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Scott Hutchinson's Blog

By Scott Hutchinson | Agent in 55044
  • Twin Cities Real Estate Market Update

    Posted Under: Market Conditions in Minneapolis, Home Buying in Minneapolis, Home Selling in Minneapolis  |  August 25, 2014 12:07 PM  |  16 views  |  No comments



  • Lakeville Mn Real Estate Market Update - 8/25/14

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  August 25, 2014 9:06 AM  |  19 views  |  No comments


  • Twin Cities Weekly Market Activity Report 7/16/13

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  July 16, 2013 7:44 AM  |  497 views  |  No comments

    n 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.


  • Twin Cities Weekly Market Activity Report 6/18/13

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  June 18, 2013 2:12 PM  |  520 views  |  No comments

    Sellers are finally starting to catch up with strong buyer demand, but at the rate that homes are being snatched up, the influx of new listings will need to be more than a short-term addition. Rising home prices, fewer days on market and more homes being sold all support a positive public opinion about real estate. The following local stats should shed invaluable quantitative support for that warm fuzzy feeling residential real estate is handing out.

    In the Twin Cities region, for the week ending June 8:

    • New Listings increased 23.2% to 1,951
    • Pending Sales increased 12.0% to 1,329
    • Inventory decreased 21.7% to 14,569

    For the month of May:

    • Median Sales Price increased 14.8% to $194,000
    • Days on Market decreased 29.8% to 87
    • Percent of Original List Price Received increased 2.5% to 97.0%
    • Months Supply of Inventory decreased 30.6% to 3.4

  • Twin Cities Weekly Market Activity Report 6/11/13

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  June 11, 2013 11:01 AM  |  529 views  |  No comments

    Interest rates are on the rise, but further increases should be incremental and gradual without harming housing demand. All the same, some buyers might feel an extra pinch to act soon if economic and jobs data continues on a path of improvement. Ultra-low rates will not remain the rule of the day if the economy gives the Fed no reason to maintain its quantitative easing (money printing) stimulus policies.

    In the Twin Cities region, for the week ending June 1:

    • New Listings increased 23.6% to 1,713
    • Pending Sales increased 22.8% to 1,180
    • Inventory decreased 23.1% to 14,349

    For the month of May:

    • Median Sales Price increased 15.1% to $194,450
    • Days on Market decreased 29.8% to 87
    • Percent of Original List Price Received increased 2.5% to 97.0%
    • Months Supply of Inventory decreased 30.6% to 3.4


    Scott Hutchinson

    Edina Realty

     


    scotthutchinson@edinarealty.com


    www.scotthutchinson.edinarealty.com (search all "MLS" listed properties)


    Top-1% Nationally


    C: 612 396-0692


    F: 952 892-7163

  • Twin Cities Weekly Market Activity Report 6/4/13

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  June 4, 2013 12:46 PM  |  532 views  |  No comments

    Although buyers are still in the market for higher inventory levels, sellers remain happy with their multiple-offer situations and short days on the market. As the product mix shifts away from distressed properties and towards traditional sellers, the U.S. housing market finds itself in a place it hasn’t been in a while – healthfully competitive. Pocket listings and shadow inventory provide something for the media to talk about, but for now, the market seems strong enough to hold up to any casual cannon fodder aimed its way. 

    In the Twin Cities region, for the week ending May 25:

    • New Listings increased 29.8% to 1,799
    • Pending Sales increased 18.8% to 1,382
    • Inventory decreased 24.6% to 14,169

    For the month of April:

    • Median Sales Price increased 12.0% to $182,000
    • Days on Market decreased 28.1% to 97
    • Percent of Original List Price Received increased 2.8% to 96.0%
    • Months Supply of Inventory decreased 36.0% to 3.2



    Scott Hutchinson

    Edina Realty

     


    scotthutchinson@edinarealty.com


    www.scotthutchinson.edinarealty.com (search all "MLS" listed properties)


    Top-1% Nationally


    C: 612 396-0692


    F: 952 892-7163

  • Twin Cities Weekly Market Activity Report 5/10/13

    Posted Under: Market Conditions in Lakeville, Home Buying in Lakeville, Home Selling in Lakeville  |  May 10, 2013 6:54 AM  |  562 views  |  No comments

    Less supply, more demand and rising prices are being seen in residential markets across the nation. Although grumpy cats using national data sometimes grouse about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place. Ominous headlines may benefit advertisers and search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

    In the Twin Cities region, for the week ending April 20:

    • New Listings decreased 4.5% to 1,601
    • Pending Sales increased 9.7% to 1,337
    • Inventory decreased 28.4% to 13,258

    For the month of March:

    • Median Sales Price increased 17.8% to $176,575
    • Days on Market decreased 24.3% to 109
    • Percent of Original List Price Received increased 3.1% to 95.0%
    • Months Supply of Inventory decreased 38.0% to 3.1




    Scott Hutchinson
    Edina Realty

     

    scotthutchinson@edinarealty.com

    www.scotthutchinson.edinarealty.com (search all "MLS" listed properties)

    Top-1% Nationally

    C: 612 396-0692

    F: 952 892-7163

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