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Ah, spring: that festive season when a young home buyer's fancy turns to thoughts of warm weather, green grass, new flooring, breakfast nooks and purchase agreements.
Pending sales continue to outperform last year, posting 869 for the week ending March 7—good for a 24.7 percent increase. Of these signed purchase agreements, 56.6 percent were for lender-mediated foreclosures and short sales.
New listings for the same time period comparison dropped by 12.6 percent, continuing a months-long trend of fewer home sellers. Increased sales has combined with decreased new listings to draw down the total inventory of homes for sale. The number of active listings for sale is down 14.9 percent from this time last year to 25,901.
Overall, that twitterpated feeling some may be experiencing now is not uncommon. The snow is finally melting, the sun is shining, and home sales all over the Twin Cities have been growing in strength for nine consecutive months.
Click the logo below or click here for this week's full report. Visit Market Info for more research reports.
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The MAAR office should be rocking next Friday, because we're making our final push for SAFEMLS® keyfob deployment for all NorthstarMLS subscribers. As this is the last scheduled deployment date, you may experience long wait times.
IMPORTANT: You must now personally pick up your SAFEMLS® token at the MAAR office and show a photo ID.
There is NO COST to any member who has paid 2009 annual dues. You must be an active member to receive a token. During this transition time, you may continue to use your old password or your new SAFEMLS® token, Your old MLS password will not work after March 20. You must begin using the new SAFEMLS® security system by then.
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 We released our monthly stats news release last week. Here's what we said:
The Twin Cities housing market's oversupply of homes for sale is being reigned in at an accelerated pace. The number of new listings in February was 6,648, down 19.4 percent from February 2008. That's the 14th month of the last 15 to feature fewer new listings than the same month one year prior.
Alongside the jump in sales seen over the last nine months, this decline in new listings has brought the total inventory of homes for sale down to 25,825—a drop of 13.5 percent and 4,017 units from this time last year. Given the current rate of sales, this amounts to 7.8 months of supply, down from 9.2 months a year ago.
This is all good news for what has been an oversupplied market.
There were 3,314 pending sales in February, up 7.4 percent from last year. That's the ninth consecutive month of year-over-year increase. Of these newly signed purchase agreements, 60.5 percent were lender-mediated foreclosures or short sales. Closed sales finished at 2,070, up 3.0 percent.
The overall February median sales price of $150,000 is 23.1 percent lower than last February. Traditional properties, which exclude foreclosures and short sales, had a February median sales price of $205,875, down 5.2 percent from last year. For the same year-over-year comparison, lender-mediated homes had a median sales price of $125,000, down 20.6 percent.
With mortgage rates still down in the low 5 percent range, improved affordability and the recent announcement of a $8,000 tax credit for first-time home buyers who purchase a home in 2009, the stage is set for continued absorption of Twin Cities housing inventory in 2009.
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"The 100+," our community level market tracking tool has been updated with data through February 2009. All real estate is local—even from block to block. "The 100+" was built with this micro-level geographic truism in mind. | GO TO THERE
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 The March Housing Supply Outlook is out. What to watch for:
Home sales below $150,000 are extremely hot, more than doubling over the last 12 months due to the effect of foreclosures and short sales.
There are now 7.8 months of supply, which is 15.2 percent lower than the rate of 9.2 months seen at this time last year. The biggest drop-off in months supply has been in the single-family property type, as sales have risen and inventory has dropped. Months supply of condominiums has actually risen 11.9 percent to 12.2 months.
Paradoxically, the average price of a condo has grown 5.7 percent in the last 12 months. However, the price per square foot has declined by 5.2 percent to $172 per square foot. This is an indication that larger condos have been selling but have been selling at a relative discount when we control for square footage.
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It's on. You really need to check this out. In one fell swoop, your benefits of membership have been strengthened to a new level. The initiative is called "Right Tools. Right Now." In the following weeks and months, we will focus on some of the extensive features now available.
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Accolades Grow for NAR's Green Designation
The National Association of REALTORS® has received an Award of Excellence for its Green Designation, a program designed to equip REALTORS® with advanced knowledge on green building practices and green property features.
The recognition was granted through the Associations Advance America (AAA) program from the American Society of Association Executives and The Center for Association Leadership. The Green Designation is now eligible to be considered for a Summit Award—the top recognition for association programs from ASAE and CAL. NAR is one of only 21 organizations nationally to receive the AAA award for 2009. The AAA program is a national competition which recognizes associations that propel America forward – with innovative projects in education, skills training, standards-setting, business and social innovation, knowledge creation, citizenship, and community service.
 The Green Designation program includes 18 hours of coursework, and REALTORS® who have earned the designation are prepared to help consumers and clients in their search for environmentally friendly properties and work to incorporate green principles into their own practice.
MAAR will be offering the Green Designation Course and Green Residential Elective on the following dates:
April 16–17, 9 a.m. – 4 p.m. (Green Designation Course)
April 29, 9 a.m. – 4 p.m. (Green Residential Elective)
December 7–8, 9 a.m. – 4 p.m. (Green Designation Course)
December 15, 9 a.m. – 4 p.m. (Green Residential Elective)
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 Brooklyn Center Offers New Mortgage Programs
The city of Brooklyn Center has created home purchase programs to help get foreclosed, vacant homes reoccupied with responsible, informed homeowners. The program is designed for people who can afford to purchase and maintain a home, along with managing the responsibilities of homeownership. | MORE
 Robbinsdale Point of Sale Inspection Ordinance
The city of Robbinsdale has adopted a point-of-sale inspection ordinance effective May 1, 2009. The ordinance requires an inspection by a city licensed inspector prior to placing the property on the market. Inspection reports will indicate items that are acceptable, below standards or require repairs. The city website includes information about the list of repair items. More information will be provided by the city as the effective date nears.
 Sensible Land Use Coalition Foreclosure Program: March 25
Mortgage foreclosures locally and nationally have increased dramatically. In 2007, foreclosures in Minnesota increased more than 200 percent from 2005. This program will provide an in-depth examination of the impact of foreclosures on neighborhoods, cities and homeowners.
Docks and Structures
Last year the state legislature instructed the Minnesota Department of Natural Resources (DNR) to have rules in place by 2010 for docks and structures. The DNR put together an advisory board for writing the preliminary draft. The board will hold meetings, and the DNR will prepare a draft. There will then be public hearings, after which the DNR will complete a final draft and the commissioner will sign it into rule.
REALTORS® at the ready! Advisory board member Patty Gould-St. Aubin has formulated some questions that you can answer directly via email to help with the draft process. She will present your comments at the board meetings. and she says that you don't have to sign your names (but asks that you keep your language polite!).
These are the questions:
- How many docks should a riparian landowner have?
- How much shoreline width do people need to impact in order to have their dock, lift, swim areas, APM areas, etc?
- Should it be a percentage of shoreline owned; with a minimum and/or maximum? Other suggestions?
- Should the impacted space be continuous? If not necessarily continuous, should they be of equal width within the total percentage allowed?
- How would the width be measured (would it measure across the altered shoreline and/or altered aquatic vegetation area? from dock edge to lift edge? Would maneuvering room be included?
Please reply by email to itascar@uslink.net.
The Washington Report
So much is going on at the federal level these days that it's difficult to keep up with the many changes that are affecting our local housing market. That's why we're glad that NAR produces enough material to take some of the burden off of us when it comes to communicating these changes to you. As we focus on spreading the word in local public affairs, we encourage you to check in with NAR's Washington Report whenever you can find the time. We'll still cover the big pieces of news, like the $8,000 tax credit noted below, but we'll lean on NAR Government Affairs when we can for the latest and greatest out of Washington, DC.
First-Time Home Buyer Tax Credit and More
A modified first-time homebuyer tax credit is now law. The credit is for up to $8,000, for principal residences, first-time home buyers, and no repayment if the property is purchased after January 1, 2009 and before December 1, 2009. NAR has provided a great deal of information about the home buyer tax credit here: American Recovery and Reinvestment Act of 2009.
 The info is geared toward REALTORS®, but you may want to encourage your clients to check it out. Of particular interest to new buyers, of course, is the Homebuyer Tax Credit.
Another Great Resource
The National Association of Home Builders® has a great site dedicated to tax credit information. It's called First-Time Home Buyer Tax Credit and it's very consumer friendly.
Sources: NAR and NAHB
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Upcoming Classes
March 23, 9:00 a.m.– noon, RE Math: Mortgages
March 23, 1:00 p.m.– 4:00 p.m. Home Buyer Seminars
March 24, 1:00 p.m.– 4:00 p.m. Wake Up, Shift Happens
March 24, 1:00 p.m.– 4:00 p.m. eEssentials 2:
Improving your Outlook
(PLEASE NOTE: Class held at the PDC @ RFC!)
March 25, 9:00 a.m.– 4:00 p.m. Intro to Real Estate Auctions
(ABR Elective, NEW! This class is not eligible for the $99 Unlimited CE Pass, though pass holders receive a 10% discount. Please contact MAAR to register to receive the discount.)
Tuition Price Change
2009 class tuition will depend on the time you register. Anytime between now and a week prior to class qualifies for Early Bird Tuition ($29). Registration throughout the week prior to class will qualify for Advance Tuition ($39). Registration the day of class qualifies for Walk-in Tuition ($49).
Unlimited CE PASS
This year you can purchase our Unlimited CE Pass* for $99. The pass allows you to take an unlimited number of classes during 2009. In addition, you will receive the following benefits:
- 10% discount on NAR courses (ABR, Green Designation, etc.)
- First notice of new courses as they are announced through the year
- Periodic discounts on MAAR store items
- And more!
You can purchase the $99 Unlimited CE Pass* at any time during the year. Sign into IMS and purchase it online or call the EPD team at 952.908.2602.
Please note: If/when you purchase the $99 Unlimited CE Pass, it will be the next business day before you can use it to register. Also, you will need to call to register/receive your Unlimited CE Pass discount on NAR designation courses.
* The only exceptions are NAR designation courses, online classes and MAAR special events.
 The Source
The 2009 course catalog, The Source, is available online! A copy should have arrived in your mail by now in/as part of the Spring 2009 issue of The REALTOR®. We are offering over 75 CE credits in new classes with more on the way!
Spring classes are now listed at www.mplsrealtor.com—always the best place to go for class information. You can also check the course schedule, sign up for classes, and even print your own receipts online. It’s the simplest way to go. We will be adding classes throughout the year, so watch enotes and check the website for updates.
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Learn from Barb Schwarz, the creator of Home StagingTM and The Accredited Staging Professional CourseTM, and her ASP Training Team. This course will be taught by ASP Course Trainer, Jeannie Berger.
Day 1: You will focus on using Home Staging as a real estate marketing tool.
Day 2: Experience the "magic" of transforming a home with ASP Staging.
Day 3: For those seeking the Professional Stager designation.
- List and sell more homes
- Get every seller to prepare their home for sale
- Use Barb's shortcuts to make it easy to get every listing Staged
- Learn Barb's proven Staging sayings to educate your sellers
The two-day training includes classroom instruction and an onsite Home Staging field trip. At the end of the day, you will receive your ASP Real Estate Agent designation and certification.
Dates: April 28 and 29 (and 30 for Professional Stager designation)
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436
Price: $349 (register during March and receive a $50 discount with Promo Code "Save2009")
Credits: 8 CE credits upon completion of the two-day class
Register at StagedHomes.com or call Julie Lyster at 800.392.7161
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Attend one of the next two InternetCrusade® Technology Workshop featuring the e-PRO® Certification course, the only technology course offered and endorsed by NAR.
- Discover the four essential elements of a successful website strategy.
- Learn easy ways to differentiate yourself from the competition.
- Find out how to leverage the power of a permanent email address.
You don't have to be a technology expert to attend this program. Get in tune with the wants and needs of today's Internet-empowered buyers and sellers. Start working smarter. Enroll at this FREE workshop and receive a $25 discount from the normal $359 fee and an 8-month enrollment (instead of 6 months) for this online course.
Call 1.866.377.0627 (toll free) or click one of the two links below to sign up today!
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 BookAShowing Demo for Agents
BookAShowing is the online scheduling application incorporated into NorthstarMLS and included in your MLS fees. The scheduling portion of BookAShowing went live on March 11. There is one final demonstration available to give you a quick overview of how to easily schedule showing appointments, confirm showing requests for your listings and customize showing feedback requests. The demo will last no longer than 45 minutes and you can participate from your home or office. All you need is an Internet-connected PC and PC audio (if your PC does not have audio, there is a call-in phone number although it is not toll-free).
Below is the remaining demo schedule. Click the register link to join. After you register, you will receive an email with all the details of how to connect to the demonstration.
Wednesday, March 18, 10:00 a.m. | REGISTER
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Tickets can be purchased online! Start at www.twincitieswcr.org and click the button that says "Buy This." This will take you to PayPal. Purchased tickets will be held at a "Will Call" table at the event.
Cost is $35 for everyone. Tickets MUST be purchased in advance; tickets will not be sold at the door.
 WCR is an organization open to all real estate agents and real estate-related affiliates such as mortgage companies, title companies, stagers, etc. ALL ARE WELCOME—both women and men. Feel free to invite others, too! Contact info@twincitieswcr.org for more information.
Source: Women's Council of REALTORS®
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Military families are often required to relocate to a new assignment. As housing prices have fallen, many military families have been forced to either sell at a tremendous loss, attempt to rent their home, split up their family, or face foreclosure. The recent American Recovery and Reinvestment Act (ARRA) included a provision to help these families. By expanding the existing authority under the Department of Defense's Homeowner Assistance Program, the government will now cover 95% of a loss if a servicemember is forced to sell. The new law only applies to servicemembers with mortgages entered into before July 1, 2006. To find out if your client is eligible for the program, click here.
Source: National Association of REALTORS®, Washington Report
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Date: Thursday, April 17, 2009
Location: Golden Valley Country Club
7001 Golden Valley Rd, Golden Valley, MN 55427
Cost: $99 ($129 Day of Event)
Credits: 4 hours of real estate and appraisal CE credits (pending)
7:15 a.m. (registration)
7:30 a.m. (continental buffet)
8:00 a.m. - Noon (program)
Topics include:
- What Lenders Are Doing With Distressed And Underperforming Properties And Loans
- Buying Distressed And Non-performing Properties And Paper
- Property Due Diligence And Inspections
- Legal Strategies And Considerations For Distressed And Foreclosed Projects
- Evaluating Partially Completed Construction, Land And Empty Buildings
Source: Real Estate Communications Group; Minnesota Real Estate Journal
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It's gonna be great. Stay tuned for more information.
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