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Twin Cities Home Prices – A Couple Thoughts

Chart compliments of MAAR, data from RMLS of Minnesota

2012 has been surprising in how strong the buyer activity has been and also how much home prices have moved up.  Certainly a much stronger year than I was expecting.  While every metric used to summarize home prices has its faults, my favorite stat the last 18 months is Average Price Per Square Foot for Traditional Sales: This chart shows why I think is a more accurate view of our housing market tumble: prices were almost consistently falling except for the period during the tax credit expiration in 2010. … [Read more...]

Twin Cities Housing Market’s Record Low Inventory Continues to Decline

Twin Cities Housing Market Inventory - August 2012

The housing market in the Twin Cities is quickly turning from a buyer's market into a seller's market. As the inventory of homes for sale continues to drop off a cliff, buyers are having to settle for less than the perfect home or pay more for the one they want.  For buyers who have heard stories from their friends and family that have bought in the last couple years, this is coming as quite a shock. Homes for sale in the Twin Cities has dropped an astounding 31% in the last 12 months and is continuing … [Read more...]

Twin Cities Foreclosure Forecast: Fewer Foreclosures in 2013

Twin Cities Foreclosure Activity

I'm a huge data nerd.  I stare at charts and data almost daily to get a better sense of what's going on in the housing market.  One of the more interesting datasets I look at is foreclosure activity.  Between the preforeclosure notices published by the Minnesota Home Ownership Center, the sheriff sale data published by HousingLink and the MLS foreclosure sales from MAAR, we can build a very good picture of foreclosure activity over the last few years: But this data can do more than just show current … [Read more...]

Twin Cities Home Sales on Strongest Pace in 6 Years

Wither further proof that the Twin Cities home prices have bottomed, the first 7 months of 2012 have seen the highest number of homes sold in the last six years! Let's stop and think about that for a moment.  While the economy is still slowly on the mend and in a time where financing qualification requirements are tougher than they have been in a decade, we're seeing enormous demand by home buyers.  Some of this activity is certainly investors coming in to pick up investment properties at decade-low prices … [Read more...]

Minnesota Preforeclosure Notices Drop 25%

My friends at the Minnesota Home Ownership Center released an update to their preforeclosure stats today that show preforeclosure notices are down 25% from a year ago and 17% from last quarter: This is great news at it signals even fewer foreclosures for Minnesota in the future.  Preforeclosure notices typically go out 2-6 months before a sheriff sale occurs.  Thus with this information, I can project out into 2013 and tell you that even fewer foreclosures will be for sale in the next 8-12 months than … [Read more...]

5 Ways Low Inventory Will Save The Housing Market

As the number of homes for sale continues to decline in many areas across the country, more and more people are saying the lack of inventory is becoming detrimental to the housing market.  I will submit to you that its effect is exactly opposite. #1 - Higher Offers While inventory is declining buyer activity is still very strong and thus many houses are now garnering multiple offers.  As I've said before, the second there is more than one offer on the table, an offer negotiation turns into an auction.  In my … [Read more...]

Dispelling a Couple Financing Myths

It seems that at least once per week someone prominent who should know better will go on TV and say that you need a 20% down payment to buy a home.  That is total crap.  FHA loans with 3.5% down payment are still available and I see loan officers offering Conventional loans with 5%, 10% and 15% down every day too.  If you happen to be a qualifying Veteran or live in a rural area, you may even qualify for a 0% down loan. The other thing I hear at least once a week from these "experts" is that you need cash to … [Read more...]

University of St. Thomas Housing Index: That’s Not Your Data

In 2011, The University of St. Thomas Opus College of Business started producing a report called the "Minneapolis St. Paul Residential Real Estate Index."  I had heard about it at some point last year but didn't pay much attention. Then this year when I saw the report's authors being quoted in the local news media and the numbers they were reciting, a strange feeling hit me.  I had seen these numbers before.  I then did some research and looked over the entire contents of several months of their reports and … [Read more...]

Twin Cities Home Prices Continue Climb

The Median Sales Price of homes sold in the Twin Cities in June 2012 climbed to $179,500, which is a two year high. The Median Sales Price has jumped 10.8% in the last 12 months!  While this is all good news, the reality is that the Median Sales Price is heavily influenced by what sells in a given month. One major trend in the last 12 months has been the increase in Traditional Seller properties selling: Since Traditional Seller homes are in better condition and sell for higher prices than … [Read more...]

What a difference 6 months makes

I have a bunch of different ideas rolling around in my head and am just looking for the time and inspiration to reduce them to writing however it has been a little while since I've posted and wanted to get a few thoughts out: At the start of the year the agents, brokers, managers, loan officers and title closers were are optimistic that 2012 would be better than 2011.  The general consensus was that prices might dip just a little further but that the number of homes sold would increase, though I was a little more … [Read more...]


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This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.