Week of Sept. 14, 2009
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News and Updates In 2008, Labor Day fell on September 1; this year, it fell on September 7. That six-day gap is enough to make our year-over-year comparisons of weekly market activity look a little goofy this week. For instance, for the week ending September 5, there were a whopping 42.9 percent more pending sales than there were a year ago, but this is only because Labor Day—a holiday that notoriously silences the local real estate market for several days—fell during that week last year and didn't this year. Expect similar confusion next week. Independent of these numerical oddities, sales are still extremely robust as the days remaining on the first-time buyer tax credit continues to tick down. 78...77...76... New metrics updated this week:
VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS |
Twin Cities REALTOR® Expo – Wednesday, September 23
Sponsors & Exhibitors | Classes & Speakers | Register The first 500 members receive a green bag! For more information, contact Amy Ransom at amyr@mplsrealtor.com or 952.988.3124. SEE YOU AT THE EXPO!
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MAAR's Latest News Release – Prices Increase as Home Sales Remain Strong
Prices are stabilizing due to strong buyer demand—especially in the lower price ranges—buoyed by low mortgage rates and the federal tax credit for first-time home buyers. For the 14th consecutive month, there were more pending sales than there were the prior year. August saw 4,897 signed purchase agreements, up 11.0 percent from August 2008. The growth in sales is no longer confined to lender-mediated homes as it had been earlier this year. Traditional home sales in August were up 4.2 percent from a year ago, and traditional home sales below $150,000 were up 40.8 percent. Homes in the upper price ranges are still experiencing slow conditions. Good news for sellers: the percent of original list price received at sale continues to improve—the August mark of 94.1 is 1.5 percent higher than last August—and total days on market until sale continues to drop. The median sales price of traditional homes in June was $209,000, down 8.2 percent from a year ago. Lender-mediated homes posted a May figure of $125,000, down 10.7 percent from a year ago. With the tax credit expiring in November, closed sales should stay robust for at least the next two months. Time will tell what the market looks like after that, but there will be less inventory left. |
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Source: KSTP-5 TV
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"The 100+," our community level market tracking tool has been updated with data through August 2009. All real estate is local—even from block to block. "The 100+" was built with this micro-level geographic truism in mind. |
Housing Supply Outlook – September 2009
Takeaway #1: The single-family detached market segment is rapidly approaching a balanced equilibrium. There are currently 6.3 months of supply available in that segment compared to 8.0 and 11.7 months in the townhome and condominium segments, respectively. The lower price ranges of the single-family detached segment are actually now extreme seller's markets, with only 2.3 months of supply available under $120,000, for example. Takeaway #2: Sales continue to boom below $200,000 as first-time buyers move to take advantage of the final days of the federal tax credit. Expect sales to continue at a brisk pace for the next two months as the "last call before bar close" buyers take advantage of the final days of this substantial market incentive. |
The 2009 REALTOR® Party Video Contest
RULES & CONTEST ENTRY INSTRUCTIONS Source: National Association of REALTORS® |
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Do you know the next REALTOR® of the Year? It could be the person sitting right next to you. Heck, it could be you! MAAR is taking nominations for the 2009 REALTOR® of the Year. This prestigious honor is awarded to one of MAAR's members who stands out as the best of the best. You can complete the nomination form and get it to us in one of three ways:
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Just because we now have Brett Favre doesn't mean agents with a Minnesota real estate license can run willy nilly around Wisconsin. You cannot show properties in Wisconsin without a Wisconsin real estate license. Good thing someone has already thought of this. | HOW TO GET A WI LICENSE
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Properties Wanted for "The Welcome Home Tour"
Do you have a foreclosed/vacant home listed in Payne/Phalen, Thomas/Dale (Frogtown), Dayton's Bluff or the North End in St. Paul? If you do, here is a great opportunity to showcase your property. Each neighborhood will start the tour at a designated resource home where buyers can pick up a map of the properties on the tour, a brochure, information on financing, and remodeling. As part of the tour, each designated property will get signs identifying it as part of The Welcome Home Tour, as well as newspaper advertising in the Pioneer Press. All of the work is done for you. You just have to call the designated person in the area below where you have your listing, get it approved for the tour, and show up on the scheduled date from noon to 4:00 p.m. Requirements for selected properties: Tour Schedule (noon to 4:00 p.m. each day): To have your listing considered, please contact the appropriate person below.
Not sure where these areas are? | VIEW MAP Sources: City of Saint Paul, Saint Paul Area Association of REALTORS®
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REALTOR® Safety Week – Knowledge. Awareness. Empowerment.
Knowledge. Awareness. Empowerment. These are the keys to staying safe. Safety on the job, at the office, and at home are all areas that should be reviewed. Do you have a strategy in place should you encounter danger in any of these places? VIEW RESOURCES Safety Webinars Launch with Look at Open Houses |
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Women's Council of REALTORS® 2010 Calendar Launch Party!
Date: Thursday, September 17, from 4 to 6 p.m. Reserve your spot today! (come on now...you know you have to go to this one!) PRINTABLE FLYER | BUY YOUR TICKET
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Planning for Housing on the Central Corridor
Presenting Speaker: RSVP required by September 16 to 612.625.9040 or curahf@umn.edu. CURA Housing Forums are free of charge and open to the public. |
Dayton's Bluff Fall Vacant Home Tour
On a related note, check out the 4th Street Preservation Project. Source: The Local, a bimonthly newsletter of Live MSP |
REALTOR® University Webinar Summit – September 22 Six free webinars are being offered on September 22 about timely topics from top industry speakers. This is an opportunity to educate yourself for FREE! Through NAR's "Right Tools, Right Now" initiative, REALTOR® University is offering a free, daylong Webinar Summit on September 22. NAR has lined up leading experts to present timely topics, including: The 2010 Economic Forecast and How YOU Can Prosper in the New Marketplace 20 Powerful Real Estate Blogging Tips to Generate Business How to Successfully Close Your Short Sales How Top Agents Are Using Video on the Web to Generate Business NOW! The Top 10 Money-Making Tools in Real Estate 14 Proven Systems to Keep Your Transactions Intact Until They Close |
Find Your Path at the Twin Cities REALTOR® Expo – September 23
You have just about a week left to register for the Twin Cities REALTOR® Expo. Here are 6 reasons to show up.
Sponsors & Exhibitors | Classes & Speakers | Register
For more info, call Amy Ransom at 952.988.3124 or amyr@mplsrealtor.com.
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Business Day at Minneapolis City Hall – September 25 Business Day at City Hall Note: City Hall can only accommodate about 100–150 participants. At $15, this program may fill quickly.
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Quarter Century Club / REALTOR® Emeritus Event – Thursday, October 1
This annual event serves as a welcome for new members to the two exclusive clubs that you can only get into for many years of dedicated service to the industry. Light appetizers will be provided. For additional information, please contact Amy Ransom at amyr@mplsrealtor.com.
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2009 REALTORS® Conference & Expo, November 13–16. Registration is Open!
INFO & REGISTRATION | ONLINE CONFERENCE FLIPPY BOOK |
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Public Affairs
Interested members of the public are encouraged to testify on the Southwest light rail project at a public hearing held by the Southwest Policy Advisory Committee (PAC):
To sign up to testify, email swcorridor@co.hennepin.mn.us; sign up will also be available at the hearing. Comments will be limited to three minutes in length. The PAC is expected to make a decision on the locally preferred alternative—the only Southwest LRT route that will be carried forward into the next stages of planning and construction—at their October 14 meeting. The PAC's recommendation will be passed on to the Hennepin County Regional Railroad Authority (HCRRA), who will hold a second public hearing:
For more about the Southwest LRT project, visit www.southwesttransitway.org.
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Education and Professional Development Earn your Accredited Buyer Representative (ABR®) Designation at a Discount!
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All Quarter Century Club and REALTOR® Emeritus members are invited to a reception being held in their honor on October 1, 2009, 1–3 p.m. at the 
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