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Walter Altenbach's Blog

By Walter Altenbach | Agent in Apple Valley, MN
  • Twin Cities Real Estate Market Update 3/13/13

    Posted Under: General Area in Eagan, Home Buying in Eagan, Home Selling in Eagan  |  March 19, 2013 6:19 AM  |  170 views  |  No comments

    Twelve Consecutive Months of Price Gains

    Twin Cities homes sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.

    There were 2,736 closed home sales during February 2013, 4.7 percent fewer than February 2012. There were 3,689 pending sales, a 2.0 percent increase over last year. The median sales price rose 15.5 percent to $160,000. Inventory levels declined 31.6 percent to 12,202 active listings, the lowest number for any month going back to January 2003. The number of homes for sale is at a 10-year low.

    “We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.”

    Looking at activity by sale type, traditional closed sales were up 21.5 percent; foreclosure sales were down 23.5 percent; short sales were down 28.5 percent. Since traditional homes sell for about 75.0 percent more than foreclosures, the median sales price rose, as it has for 12 straight months compared to year-ago levels. The 10K Housing Value Index – which controls for data variability – showed a tamer 10.2 percent increase to $179,010. Stronger confidence and less economic uncertainty will encourage more seller activity, thereby increasing the supply of homes for sale. There is evidence this is improving, as traditional seller activity has been on the rise lately.

    A healing distressed segment has also facilitated recovery. At 72.3 percent, traditional homes represented more than 70.0 percent of all new listings for the first time since June 2008. Traditional homes also made up 55.4 percent of all closed sales. The traditional median sales price was up 14.2 percent to $205,500; the foreclosure median sales price was up 12.3 percent to $116,522; the short sale median sales price was up 10.1 percent to $127,750.

    Months’ supply of inventory fell 40.8 percent to 2.9 months. Figures below 4.0 months suggest we’re in a fledgling seller’s market. Homes sold in 113 days, on average, or 21.5 percent quicker than February 2012. Sellers received 93.7 percent of their list price, on average, up from 90.6 percent last year. Conventional financing comprised 46.7 percent of all closed sales; FHA financing was used on 20.9 percent of sales; cash buyers made up 25.1 percent of sales.

    “Judging by the number of inquiries agents are receiving, buyers seem prepared and motivated this spring,” said Emily Green, MAAR President-Elect. “We anticipate an uptick in new listings and we hope it is enough to meet the strength of buyer demand.”

     

    Till Next Time!

     

    Walter Altenbach  |  Real Estate Professional  |  Edina Realty

    C 612-239-4194   |  Walter@WalterSellsHomes.com  |  WalterSellsHomes.com  |  Facebook

     

  • Twin Cities Weekly Market Activity Report

    Posted Under: General Area in Eagan, Home Buying in Eagan, Home Selling in Eagan  |  March 6, 2013 12:38 PM  |  166 views  |  No comments

    REALTORS® must sell. Whether it's themselves, a property or an offer, an integral part of the life is convincing other people of something. Clean clothes, shiny shoes, a tucked shirt, upright posture. That's just to get in the door. But it's not enough to walk the talk. Proving to be the real(TOR®) deal means you know your stuff. You need stats, real stats, GOOD stats. Impress with empirical industry know-how and dazzle with substantiated evidence. Don't be the kid in class with grass stains, gum in hair and an unsharpened No. 3 pencil. Bring the following local real estate expertise to the local listing presentation.

    In the Twin Cities region, for the week ending February 23:
    • New Listings decreased 6.1% to 1,176
    • Pending Sales increased 3.1% to 927
    • Inventory decreased 30.9% to 12,341

    For the month of January:
    • Median Sales Price increased 14.3% to $160,000
    • Days on Market decreased 24.1% to 107
    • Percent of Original List Price Received increased 2.5% to 93.5%
    • Months Supply of Inventory decreased 40.0% to 3.0

    Till next time.

    Walter Altenbach | Realtor | Edina Realty
    C 612-239-4194 |
    Walter@WalterSellsHomes.com | WalterSellsHomes.com | Facebook

  • Twin Cities Weekly Market Activity Report Feb 28, 2013

    Posted Under: General Area in Eagan, Home Buying in Eagan, Home Selling in Eagan  |  February 28, 2013 12:37 PM  |  171 views  |  No comments

    Here's an oldie but goodie: All Real Estate is Local. We've all heard it. It's why industry insiders don't pay much attention to national housing statistics. The national housing market is just an agglomeration of local housing markets. It's like saying there is a national garage sale market. They're all local. You don't grab an umbrella in Miami based on the weather forecast in Seattle. So why would someone in San Francisco base a home sale or purchase decision on market data from Boston? Here's your data for your local housing market.

    In the Twin Cities region, for the week ending February 16:
    • New Listings decreased 4.9% to 1,196
    • Pending Sales increased 7.9% to 916
    • Inventory decreased 31.0% to 12,309

    For the month of January:
    • Median Sales Price increased 14.3% to $160,000
    • Days on Market decreased 24.1% to 107
    • Percent of Original List Price Received increased 2.5% to 93.5%
    • Months Supply of Inventory decreased 40.0% to 3.0

    Till next time.

    Walter Altenbach | Realtor | Edina Realty
    C 612-239-4194 |
    Walter@WalterSellsHomes.com | WalterSellsHomes.com | Facebook

  • Twin Cities Market Update Feb 22, 2013

    Posted Under: General Area in Eagan, Home Buying in Eagan, Home Selling in Eagan  |  February 21, 2013 6:59 PM  |  188 views  |  No comments

    Transparency. We like it when our politicians, stock brokers and mechanics have it. But what about our housing markets? It's empowering to know that home sales were up 10.0 percent in your state, or that the average home sold for 250,000 in your city or that 20.0 percent of sales in your neighborhood were foreclosures. It allows – no – it encourages both existing and would-be home buyers to make smarter decisions, which ultimately conserves the increasingly scarce taxpayer dollar. In turn, that allows us to invest in things we value as a society like infrastructure, technology, education, research and job training.

    In the Twin Cities region, for the week ending February 9:
    • New Listings decreased 6.7% to 1,229
    • Pending Sales increased 5.3% to 914
    • Inventory decreased 31.2% to 12,225

    For the month of January:
    • Median Sales Price increased 14.3% to $160,000
    • Days on Market decreased 24.1% to 107
    • Percent of Original List Price Received increased 2.5% to 93.5%
    • Months Supply of Inventory decreased 42.0% to 2.9

    Till next time. 

    Walter Altenbach | Realtor | Edina Realty
    C 612-239-4194 |
    Walter@WalterSellsHomes.com | WalterSellsHomes.com | Facebook


 
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