Week of Nov. 16, 2009
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News and Updates With the home-buyer tax credit now expanded and extended, sales activity in the Twin Cities region slowed down as expected for the week ending November 7. And by "slowed down," we mean it "only" posted a 17.2 percent year-over-year increase as opposed to last week's 42.9 percent year-over-year increase. So we're being openly facetious; market activity is still robust despite the respite from urgency. New listings were down 14.3 percent for the same time period comparison, but the expansion of the tax credit to provide $6,500 to move-up or move-down buyers may create more new seller activity in the coming months. And for the first time in several years, new listings may actually be welcome. The region has shed more than 12,000 units of inventory since the supply peak in September of 2007. In the lower price ranges, buyers are facing a shortage of good inventory. See page 6 of our Housing Supply Outlook for a more detailed look. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS |
2010 Membership Renewals are Due on December 1, 2009
1) Visit mplsrealtor.com CLICK HERE to view all information on the 2010 dues renewal, including policy on terminations and reinstatement fees, Foundation contributions, RPAC contributions and Bylaws. We appreciate your membership! |
MAAR News Release: Heavy Buyer Activity Continues in October
There were 4,676 signed purchase agreements during the month, up 34.4 percent from a year ago—the 16th consecutive month of year-over-year increases in pending sales. The recent extension and expansion of the home-buyer tax credit should mean continued buyer movement into early 2010. Traditional pending sales (excluding foreclosures and short sales) were up 55.0 percent from last October, a sure sign that demand is beginning to spill over into that segment. The October median sales price of $169,000 is a slight dip from the prior month, but the dip is much less extreme than typical entering the fourth quarter. Compared to last October, it's a 6.1 percent decline—the lowest year-over-year decline in 24 months. The median sales price of traditional homes in October was $193,500, down 13.2 percent from a year ago. Lender-mediated homes posted a October figure of $129,000, down 4.4 percent from a year ago. Foreclosures are still selling much more frequently than short sales, bringing the months supply of foreclosures to 1.4, while short sales still have 13.2 months of supply. More information on these market segments is available with the October 2009 Update to Foreclosures and Short Sales in the Twin Cities. Good news for sellers: Homes are selling quicker and sellers are receiving closer to their original asking price than they were a year ago. But the experience varies by price point. For example, activity in the upper-bracket price ranges is still pretty slow. The lower and middle price brackets will probably see a lot of movement over the next nine months," said MAAR President-Elect, Brad Fisher. "If you're a buyer in those ranges, action is your best weapon." |
Foreclosures and Short Sales for the Twin Cities We've gone monthly with this formerly quarterly report (say "formerly quarterly" three times fast). The format has the same clean design that we've become known for, and it should be familiar to you if you're a fan of any of our other reports. | CHECK IT OUT |
First-Time Home Buyer Tax Credit Extended and Expanded President Obama signed the Unemployment Insurance Bill, which contains the Homebuyer Tax Credit extension and expansion. Yesterday, the United States House of Representatives, by a vote of 430-12, joined the Senate in passing the bill. Click links below or click here for more details.
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The National Association of REALTORS® (NAR) is going in BIG in 2010. This is what our beloved parental unit is up to: REALTORS® Property Resource™ HouseLogic.com Sources: National Association of REALTORS®, Southern Twin Cities Association of REALTORS® |
The 100+ – October 2009 Update
Our tracking tool for local housing market activity has been updated with data through September 2009. |
Housing Supply Outlook – November 2009
Takeaway #1: The market segment that has the lowest months supply of homes for sale? Single-family detached homes under $120,000, which have 2.0 months of supply—an extreme seller's market. Takeaway #2: The segment with the highest months supply? Single-family detached homes above $1,000,000, which have 37.6 months of supply. Things look even more extreme when you remove new construction properties from the equation—previously-owned homes in this category have 40.5 months of supply. In other words, it's a tough time to be a seller in the luxury market. Takeaway #3: Sales are up from a year ago for every property type. The biggest growth in sales can be seen in the single-family detached segment, up 19.2 percent from a year ago. |
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Q1 – Did the $8,000 Tax Credit Affect Your Business in 2009?
Click here to take the Q1 survey now! Two more weeks and we're moving on!
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Public Affairs
Source: National Association of REALTORS®
Details: Coon Rapids Mortgage Assistance Foundation (CRMAF) has allocated a total pool of $300,000 to be available for downpayment assistance loans. The funds will be administered directly by Cheryl Bennett, CRMAF staff. The funds are provided in the form of a second mortgage. No payments are required; no interest is assessed unless the loan is repaid within the first three years after closing. The repayment is prorated between years 4–10 and is forgiven after 10 years. Loans are reserved for downpayment assistance only at 3.5% of acquisition costs up to $6,000. Funds must be used in conjunction with an FHA 203K mortgage to purchase a single-family detached property (within the city of Coon Rapids) with at least $10,000 in repairs. Rehab or renovation work must be completed by a state-licensed contractor and work completed within six months of closing. The borrower must occupy the property as their principal homesteaded residence. There are no income requirements. Buyers need not be first-time home buyers. The loan is available for all properties and not foreclosures only. REALTORS® are encouraged to learn more about this program and utilize it. Source: North Metro REALTORS® Association
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Education and Professional Development
To earn the designation, you will need to attend the 2-day Green Core Course and a 1-day elective. Choose from the Green Residential Elective or the Green Commercial Elective (offered Spring 2010). December 7 – 8, 9:00 a.m. – 4:00 p.m. Green Core Course, 12 CE December 15, 9:00 a.m. – 4:00 p.m., Green Residential Elective Course, 6 CE
Short Sale and Foreclosure Certification Program – New Class Added!
There are no other courses or designations focused on short sales or foreclosures that are recognized by the National Association of REALTORS®.| LEARN MORE
December 7, 11:30 a.m. – 1 p.m. The speaker is Kathleen McGonagle, who will talk about hoarding. Hoarding is becoming a hot topic; there's even a television show on A&E that addresses the condition. Learn what to expect when working with a senior afflicted with hoarding and where you can get help. Please RSVP by calling Delores at 952.988.3153. Lunch will not be provided; please bring your own.
CALL EPD AT 952.908.2602 |
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MAAR Young Professionals Group (Yo Pro) Awarded 2009 Chapter of the Year Yo Pro was formed in August of 2007. The group is chaired by Jennifer Cutter and provides a leading voice for young real estate professionals via networking, education and commitment to our community. The next Yo Pro networking event is Toys for Tots on December, 11. For more info on MAAR's Yo Pro programming, contact Aubray Erhardt at aubraye@mplsrealtor.com or visit the Yo Pro website. We also Twitter @maaryopro.
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Virtual RE BarCamp – Tuesday, November 17
What is a BarCamp? What is Virtual Real Estate BarCamp?
Virtual RE BarCamp Website | Facebook | Twitter
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Distressed Real Estate Summit – Part II
Friday, December 4, 2009 | Golden Valley Country Club , 7001 Golden Valley Rd, Golden Valley, MN 55427 7:15 a.m. Registration | 7:30 a.m. Continental Breakfast | 8:00 a.m. – Noon Program $99 In Advance, $129 Day of Event | MORE INFO & REGISTRATION 4 hours of real estate CE credits have been applied for |
CURA Housing Forum – Friday, November 20 Planning for Affordable Housing in the Suburbs:
Presenting Speaker: What are communities throughout the Twin Cities metro area planning to do to meet the region's need for low- and moderate-income housing? December 2008 was the "due date" for the most recent round of comprehensive plan updates. Presenting speakers will provide their perspectives on the housing plans that have been submitted by communities throughout the region. The Metropolitan Council is the agency responsible for reviewing updated plans; Guy Peterson of the Council will talk about the process from the Council's viewpoint. Ed Goetz will provide a summary of an analysis of the housing plans in 35 suburban communities. MICAH was involved in advocacy efforts in many communities during the period when the plans were being written. Jodi Nelson will talk about MICAH's efforts. RSVP required by November 18 to 612.625.9040 or curahf@umn.edu. CURA Housing Forums are free of charge and open to the public. To sign up for CURA Housing Forum notices, go to www.cura.umn.edu or email your request to curahf@umn.edu. |
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Event: Yo Pro Toys for Tots
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Yo Pro is organizing their second annual Toys for Tots donation! If you would like a decorated donation box personally delivered to your office, please contact Aubray Erhardt at 
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