Edina Realty discontinues 3rd Party Sites like Trulia and Realtor.com
Edina Realty are going to pull their listings from Trulia.com beginning Nov. 30. They also intend to follow suit soon after with Realtor.com.
Edina Realty is leading the industry to pull their information from these 3rd Party Aggregators to protect their clients and their own best interests.
From Edina Realty:
Edina Realty is responding to the changing business models of third party aggregators. Third party aggregators are not brokers and they are not required to abide by the same rules and regulations as a broker. They get listings for free from brokers around the country and then display them online, collecting and distributing leads for a profit. [Ed. Note: an earlier version incorrectly reported that NAR was not affiliated with Realtor.com; it is, through an operating agreement with Move, Inc.]
We’ve since discovered that much of the data and information showcased on aggregatorsites is inaccurate if it comes from non-MLS sources. According to a recent data qualitystudy conducted by Trulia.com and published on Inman.com, 69 percent of errors in online real estate listings information were directly related to third-party syndication ofinformation by non-MLS sources. This points to the need for more diligence regardingownership of our clients’ data and where we send it – be it directly to an aggregator site orthrough syndication.
“The company reviewed about 1.2 million listings from about 250 data sources during thethird quarter and found about 120,000 inaccuracies in listings information. More than half(51 percent) of those inaccurate listings had errors in price, 41 percent had status errors, and 8 percent had errors in both price and status.”*
*Source: Trulia.com and Realtor.com respectively
Edina Realty will no longer provide a broker feed of our listing inventory to Trulia.comstarting Nov. 30, 2011. We also intend to discontinue sending our listings toRealtor.com by the end of the year. Third party aggregators are not brokers. They get listings for free from brokers around the country and then display them online, collecting and distributing leads for profit. We believe it makes the best business sense for our agents and Edina Realty to control our own listings in order to ensure that:
■· Our agents don’t lose future business opportunities because a non-listing competitor pays to present themselves as the contact for your listing.
■· Our agents don’t have to pay – directly or indirectly – for leads on their own listings.
■· Our sellers can be assured that leads on their listing are being handled by an expert –
■· The quality and accuracy of your listing data is assured.
■· Potential buyers are provided with fast, knowledgeable responses via the listing agent or our seven-day-a-week customer service department.
Monday, November 21, 2011
Wednesday, February 2, 2011
Luminary Loppet and Tent Party this Saturday Feb 5th.
Luminary Loppet and Tent Party
Saturday, February 5, 2011
6 - 9 p.m
Thousands of ice luminaries, an ice pyramid and the Ice-Cropolis! Bon fires, coffee, hot cocoa and cookie stations. Post-Luminary Loppet Party for paid registrants. Non-competitive - registration is open to snowshoers, walkers* and skiers alike.
Its a great even you should check it out.
www.mybrynmawr.com
Saturday, February 5, 2011
6 - 9 p.m
Thousands of ice luminaries, an ice pyramid and the Ice-Cropolis! Bon fires, coffee, hot cocoa and cookie stations. Post-Luminary Loppet Party for paid registrants. Non-competitive - registration is open to snowshoers, walkers* and skiers alike.
Its a great even you should check it out.
www.mybrynmawr.com
Tuesday, January 4, 2011
Weekly Market Activity Report
Weekly Market Activity Report
Buyer activity for the week ending December 25 was fairly even with last year – down only 3.3 percent to 379 purchase agreements signed. The lowest weekly sales volume on record is 235 and it occurred during the final week of 2007. Weekly sales volumes have lingered between 400 and 700 units since the beginning of May 2010.
Sellers were outwardly optimistic about future purchase activity as they listed 657 new homes on the market, up a substantial 47.3 percent from the same week in 2009. That's the largest year-over-year gain in seller activity since mid-April 2010.
Inventory levels are still on their seasonal uphill climb, and this won't change until the snow starts melting. At this rate, that could be May! In all seriousness, there are currently 21,161 Twin Cities properties being actively marketed. That's 11.5 percent more than the same week last year. This is nothing extraordinary and is in line with the usual seasonal changes.
As 2010 limps into the history books, we happily bid it adieu as the outlook for the latter half of 2011 continues to look up.
Buyer activity for the week ending December 25 was fairly even with last year – down only 3.3 percent to 379 purchase agreements signed. The lowest weekly sales volume on record is 235 and it occurred during the final week of 2007. Weekly sales volumes have lingered between 400 and 700 units since the beginning of May 2010.
Sellers were outwardly optimistic about future purchase activity as they listed 657 new homes on the market, up a substantial 47.3 percent from the same week in 2009. That's the largest year-over-year gain in seller activity since mid-April 2010.
Inventory levels are still on their seasonal uphill climb, and this won't change until the snow starts melting. At this rate, that could be May! In all seriousness, there are currently 21,161 Twin Cities properties being actively marketed. That's 11.5 percent more than the same week last year. This is nothing extraordinary and is in line with the usual seasonal changes.
As 2010 limps into the history books, we happily bid it adieu as the outlook for the latter half of 2011 continues to look up.
Monday, December 6, 2010
Looks like the buyers are starting to hibernate.
Weekly Market Activity Report
After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year.
Let's play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met about eight months ago, but you haven't seen each other in awhile. We'll let you catch up.
And that's our running theme for the week. Sellers mimicked their activity from last year and tightened up to 2009's trendline. Like Pending Sales, New Listings have narrowed the gap between this and last year's numbers, but they experienced a notable slowdown due to the Thanksgiving holiday. There were 676 new properties entering the market for a 6.4 percent decrease from last year.
Inventory has been dropping at roughly the same rate as it did at this time in 2009. Currently, the 23,812 Active Listings represent a 9.8 percent supply spike compared to last year. Keep in mind that some sellers take property off the market at this time of year as a way to stop the play clock while buyers hibernate.
After more than six months of double-digit declines, the past three weeks have shown year-over-year sales declines of less than 6 percent. For the week ending November 27, buyers signed 377 purchase agreements, or 5.5 percent fewer than last year.
Let's play with personification: Twin Cities Housing Market, this is Statistical Normalcy. You two met about eight months ago, but you haven't seen each other in awhile. We'll let you catch up.
And that's our running theme for the week. Sellers mimicked their activity from last year and tightened up to 2009's trendline. Like Pending Sales, New Listings have narrowed the gap between this and last year's numbers, but they experienced a notable slowdown due to the Thanksgiving holiday. There were 676 new properties entering the market for a 6.4 percent decrease from last year.
Inventory has been dropping at roughly the same rate as it did at this time in 2009. Currently, the 23,812 Active Listings represent a 9.8 percent supply spike compared to last year. Keep in mind that some sellers take property off the market at this time of year as a way to stop the play clock while buyers hibernate.
Monday, November 29, 2010
Weekly Market Activity Report
For the week ending November 20, Pending Sales in the Twin Cities metropolitan area declined by just 4.1 percent from year-ago levels, marking the second week in a row where this year's sales figures closely match last year's numbers. There were 579 pendings for the week, and we have kept pace at about 600 sales per week for the past six months.
At 1,159, New Listings were 1.3 percent below 2009 levels. This year's listing activity has occasionally strayed from last year's trend line but has, for the most part, tracked along a fairly similar path.
As expected, the year-over-year inventory gains have been tapering off. As of November 29, the 24,423 active listings were 9.6 percent fewer than last year at this time. That's the third consecutive week of decreasing inventory gains. This metric does a great job of illustrating the buyer-seller balance as the market prepares for hibernation.
At 1,159, New Listings were 1.3 percent below 2009 levels. This year's listing activity has occasionally strayed from last year's trend line but has, for the most part, tracked along a fairly similar path.
As expected, the year-over-year inventory gains have been tapering off. As of November 29, the 24,423 active listings were 9.6 percent fewer than last year at this time. That's the third consecutive week of decreasing inventory gains. This metric does a great job of illustrating the buyer-seller balance as the market prepares for hibernation.
Tuesday, November 2, 2010
Weekly Market Activity Report
Pending Sales in the 13-county Twin Cities metro experienced its smallest decrease since the end of May. The 611 purchase agreements signed for the week ending October 23 were 34.0 percent fewer than the same week in 2009. While still in the red, it’s not to the extent we’ve seen the past few months.
Seller activity held fairly stable at 1,303 New Listings for the week. This made for an 8.9 percent dip from last year’s levels and was roughly on par with the 7.8 percent average decline over the past three months.
Inventory is still high. As of November 1, it stands at 25,706 Active Listings, an 11.5 percent jump since last year at this time. The pace of inventory activity should continue to decline as we step toward winter.
Seller activity held fairly stable at 1,303 New Listings for the week. This made for an 8.9 percent dip from last year’s levels and was roughly on par with the 7.8 percent average decline over the past three months.
Inventory is still high. As of November 1, it stands at 25,706 Active Listings, an 11.5 percent jump since last year at this time. The pace of inventory activity should continue to decline as we step toward winter.
Tuesday, October 26, 2010
Weekly Market Activity Report
For the week ending October 16, New Listings in the Twin Cities declined only 2.1 percent from the same week last year with 1,424 properties entering the market. That’s the smallest year-over-year decline in nine weeks, as the gap comparing last year’s performance with this continues to close.
Weekly Pending Sales are still stuck around the 600 mark. The 580 purchase agreements signed for the week translated into a 39.2 percent drop from last year at this time. That year-over-year decline is nothing new to regular followers of the Weekly Market Activity Report.
The real story continues to be the delicate balance between buyer and seller activity. As of October 25, the 26,606 active listings were 11.3 percent greater than the same week in 2009. For only the second time in the past 25 weeks, the magnitude of inventory growth is smaller than the previous week. In other words, the rate of inventory increase is decelerating. If it sounds like we’re scrounging for good news, we are. Even so, this shouldn’t be overlooked.
Weekly Pending Sales are still stuck around the 600 mark. The 580 purchase agreements signed for the week translated into a 39.2 percent drop from last year at this time. That year-over-year decline is nothing new to regular followers of the Weekly Market Activity Report.
The real story continues to be the delicate balance between buyer and seller activity. As of October 25, the 26,606 active listings were 11.3 percent greater than the same week in 2009. For only the second time in the past 25 weeks, the magnitude of inventory growth is smaller than the previous week. In other words, the rate of inventory increase is decelerating. If it sounds like we’re scrounging for good news, we are. Even so, this shouldn’t be overlooked.
Monday, October 18, 2010
Weekly Market Report
Weekly Market Activity Report
As the mercury inches downward outside, grab your favorite hot beverage and let’s review the buyers and sellers weekly dance card. Bear in mind that current activity may look especially slow compared to last year’s tax-credit-induced performance.
For the week ending October 9, sellers continued to pick up their tempo by introducing 1,479 new listings to the marketplace. That’s only 4.1 percent fewer new homes than last year at this time, as the year-over-year comparison gap continues to narrow. Buyers danced to a slower beat. The 523 pending sales for the week were 44.8 percent fewer than last year. That’s the largest decline in 13 weeks.
With seller activity slowly returning and buyer activity remaining sluggish, inventory levels are still high. There were 26,866 active listings as of October 18. Keep a close watch on this metric, as it emphasizes the dynamic balance between supply and demand—the most critical forces affecting the market.
There is some good news in the mix. At 220, housing affordability is at an all-time high. The availability of low cost homes combined with low interest rates have created an extraordinary buying opportunity.
As the mercury inches downward outside, grab your favorite hot beverage and let’s review the buyers and sellers weekly dance card. Bear in mind that current activity may look especially slow compared to last year’s tax-credit-induced performance.
For the week ending October 9, sellers continued to pick up their tempo by introducing 1,479 new listings to the marketplace. That’s only 4.1 percent fewer new homes than last year at this time, as the year-over-year comparison gap continues to narrow. Buyers danced to a slower beat. The 523 pending sales for the week were 44.8 percent fewer than last year. That’s the largest decline in 13 weeks.
With seller activity slowly returning and buyer activity remaining sluggish, inventory levels are still high. There were 26,866 active listings as of October 18. Keep a close watch on this metric, as it emphasizes the dynamic balance between supply and demand—the most critical forces affecting the market.
There is some good news in the mix. At 220, housing affordability is at an all-time high. The availability of low cost homes combined with low interest rates have created an extraordinary buying opportunity.
Monday, October 4, 2010
Weekly Market Activity Report
In the Twin Cities metropolitan area, the frost that some of us found on our lawns also kept the housing market in a sort of frozen state. For the week ending September 25, sellers placed 1,382 new homes on the market, which was 19.9 percent fewer than last year at this time. Over the past three months, listing activity has been an average of 9.2 percent under last year's levels.
Buyer activity produced 41.7 percent fewer purchase agreements than last year at this time. There were 616 contracts signed, and as the graph on page 3 illustrates, Pending Sales are still mimicking last year's activity, except with roughly 400 fewer sales. For the three-month average, the decline rests at 39.0 percent below 2009 levels.
Be aware that we're in an apples-to-oranges comparison period since the tax credit was in force last year at this time. Year-over-year comparisons may appear artificially low due to a market incentive that no longer exists.
Inventory levels are a crucial metric to watch, as they tell the story of whether listings overwhelm the market during times of slow purchase demand. As of October 4, there were 26,915 active listings on the market, 9.8 percent more than the same week in 2009.
Buyer activity produced 41.7 percent fewer purchase agreements than last year at this time. There were 616 contracts signed, and as the graph on page 3 illustrates, Pending Sales are still mimicking last year's activity, except with roughly 400 fewer sales. For the three-month average, the decline rests at 39.0 percent below 2009 levels.
Be aware that we're in an apples-to-oranges comparison period since the tax credit was in force last year at this time. Year-over-year comparisons may appear artificially low due to a market incentive that no longer exists.
Inventory levels are a crucial metric to watch, as they tell the story of whether listings overwhelm the market during times of slow purchase demand. As of October 4, there were 26,915 active listings on the market, 9.8 percent more than the same week in 2009.
Tuesday, September 28, 2010
Weekly Market Activity Report
Weekly Market Activity Report
As the waters of several Minnesota rivers swell, so too does the inventory of Twin Cities residential homes on the market. For the 17th consecutive week, the number of active listings for sale was greater than the same week in the year prior. For the week ending September 18, the 27,408 homes on the market made for a 9.5 percent increase over last year at this time.
Sellers are off the hook; it isn't listing activity that's causing this—instead, it's the slowed purchase activity. The 596 purchase agreements were 42.9 percent slimmer than last year's 1,043 contracts signed during the same week. We knew this year would be front-loaded with activity, but we didn't know by how much. Calling it substantial would be an understatement.
The 1,638 properties that came on to the market were only 11.3 percent lighter than last year. As mortgage rates continue to hang tight at historic lows, it would appear that folks are simply staying put and allowing both economic uncertainty and turgid rivers to subside.
As the waters of several Minnesota rivers swell, so too does the inventory of Twin Cities residential homes on the market. For the 17th consecutive week, the number of active listings for sale was greater than the same week in the year prior. For the week ending September 18, the 27,408 homes on the market made for a 9.5 percent increase over last year at this time.
Sellers are off the hook; it isn't listing activity that's causing this—instead, it's the slowed purchase activity. The 596 purchase agreements were 42.9 percent slimmer than last year's 1,043 contracts signed during the same week. We knew this year would be front-loaded with activity, but we didn't know by how much. Calling it substantial would be an understatement.
The 1,638 properties that came on to the market were only 11.3 percent lighter than last year. As mortgage rates continue to hang tight at historic lows, it would appear that folks are simply staying put and allowing both economic uncertainty and turgid rivers to subside.
Tuesday, August 17, 2010
Weekly Market update.
For the week ending August 7, we didn't stray from the post-tax credit trends in the Twin Cities housing market. Pending sales remained entrenched in a holding pattern around 600 per week, continually underperforming last year's activity. The 659 purchase agreements signed were 36.5 percent below 2009 figures.
Weak sales means rising inventory. There are 27,664 homes available for sale, up 7.4 percent from a year ago. In August, there will be 8.64 homes available per buyer, up dramatically from the mark of 5.28 seen a year ago.
For now, Days on Market continues to drop slightly from last year, down 6.8 percent from a year ago to 127, but Percent of Original List Price Received at Sale for July 2010 declined from a year ago for the first time in several years, an indication that home prices will remain soft in the months ahead.
Weak sales means rising inventory. There are 27,664 homes available for sale, up 7.4 percent from a year ago. In August, there will be 8.64 homes available per buyer, up dramatically from the mark of 5.28 seen a year ago.
For now, Days on Market continues to drop slightly from last year, down 6.8 percent from a year ago to 127, but Percent of Original List Price Received at Sale for July 2010 declined from a year ago for the first time in several years, an indication that home prices will remain soft in the months ahead.
Monday, July 26, 2010
Market Report for the week of July 25th, 2010
It’s been almost 3 months since the expiration of the federal home buyer tax credit and the market appears to have settled into something of a rhythm. With the dust settling, pending sales have become mostly fixed in the 500-to-600 per week range for the past 9 weeks.
While the dramatic drop from a year ago is certainly not positive, demand is at least holding relatively steady for the time being. The 626 purchase agreements signed for the week ending July 17 were 39.7 percent behind a year ago.
For the same reporting week there were 1,618 new listings in the Twin Cities, down 10.0 percent from a year ago. Inventory is rising due to slower demand. The 27,350 homes currently available for sale represent an increase of 4.8 percent from last year.
While the dramatic drop from a year ago is certainly not positive, demand is at least holding relatively steady for the time being. The 626 purchase agreements signed for the week ending July 17 were 39.7 percent behind a year ago.
For the same reporting week there were 1,618 new listings in the Twin Cities, down 10.0 percent from a year ago. Inventory is rising due to slower demand. The 27,350 homes currently available for sale represent an increase of 4.8 percent from last year.
Monday, July 19, 2010
Market update for the week of July 19th
Weekly Market Activity Report
For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year's pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That's the tenth consecutive week of year-over-year declines in buyer demand, a period that coincides with the loss of the federal tax credit for first-time home buyers.
The 1,542 new listings for the most recent reporting week are also down compared to last year but not to the extent of pendings, posting a decline of 17.4 percent from a year ago.
Inventory is up 4.4 percent from a year ago. Because the growing inventory is being greeted with slim buyer demand, the balance of buyers and sellers is shifting the market back in the buyer's favor. The July Supply-Demand Ratio of 7.44 means that there are 7.44 houses for each buyer this month, up 46.9 percent from the mark of 5.06 seen a year ago.
For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year's pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That's the tenth consecutive week of year-over-year declines in buyer demand, a period that coincides with the loss of the federal tax credit for first-time home buyers.
The 1,542 new listings for the most recent reporting week are also down compared to last year but not to the extent of pendings, posting a decline of 17.4 percent from a year ago.
Inventory is up 4.4 percent from a year ago. Because the growing inventory is being greeted with slim buyer demand, the balance of buyers and sellers is shifting the market back in the buyer's favor. The July Supply-Demand Ratio of 7.44 means that there are 7.44 houses for each buyer this month, up 46.9 percent from the mark of 5.06 seen a year ago.
Tuesday, July 13, 2010
Weekly Market Activity Report
As the summer progresses, the Twin Cities housing market continues a remarkably similar week-to-week pattern —tepid new listings, extremely weak buyer demand and a total supply of available homes that slowly increases.
New listings for the week ending July 3 were 5.6 percent below last year, but the drop in pending sales was much more dramatic. The 611 signed agreements for the week ending July 3rd represented a 38.2 percent drop from last year’s figures. Because the decline in demand is stronger than the decline in supply, the number of total active listings is up 3.8 percent from a year ago.
On the upside, Days on Market until Sale has dropped considerably over the last year. At 121 days in June this is 14 percent below the 140 days it took to sell a house last year. Percent of Original List Price has also increased, in related news. However, these metrics tend to lag a few months behind the true supply-demand picture, so it is unlikely that these positive trends will continue.
New listings for the week ending July 3 were 5.6 percent below last year, but the drop in pending sales was much more dramatic. The 611 signed agreements for the week ending July 3rd represented a 38.2 percent drop from last year’s figures. Because the decline in demand is stronger than the decline in supply, the number of total active listings is up 3.8 percent from a year ago.
On the upside, Days on Market until Sale has dropped considerably over the last year. At 121 days in June this is 14 percent below the 140 days it took to sell a house last year. Percent of Original List Price has also increased, in related news. However, these metrics tend to lag a few months behind the true supply-demand picture, so it is unlikely that these positive trends will continue.
Monday, June 28, 2010
Weekly real estate market up date for the Twin Cities.
Weekly Market Activity Report
The Twin Cities housing market continues to adjust to a world without a fancy tax credit. Pending sales leveled off following the slight gains seen the prior week, squatting at 645 signed contracts for the week ending June 19.
While that's steady compared to last week, it's anemic compared to last year at this time when the market posted 1,156 signed contracts. If you're keeping track of percentages, that means we're down 44.2 percent from a year ago—the sixth consecutive week of year-over-year declines exceeding 30 percent.
New listings are also down from a year ago, posting a drop of 8.4 percent from a year ago to 1,712 for the most recent reporting week. Any sort of "return to normalcy" is going to take some time.
The Twin Cities housing market continues to adjust to a world without a fancy tax credit. Pending sales leveled off following the slight gains seen the prior week, squatting at 645 signed contracts for the week ending June 19.
While that's steady compared to last week, it's anemic compared to last year at this time when the market posted 1,156 signed contracts. If you're keeping track of percentages, that means we're down 44.2 percent from a year ago—the sixth consecutive week of year-over-year declines exceeding 30 percent.
New listings are also down from a year ago, posting a drop of 8.4 percent from a year ago to 1,712 for the most recent reporting week. Any sort of "return to normalcy" is going to take some time.
Tuesday, June 15, 2010
Price Gains Overshadowed by Lagging Housing Demand
May of this year marks the first time since August of 2005 where we've had five consecutive months of year-over-year median price increases. However, pending sales figures declined sharply in May. It is clear that the tax credit party is over and the hangover has truly set in.
The May median sales price for the Twin Cities 13-county metropolitan area was $175,000, a 6.1 percent increase over last May, but the only segment of the market where prices actually increased was the lender-owned (foreclosure) submarket. Traditional and short sales both posted year-over-year price declines.
The May median sales price for the Twin Cities 13-county metropolitan area was $175,000, a 6.1 percent increase over last May, but the only segment of the market where prices actually increased was the lender-owned (foreclosure) submarket. Traditional and short sales both posted year-over-year price declines.
Monday, June 7, 2010
Weekly Market Activity Report for 6.7.2010
As the weeks following the tax credit expiration unfold, buyer demand continues to slow. The 600 purchase agreements signed for the week ending May 29 were 34.6 percent below the previous year—the fourth consecutive week of year-over-year decline in Pending Sales.
Refreshed supply is also in decline, as New Listings posted a fifth consecutive week of year-over-year decline, landing at 1,474 for the most recent reporting week—a 5.9 percent decrease from a year ago.
Two other metrics for this week:
Days on Market – This stat continues its year-over-year downward trend, resting at 118 days for May 2010.
Percentage of Original List Price Received – This continues to grow, up 2.8 percent above last year at this time to 94.1 percent of the list price.
Refreshed supply is also in decline, as New Listings posted a fifth consecutive week of year-over-year decline, landing at 1,474 for the most recent reporting week—a 5.9 percent decrease from a year ago.
Two other metrics for this week:
Days on Market – This stat continues its year-over-year downward trend, resting at 118 days for May 2010.
Percentage of Original List Price Received – This continues to grow, up 2.8 percent above last year at this time to 94.1 percent of the list price.
Tuesday, April 13, 2010
Home Prices Continue to Stabilize
Home Prices Continue to Stabilize as Oversupply Issue Improves – March Stats
For the third consecutive month, home prices in the Twin Cities 13-county metropolitan area showed a year-over-year increase. We haven’t seen three consecutive months of progressively increasing year-over-year growth since June 2004.
The March median sales price of $165,000 was a healthy 7.1 percent increase from $154,125 last March. That’s the strongest year-over-year increase since May 2005. Part of the reason for the stronger upward movement is that a lower share of home sales are foreclosures as compared to last March. Short sales are another story.
For the third consecutive month, home prices in the Twin Cities 13-county metropolitan area showed a year-over-year increase. We haven’t seen three consecutive months of progressively increasing year-over-year growth since June 2004.
The March median sales price of $165,000 was a healthy 7.1 percent increase from $154,125 last March. That’s the strongest year-over-year increase since May 2005. Part of the reason for the stronger upward movement is that a lower share of home sales are foreclosures as compared to last March. Short sales are another story.
Monday, November 9, 2009
Weekly Market Activity Report
Weekly Market Activity Report
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 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 at Sale bumped up to 94.6.
• The Housing Affordability Index increased to 202, up 25.5 percent over 2008.
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 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 at Sale bumped up to 94.6.
• The Housing Affordability Index increased to 202, up 25.5 percent over 2008.
Tuesday, November 3, 2009
WOW!!! This market is HOT.
Weekly Market Activity Report
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.
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.
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