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• January February Market Report

  Mar, 16 12 Post by: Claude Worrell | No Comments

  It looks like an Early Spring

  The Minneapolis / St Paul Metro are Real Estate market is showing signs of a very strong spring market.   Pending sales for February were up 34% to 3756 over a year ago.  That’s our best month since 2005!  Multiple offers are the norm and sale prices over list price are common. Over 50% of our offers are cash from investors.  Owner occupants and first time buyers are starting to come back into the market again but financing remains difficult to obtain.  Inventory is down 22.9%

  The bad news…Prices continue to drop and REO/Foreclosures drive the market.  The Case Schiller index shows a 5.9% drop in sales price for 2011 and the Median sales price for February is down 1.4%. Lender controlled sales (foreclosures and short sales) still control 52% of pending sales and 57% of closed sales.

  Prognosis?  Inventory is dropping but new foreclosure starts are up. REO are not going away any time soon. I see the rest of this year with prices holding flat to barely increasing except in traditionally high demand areas where we might see bigger price increases.  It will all be neighborhood by neighborhood. Experience and local market knowledge rule in this market! Whether you are buying or selling take advantage of my 28 years navigating the local market.

• December Market Report

  Dec, 14 11 Post by: Claude Worrell | No Comments

   

  Snow on the ground – Santa’s coming – I hope.

  December is here and the Minneapolis / St Paul Metro area Real Estate market remains depressed but is showing signs of increased stability.  Housing inventory is the lowest we have seen since 2004. New listings are down 13.6% from last year.  All of that should be stabilizing prices but the Case Schiller Q3 report shows Minneapolis prices dropping 7.3%.  The MAAR shows the last 30 days prices a staggering 11% below last year.

  

  The good news is that REO and short sales are beginning to creep down as a percentage of overall closings.  Traditional sale are recovering.  That signals a slow return to a more normal market.

   

   

  Prognosis?  With inventory continuing to drop supply and demand must come into balance soon bringing and end to plummeting home values.   That will stop the bleeding but it will take a jobs and a greatly improved economy to turn this market around. Fannie Mae’s chief economist recently predicted 5 more years for the market to adjust. That’s 5 more years for investors and homeowners to find great bargains!

   

   

• November Market Report

  Nov, 11 11 Post by: Claude Worrell | No Comments

  Minneapolis Saint Paul  Market   update  11/7/11

  In a nutshell the Twin Cities Real Estate market is a mixed bag. October pending sales were up, fueled by foreclosure sales. Prices are down, again fueled by foreclosure sales.  Inventory is down because most homeowners don’t want to expose their homes to the depressed market.  REO & Short sales represent over 40% of  October sales. The decreasing inventory needs to be watched. Eventually decreased supply of active listings must increase demand and eventually prices.  But not yet!

  During the month of October:  New Listings in the Twin Cities region decreased 16.3 percent. Pending Sales were up 34.6 percent. Inventory levels shrank 22.5 percent, a trend that could indicate a changing landscape. Overall the median price of recent sales is down 8.8% from a year ago.

  Data courtesy of the Minneapolis Area Association of Realtors.  For the complete report go to http://www.mplsrealtor.com/downloads/market/MMI/mmi.pdf

  October Foreclosure report: http://www.mplsrealtor.com/downloads/market/FSS/fss.pdf

   Local News:   We have to stay vigilant about inspecting our  vacant properties because:

  The City of Minneapolis has announced increased Snow removal enforcement. Sidewalks must be shoveled and sanded within 24 hours.  City crews will be sent to shovel non-compliant homes.  Fines and ticked will be issued.

  Minneapolis has also announced that in targeted areas of North Minneapolis garbage workers have been instructed to pick up any trash found within 10 feet of the  curb or alley. No warnings will be given. The minimum fine will be $75.00 depending on the amount of trash.