Archive for the 'St. Paul Current Housing Statistics' Category
Twin Cities Area Real Estate Pending Sales 40% Above 2007
October 10th, 2008 Categories: Minneapolis Current Housing Statistics, Minneapolis Home Buyers and Sellers, Mortgage Stuff, Real Estate News, St. Paul Current Housing Statistics, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
Pending sales skyrocket over 40 percent as prices decline
Here’s the latest from the Minneapolis Area Association of Realtors just out today:
Minneapolis, Minnesota (October 10, 2008) – Buyers flocked to the Twin Cities housing market in September to take advantage of attractive home prices and a sunsetting federal loan program, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
There were 4,036 pending sales in September, which represented a whopping 42.2 percent increase over September 2007’s mark of 2,839. Closed sales, too, were up dramatically—34.9 percent higher for the same time period comparison. The last time there was a year-over-year pending sales increase even close to this large was in March of 1998 when the increase over March of 1997 was 38.6 percent.
“There really are some incredible buying opportunities out there and this is the surest sign yet,” said Kevin Knudsen, MAAR President. “But we also need to keep in mind that September of last year was extremely slow, which makes these figures pop a little more.”
Also adding to the influx of September buyers was “last call” activity before the October 1 dissolution of the FHA-sponsored seller-funded downpayment assistance program, which was the last of a dying breed of zero-down loan programs remaining on the market.
A hearty 41.6 percent of September’s pending sales were lender-mediated foreclosures and short sales, up from 17.5 percent in September 2007. The increased market share of these bargain-priced properties led to further declines in home prices. The overall September median sales price of $189,900 fell from last year by 15.6 percent. Lender-mediated homes posted a median sales price of $146,000, a decrease of 11.5 percent from last year. Traditional properties had a September median sales price of $212,500, a decrease of 8.6 percent.
Due to the decline in home prices and another downtick in mortgage rates, the October Housing Affordability Index jettisoned upward from last month to 159, which is 21.4 percent higher than this time last year, and back up at extremely healthy levels following a few years of unsustainably low affordability. While challenging for sellers, this means a more accessible market for potential home buyers, thus the resurgence in sales activity.
“With all the uncertainties in the economy, it’s hard to predict right now if the sales upturn will continue,” said Steve Havig, MAAR President-Elect. “But the affordability and inventory choice picture is still very attractive, which bodes well for our long-term picture.”
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Minneapolis Foreclosure Boom - Everybody Get Off the Bus!
January 26th, 2008 Categories: Minnetonka Real Estate Statistics, Mortgage Stuff, North Minneapolis, Outside of the Box, Real Estate News, St. Louis Park Current Housing Statistics, St. Paul Current Housing Statistics, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
There will be an end to the “foreclosure boom”. Foreclosure boom. That’s a funny term. Boom. Bummer. Blame. Yeah, that’s right, blame. I end it there. Have at it. Blame who and what you want.
Let’s just say… Read the rest of this entry »
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St. Paul Real Estate - Housing Statistics - December, 2007
January 24th, 2008 Categories: Real Estate News, St. Paul Current Housing Statistics, Twin Cities Home Buyers, Twin Cities Real Estate Economy, Twin City Sellers
Here are the latest statistics from the Minneapolis Area Association of Realtors for St. Paul. The chart explains itself, but in a nutshell, there were 3.5% more single family homes on the market in December this year than last year.
In December, many homes had their listing expire only to wait until after the holidays. The housing affordability has not been this good since 2004, according to the association. I believe that we’re near the end of the price cuts, too.
Ready, buyers?
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St. Paul Real Estate - Housing Statistics - November 2007
December 30th, 2007 Categories: Real Estate News, St. Paul Current Housing Statistics, Twin Cities Real Estate Economy
Here are the latest statistics from the Minneapolis Area Association of Realtors for St. Paul. The chart explains itself, but in a nutshell, there were 49% more single family homes on the market in November this year than last year.
In December, many homes will have their listing expire only to wait until after the holidays. The housing affordability has not been this good since 2004, according to the association. I believe that we’re near the end of the price cuts, too.
Ready, buyers?
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