“The Twin Cities housing market continues to post strong pending sales figures
as fall progresses. For the week ending October 31 there were 826 pending
sales. That’s down from the week before but 42.9 percent greater than the
same week last year.

The extension and expansion of the tax credit means that first-time home buyer
activity will remain strong, but don’t bank on the same blockbuster numbers we
have seen this year. If you were a potential first-time home buyer who was
qualified to purchase in 2009, odds are good that you already bought. The fact
that the income limits have been raised for eligibility does help since it widens
the credit’s availability.

The $6,500 credit for second-time buyers will spur some sellers to put their
homes on the market who had previously been on the fence. New listings will
likely strengthen this winter and into early 2010 as a result.

Some updated numbers for this month:

• Days on Market is still shrinking, down to 128. That’s 9.4 percent below last
  October
• The Percent of Original List Price Received bumped up to 94.6
• The Housing Affordability Index increased to 202, up 25.5 percent increase
  over 2008″

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

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Market Report for White Bear Lake

Market Report for Woodbury

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Market Report for Plymouth

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Source: http://online.wsj.com/article/SB125745002293831629.html
Congress approved an extension Thursday of federal jobless benefits for as long as 20 more weeks, sending the bill to President Obama for his signature. The bill also extends a first-time home buyers’ tax credit.

“Did you get all your screams out over the Halloween weekend? Well
here’s a scary thought to keep you in the Halloween spirit: we’re
running out of homes to sell in the lower price ranges.

For the week ending October 24 there were 926 signed purchase
agreements, up a monstrous (get it?) 53.8 percent from a year ago.
Over the last three months, sales of homes under $250,000 are up
40.0 percent from the same period during 2008, while sales above that
watermark have dipped by 0.3 percent. As a result, compared to a year
ago the inventory of available homes below $250,000 has dropped by
over 5,300 units.

With the possibility of the federal tax credit for first-time buyers being
extended and expanded, there may be significant shortages of
inventory for buyers looking in those price ranges as 2010 begins.

For November, the overall Supply-Demand Ratio is a paltry 7.69 per
buyer, down 29.3 percent from the year prior.”

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Forest Lake

Market Report for White Bear Lake

Market Report for Woodbury

Market Report for Arden Hills

Market Report for Lino Lakes

Market Report for Plymouth

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“The end of the first-time home buyers tax credit looms just 30 days
beyond a Halloween horizon, and home sales remain strong in the
lead-up to tricks and treats and the impending tax credit DEADline. For
the week ending October 17, there were 954 signed purchase
agreements, howling upward 54.4 percent from a year ago. Almost two thirds
of these pending sales were priced below $190,000—evidence
that first-time buyers are carrying a heavy share of the activity.

The strong sales we’ve seen over the last 15 months mean that our
inventory of available homes has shrunk like the heads in a witches’
brew. The 23,896 homes on the market right now represents a 21.2
percent decrease from the decidedly more scary market of 2008, and it
is the lowest mark at this point in the year since 2004.

Expect home sales to begin dropping as tax credit qualifiers finish their
mad rush to the closing table, but unlike those camp counselors at
Crystal Lake, we’ll all make it out of this market alive.”

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Forest Lake

Market Report for White Bear Lake

Market Report for Woodbury

Market Report for Arden Hills

Market Report for Lino Lakes

Market Report for Plymouth

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“The fall Twin Cities housing market has been full of wild things, mostly first-time
home buyers stampeding to take advantage of the federal tax credit before it
expires on November 30. The week ending October 10 was no different than
others we’ve seen this fall. There were 947 signed purchase agreements for the
week, a 37.6 percent increase over the same week last year.

At 1,543 new listings we’re down 4.4 percent from the same week a year ago.
The trend continues: New listings haven’t been keeping up with the amount of
sales, bringing total housing supply down dramatically in the Twin Cities. There
are currently 24,901 homes on the market, 21.0 percent less than a year ago.

The rumpus is likely to subside as we near the November 30 tax credit deadline,
silencing the sales activity of the market’s most active buyers.”

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Forest Lake

Market Report for White Bear Lake

Market Report for Woodbury

Market Report for Arden Hills

Market Report for Lino Lakes

Market Report for Plymouth

Would you like a real estate Market Report for your area? Just let me know, I will gladly forward you a Market Report for your community. Over 125 Twin Cities communities available!

Sunday, October 18th from 1:00pm until 3:00pm

22582 Elston Court
Forest Lake, MN 55025
- Click here for more information -

I’d love to have you stop by
or pass the information along.

Thanks - Gregg

“Autumn may be bringing colder temperatures (and snow, too: what’s up with
that?!?) but the Twin Cities housing market is still hot. Contrary to the typical fall
slowdown, pending sales are gaining weekly momentum as home buyers take
advantage of the final days of the Federal tax credit.

For the week ending October 3, signed purchase agreements were a stunning
61.2 percent higher than last year, jumping from 647 to 1,043. New listings are a
different story, however, down 8.0 percent below the previous year. Total active
listings remain sluggish compared to a year ago, with the 24,354 on the market
representing a 20.9 percent drop from a year ago.

There are some new stats this week that help bring some perspective on just
how much better things have gotten for sellers in the last year:

• Days on Market Until Sale: at 129 days is 11 percent below last year.
• Percent of Original List Price Received at Sale: at 93.9 percent is 1.8
  percent higher than last year.
• Months Supply of Inventory: at 6.6 is 30.5 percent lower than last year and
  inching closer to a balanced market.

All three indicators are important reflections of market shift. However, we can’t
minimize that sellers still face tough conditions, especially in the higher price
ranges where sales are still on a downward trend.”

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Forest Lake

Market Report for White Bear Lake

Market Report for Woodbury

Market Report for Arden Hills

Market Report for Lino Lakes

Market Report for Plymouth

Would you like a real estate Market Report for your area? Just let me know, I will gladly forward you a Market Report for your community. Over 125 Twin Cities communities available!

Sunday, October 9th from 1:00pm until 3:00pm

7067 Lydia Lane
Woodbury, MN 55125
- Click here for more information -

I’d love to have you stop by
or pass the information along.

Thanks - Gregg

• 5 Bedrooms
• 4 Bathrooms
• Master suite with whirlpool bath and a walk-in closet
• Backyard pond with abundant wildlife

Click here for the full data sheet for this home

“Fall is officially on in the Twin Cities, but it hasn’t slowed the housing
market as much as usual. After the school year begins, we typically
see a drop in buyer activity, but the 2009 fall market is remaining
robust due in large part to the final weeks of the tax credit for first-time
home buyers. There were 1,056 pending sales for the week ending
September 26, up 41 percent from the same week last year.

As a direct result, inventory is dropping like a stone. There are
approximately 24,500 homes for sale in the 13-county metro area,
down more than 20 percent from a year ago.

The October 2009 Supply-Demand Ratio (SDR) comes in at 6.88
houses per buyer, down 22.5 percent from last year. The SDR has
shown year-over-year drops of 30 percent or more for the past few
months, but we’re projecting that the year-over-year decline for
October will be smaller because pending sales are likely to be
significantly lower if the federal tax credit for first-time buyers is not
extended. If the credit goes *poof*, it will remove buyers from the
market.”

-© Minneapolis Area Association of REALTORS®, Inc.-

Market Report for the Twin Cities Area

Market Report for Minneapolis

Market Report for St. Paul

Market Report for Forest Lake

Market Report for White Bear Lake

Market Report for Woodbury

Market Report for Arden Hills

Market Report for Lino Lakes

Market Report for Plymouth

Would you like a real estate Market Report for your area? Just let me know, I will gladly forward you a Market Report for your community. Over 125 Twin Cities communities available!