accepted purchase agreements. This was a drop of 65 percent from the number of pended properties for the same week last year.

The average off market price of $176,960 was $29,410 higher than the sold price for last year, and 33 percent of them were offered by traditional sellers.

The other bit of good news was the number of new duplex and multi-family property listings was down 30 percent from last year.

In the single family market, the 545 signed purchase agreements for the week represented a 45.9 percent year-over-year drop.

While the total number of new single family home listings were down 17.4 percent, total inventory continues to grow due to slow buyer demand.

As always, increased inventory results in a shift toward a buyer’s market, which we are in fact seeing. There are currently 7.44 houses on the market for each buyer this month. Last July, there were just 5.06 per buyer.

Let’s hope for sun.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Market Cause Oxygen Deprivation

July 13th, 2010 categories: Twin Cities Real Est

Ever have a panic attack?

You know– the one’s where you can’t breathe or think?

I had one when I compiled the market statistics for Minneapolis and St Paul duplex sales for the week ending June 26, 2010.

A paltry 12 duplexes received purchase agreements. Twelve. Out of  723 active small multi-family listings in the Twin Cities metro area.

That’s down 37.5 percent from one year ago.

How did I get the color back in my face?

By finding the good news. 

Traditional sellers accounted for 33 percent of the week’s duplex sales. Last year, they were just 9 percent of the market.

The average price the dozen left the active duplex market at was $180,808. Last year, the sold average for the week was $113,138.

And, while there were 42 new listings this year, that’s down from last year’s 57.  Fifty percent of the new listings will not require a bank to be involved in any negotiations of a purchase agreement. Last year, just 22.8 percent were that hassle-free.

The single family housing market had 47.6 percent fewer pending sales for the week, with 6.5 percent fewer new listings than the year before.

With decreasing demand and growing inventory, it’s no surprise that the 27,526 homes presently on the market is 3.2 percent more than last year. There are now 7.44 homes available for every buyer actively in the market.

I think I need to go meditate.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Buyers Are Couch Potatoes

July 7th, 2010 categories: Twin Cities Real Est

Vegetation is something that usually happens during Minnesota winters.

Yes, I know it’s green outside and there are plenty of weeds to pull and lawns to mow.

But I’m talking about the kind of vegetation that keeps buyers at home, or “up north”, sitting on the couch.

Don’t believe me?

For the week ending June 26, single family home sales were down 47.6 percent from their mark one year ago. While the number of new listings was also down 6.5 percent, the market is a bit like dieting right now. Less activity with only a marginal reduction of caloric intake, and it’s akin to gaining winter weight.

Proof is in the 27,526 homes on the market; an increase of 3.2 percent year over year.

Duplex buyers may have been watching Netflix, but they seemed to be sofa surfing as well. Pended sales were down 52 percent from the same week last year. While it was encouraging that 41.7 percent of these transactions belonged to traditional sellers compared to last year’s 24 percent, the average off market price of $185,000 was just slightly ahead of the $172,828 for the same week in 2009.

The good news here is in the duplex and small multi-family market, the number of new listings year over year dropped 26.8 percent. Of these new listings 53.7 percent belonged to traditional sellers compared with last year’s 25 percent.

Let’s hope duplex buyers start a workout program soon.

Spoken by Kari Lundin | Discussion: No Comments »

Minneapolis Duplex Market Gets Skinny

June 29th, 2010 categories: Twin Cities Real Est

If the Twin Cities housing market were on a diet, it would be featured in a Jenny Craig ad.

For the week ending June 19, 645 single family home purchase agreements were signed. That’s down 44.2 percent from the same week one year ago.

New listings kept eating fruits and vegetables too; down 8.4 percent.

Duplexes and the small multi family market also dropped a pant size, shrinking 23.5 percent year-over-year.

The good news is traditional sellers continued to hold their ground, contributing 42.3 percent of the week’s pended sales compared to just 20.68 percent for the week last year. This was true of new listings as well, with bank mediated properties weighing in at 51 percent this year, down from last year’s 63.8 percent.

The week’s off market price must have cheated with a couple of cookies, because it finished at $129,748.  This is up from last year’s $114,580, but then again, we are comparing pended prices to closed transaction prices.

Let’s hope this week the market cheats with a Big Mac.

Spoken by Kari Lundin | Discussion: No Comments »

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