Minnesota Real Estate Weekly Update

September 29th, 2008

The end of September is already here, with Fall and cooler temperatures surely in the air. However, our local real estate market is still seeing a high level of buying activity.

For the week ending September 20th, there were 1,788 new listings put onto the MLS. This is down 5.2% from 2007 at this exact same time. Pending sales rose 42.8%, with 781 properties receiving an accepted purchase agreement.  The overall inventory level is at 31,384 listings, a 7.8% drop from 2007.

This certainly is very good news indeed for our Twin Cities real estate market. Over the last couple of months, we have consistently seen a decrease in new listings put on the market, a rise in pending sales, and the overall inventory shrinking.

We certainly are no where near a balanced market, however things certainly are moving in the right direction.

As a team, we have seen a large number of buyers taking advantage of this local market.  The team is on pace to close 500 transactions here in 2008 alone!

Call us today at 952-223-1150 to learn how The Minnesota Real Estate Team can help you with your next real estate purchase or sale!

Minneapolis Real Estate Update

September 9th, 2008

As we move towards the middle of September, I wanted to take a look at some market statistics for the Twin Cities.  For the real estate week ending August 30th, there were 1,589 new listings that went onto the market. This is down 4.2% from last year at this exact same time. Pending sales increased by 51.3%, wth 965 properties accepting a purchase agreement. Total active listings for sale is at 31,624. This is down 8.6% from last year at the same time.

Currently, the average market time for a home in the Twin Cities metro area is 143 days. The supply demand ratio is at 9.29. This supply demand ratio is determined by comparing the number of homes for sale at the beginning of each month with the total number of pending sales for the month.  For comparison sake, the supply demand ratio was 12.26 in September of 2007.

In conclusion, things are most assuredly “looking up” for our local real estate market. With less new listings going on the market, an increase in weekly year over year pending sales, and overall inventory shrinking, our market is moving slowly but surely in the right direction.

Minnesota Real Estate Weekly Update

August 16th, 2008

Let’s take a look and see what is happening in our local real estate marketplace! This past week, the Twin Cities as a whole saw 1,865 new listings being put onto the market. This is down 19.8% compared to last year at the same time.  Pending sales were up by 2.2%, with 820 properties accepting offers.  The total inventory level in the Twin Cities is at 32,968 listings. This is down 5.7% compared to last year at the same time. Average days on market is at 146 right now for Minneapolis and St Paul.

We continue to see a trend here: fewer new listings, more pendings, and a smaller overall inventory level. This is encouraging news for homeowners here in Minnesota.  The market is still far from balanced, but we are definitely in the process of correcting.

Agents on The Minnesota Real Estate Team have found many buyers being in “multiple offer” situations, especially on a number of the REO listings here in the Twin Cities. It continues however to be a great time for buyers to buy!

Sellers who are needing to sell or buyers who need a top real estate agent: please contact us today at 952-223-1150. Our team is on pace to close 500 homes here in 2008. We take pride in helping each and every client the best way we know how.

Look for another Twin Cities real estate update in the coming weeks!

Skyscape Condos – Minneapolis MN

August 5th, 2008

Downtown Minneapolis Condos

Downtown Condo Financing Solved!

Hi there,

Recent changes in the mortgage industry have made it next to impossible to get a conventional loan. At Skyscape, we have overcome this challenge so that our buyers can own the downtown condo they have always wanted.

Skyscape is the only NEW downtown development to be FHA- and Fannie Mae-approved, which means:

  • Qualifying buyers only have to put 3% down* as opposed a minimum of 10% required by most conventional loans.
  • FHA loan can also be used with City Living, a down-payment assistance program from the City of Minneapolis which allows buyers to purchase with as little as 1% down!

Skyscape - Opportunity of a lifetime

Opportunity of a lifetime

There are many good reasons to purchase at Skyscape using a FHA loan:

  • Lower cost: FHA loans have competitive interest rates because the Federal government insures the loans for lenders.
  • Smaller down payment: FHA loans have a low 3% down payment and the money can come from a family member, employer or charitable organization as a gift.
  • Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.
  • The FHA has been around since 1934 and will continue to be here to protect you.

* This is not an offer for specific FHA financing terms. Qualification and terms may vary. Please consult your lender for details.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Come see what Skyscape has to offer—contact  Great Homes in Minneapolis for a private showing of Skyscape at 952-223-1150. The Sales Center in unit #2001 is open from 12pm to 5pm every day.

  • Brand new construction
  • Full amenity high rise with 24-hour door attendant
  • Downtown location, close to Light Rail
  • Clean contemporary design
  • Incredible skyline views

Stop by after work any day—just call beforehand to set up an appointment.

HomeownersSingle womenModel unit
Successful women

Minnesota Real Estate Weekly Update

August 4th, 2008

It’s that’s time again! Let’s take a look at the real estate activity here in the Twin Cities. For the week ending July 26th, there were 1,816 new listings put onto the MLS. This is down 16.5% compared to last year at this exact same time.  831 properties went pending, an increase of 5.1% compared to last year.  And currently there are 32,978 active listings for sale in the Twin Cities.  This too is down 5.5% compared to last year.

The average market time for a property here in the Twin Cities is now at 147 days. There are currently 8.68 houses on the market for every one buyer. This number is down from 9.06 homes per buyer last year.

Overall, this is great news for the Twin Cities real estate market. We are shifting from such an oversupply of homes on the market…and more buyers are now purchasing!  Especially with the recent 2008 housing bill that was passed. We should see an uptick in activity with buyers now having the opportunity to receive a $7500 tax credit.

The Minnesota Real Estate Team continues to see an increase level of buyer activity here in 2008. Year to date, our team is the #10 REMAX Team in the entire United States, with almost 350 properties “on the books” to close this year.  We are also the only Minnesota team in the Top 50.  If you are a seller needing results, an investor looking to “get in the game,” a first time or move up buyer….give us a call today at 952-223-1150. Our team takes pride in helping clients at his or her own pace.

Look for another real estate market update next week!