Every Minneapolis Duplex Cloud Has A Silver Lining

January 25th, 2010 categories: Twin Cities Real Est

dramatic landscapeThere’s a lot of doom and gloom in the air today, and not all of it has to do with last night’s Viking loss.

Some of it has to do with today’s announcement by the National Association of Realtors that nationally, existing home sales fell in December. It wasn’t entirely unanticipated. Most economists thought the rush to beat the original November tax credit deadline might have an effect on December’s housing market. And it did.

So that’s the bad news. But there was some good news in the rest of the story.

See, while existing home sales fell 16.7 percent, they were still 15 percent higher than they were in December 2008.

More importantly perhaps,  4.9 percent more existing homes sold in 2009 than they did in 2008.  

The national median home price was $178,300, which is again up over December 2008; albeit a slight 1.5 percent.

Of course, foreclosures and short sales, which represented 36 percent of all home sales last year continue to skew those median price numbers.

The Vikings had a sliver of good news too. Yesterday’s loss means they’ll get a better draft choice.

Spoken by Kari Lundin | Discussion: No Comments »

Whoops! Minneapolis Duplex Sale Prices Drop

December 29th, 2008 categories: Twin Cities Real Est

 
Shame on me. When I didn’t receive notice from MAR of the sales activity for the week ending December 13, I assumed they’d gone on vacation. Well, we all know what happens when we assume anything…
 
Pending sales of single family homes were up 36.3 percent and new listings up 2.2 percent over the same week in 2007. Forty-eight percent of the new listings involve lender mediation, while 60 percent of the sales did.
 
The encroaching holidays did nothing to slow the small multi-family unit market, however. Fifty new listings came on the market, down 29.5 percent from last year. Of these, 78 percent involve mediation with a lender. This is up only slightly from the comparable week last year, when 73 percent of the new listings involved lenders.
 
While shrinking supply is sure to drive prices up in the future, such was not the case in this report. While the number of pending sales was up 186 percent, the average sale price dropped from $164,280 for the second week of December in 2007, to $96,810 for the comparable period in 2008.
 
The statistics for the week before Christmas are set to arrive tomorrow. It will be interesting to see if the number of new listings continues to drop.

Spoken by Kari Lundin | Discussion: No Comments »

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