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Remember how we've been saying that the Twin Cities housing market has been getting successively slower in home sales every week since the tax credit ended? Umm, yeah, well that's still happening. Pending sales for the week ending June 5 were another 57.0 percent behind the pace seen a year ago, dropping from 1,226 in 2009 to 527 today. This is the fifth consecutive week-to-week drop in signed contracts. While activity is down across the board, lender-mediated foreclosures and short sales are slowly increasing their market share of sales because traditional home sales have declined sharply. During this week last year, 37.8 percent of pending sales were lender-mediated; this year the share is 43.3 percent. Thankfully, new supply is not growing in lock-step. The 1,521 new homes placed on the market for the most recent reporting week were 29.6 percent less than last year at this time. This has helped keep the Months Supply of Inventory metric at 6.9 months, down 9.3 percent from May 2009. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS |
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.
New listings were down across the board; pending sales were down for every category except short sales—which were up 28.4 percent over May of last year. The median sales price of traditional homes (excluding foreclosures and short sales) in May was $198,000, down $12,000 or 5.7 percent from the $210,000 figure posted last May. The foreclosure sales price showed a welcome 7.6 percent increase to $125,000, while short sale properties posted a 7.0 percent decline to $143,250. There were 3,910 signed purchase agreements in May, a decrease of 24.6 percent from last year. That is the greatest year-over-year decrease since April 2006. Seller activity also slowed considerably, with 6,335 new listings posted. This represents a 22.4 percent decrease from last May. In fact, by year-to-date figures, there have been only 23 more pending sales so far this year compared to last. Like many regions across the country, we saw an uptick in activity as the April 30 federal tax credit deadline approached. When the tax credit ended, buyers seem to have lost interest without the substantial incentive enticing them into the market. In terms of year-over-year comparisons, housing inventory remained fairly constant in the Twin Cities. The 26,412 active listings for May weighed in at just 1.0 percent under May of last year. The supply-demand ratio increased by 11.0 percent to 5.05. This means that there are about 5 homes available per buyer for June. |
Education and Professional Development Note: Important Announcement for Individual
You must disable your pop-up blocker to view reports (view instructions here). Do not use your browser's back button or all your data will be lost. You will need to enter your last name, license number and social security number. If you do not know your license number, return to "Search Inquiry Services" and click on "Search Licensees" to find and verify a person or entity that is licensed. Upcoming EPD CE Opportunities in June! Limited Time Offer: e-PRO® Discount for SRES® Students Short Sales HAFA Brochure for Members | HAFA Brochure for Consumers Please go to the EPD Home Page for more information about how to register for classes through our website and how to obtain a 2010 unlimited CE pass. For all your education needs, call us at 952.908.2602. |
Fresh stats. Our tracking tool for local housing market activity has been updated with data through April 2010. GO TO THERE |
The townhome market segment has made dramatic strides in the last year. A year ago there were 9.3 months of supply; today there is only 6.5 months of supply. That's the biggest improvement among the various property types by a country mile. Townhomes below $120,000 have seen the largest drop in supply, as home buyers using the tax credit have soaked up a heavy portion of the inventory. Sellers are getting closer to their original asking prices for every property type except condominiums, where the mark from the last 12 months of 90.2 percent is slightly lower than it was a year ago. Sales are up in every price range except above $500,000, where sellers still face challenging conditions brought on by a dearth of buyers. | VIEW HSO |
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June 30 Closing Date May Be Extended The Isakson-Reid amendment would apply only to purchasers who have satisfied the April 30 binding contract rule for the $8,000 and $6,500 tax credits. The amendment creates no new eligibility for the credit. The amendment would extend the required June 30 closing date through September 30, 2010. The introduction of the amendment does not guarantee consideration; any of several procedural obstacles could derail it. Source: National Association of REALTORS® Southwest LRT Open Houses
Hennepin County, in partnership with the City of Minneapolis, is conducting station area planning for the five Minneapolis stations along the proposed Southwest LRT line: West Lake, 21st Street, Penn, Van White, and Royalston. The process will kick off with a Community Members' Working Group meeting in late June and Station Area Planning Open Houses in mid-July and is expected to be complete by December 2010. Meeting details and more information are on the Station Area Planning page of the Southwest Transitway website, www.southwesttransitway.org. Source: Hennepin County | Southwest Transitway |
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Checkitout – brand new video for the cause! Share on Facebook, Twitter or your blog or website. See how you can make a difference. For more information go GiveMN.org or contact Donnie Brown at donnieb@mplsrealtor.com or 952.988.3133. |
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Wanted: Future Association Leaders Please contact Donnie Brown at donnieb@mplsrealtor.com or 952.988.3133 for either opportunity.
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Most Real Estate Pros Not Required to Provide Census Data According to the U.S. Census Bureau, the following census information is not required for the real estate community:
Census Bureau officials acknowledge that the law does not generally apply to the "ordinary" case of a residential real estate broker or agent taking an exclusive listing for a residential property. For more information, contact William Gilmartin at 202.383.1102. | MORE INFO Source: National Association of REALTORS® |
The REALTOR® – Summer 2010 Issue
The print magazine is being printed, but why wait? Do you know that most news headlines you see in print these days are released on the Internet first? And not just little trade publications like this one. We're talking major newspapers and magazines. How much longer is it going to take us to abandon print—as an association, as an industry, as a society? It's just around the corner, folks. Notice: If you're already done with print, send a message to notice@mplsrealtor.com that says "no print magazine" in the subject line, and we'll take care of you.
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Oops. If you have not paid your second quarter MLS access fee, your MLS service has been suspended. Your broker will be required to terminate your membership if left unpaid. Please work with your broker to resolve your unpaid MLS fee. Notable dates for Second Quarter MLS billing cycle: June 1, 2010 | MLS service for offices with agents who still have outstanding April 1 MLS fees were suspended. Brokers will receive an email summary statement with notice of office termination if suspension status is not resolved by June 30. July 1, 2010 | Rinse and Repeat. MLS billing cycle is repeated for third quarter (July, August, and September) MLS fees. We Need Correct Email Addresses for Agents!
If you have questions about Direct Agent Billing, email accounting@mplsrealtor.com or call 952.933.9020. Or you can view a detailed policy statement here. |
Going Global with Italian Cuisine – Wednesday, June 16
What better way to learn about another country's culture and traditions then by its cuisine? Join us for a taste of Italy with Carmela Tursi Hobbins of Carmela's Cucina as she demonstrates authentic Italian cuisine. In addition to enjoying a delicious meal, we will have Italian wine tasting and get the dish on Italy's real estate market. Please contact Linda Stoeckicht at 952.988.3157 or lindas@mplsrealtor.com for more information. |
Real Estate Tech Tank – June 17
That's RETT—Real Estate Tech Tank. If you liked the energy of Real Estate BarCamp, you'll love this! If you missed BarCamp, then here's your second chance to be part of the new dialogue.
Facebook: rettmpls | Twitter: #rett
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Appraisers Section Added to MAAR Website!
Public Hearing on Future Real Property Appraiser Qualification Criteria (AQB) To facilitate the development of future changes to the Real Property Appraiser Qualification Criteria, the AQB will hold a Public Hearing on Future Real Property Appraiser Qualification Criteria. The Hearing will consist of the following five panels that will provide testimony to the AQB:
Following the panel testimony, the AQB will open the meeting to comment from the public. The public is welcome and encouraged to attend. The AQB views this hearing as the beginning of a multi-year process. After thorough exposure of proposed changes to the criteria, any changes will likely not become effective until 2014 or 2015. Individuals who wish to address the AQB are asked to submit a written request to the Chair outlining the topic(s) to be addressed. These requests should be forwarded to The Appraisal Foundation, via email to magdalene@appraisalfoundation.org or fax to 202.347.7727 to the attention of the AQB. |
Bring Workers Home: Regional Forum and Class on Workforce Housing
July 12 & 13 (attend one or both days) NAR is offering a stipend for traveling expenses (that won't cover a trip to Honolulu, sorry). CLICK HERE for specifics on how to go about obtaining the $250 stipend. There are several conditions, none of which are difficult but you will need to follow specific instructions. Day 1 – Regional Forum: Workforce housing challenges and practices in Minnesota. Day 2 – NAR Employer-Assisted Housing (EAH) Class, 4 CE pending: Learn how to work with local employers to discuss EAH benefits and help employees become homeowners. | VIEW INFORMATIONAL FLYER |
Real Estate Connect SF 2010 – July 13–15 (now 25% off with MAAR code)
LET'S ALL GO TO SAN FRANCISCO! The hottest tech trends have a lot to do with real estate these days. And tech trends are a big portion of what Real Estate Connect SF 2010 is all about. New apps...the best speakers...2,000 of the smartest, boldest people in real estate and technology! The world of real estate is changing...faster than ever before. Look beyond what you already think you know. After three intense and wonderful days at Connect SF, you will walk away knowing you have the upper hand on your competition. Why? Because only the best of the best come to Connect – industry experts, CEOs, CTOs, top execs, agents, brokers, marketing pros, journalists, entrepreneurs and investors. Better your marketing impact, raise your business game, see what's next. It's a solid, proven real estate industry/insider event. As an added bonus, our very own MAAR CEO, Mark Allen, has accepted an invitation as a featured speaker at Real Estate Connect SF for the second year in a row. This time he'll be speaking on a panel with other industry thought leaders about who you should consider hiring for your progressive real estate business. Accelerate change today. Connect SF is a "don't miss" event. | MORE INFORMATION |
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Speed dating meets roundtable discussions: "Squaretables" is the name of our quick-hit information and networking event geared toward young professionals (and welcome to all). The format is fast and fun. Check out one table for about 20 minutes, take what you need, ask what you want, move to next table, take more, and so on. Why Squaretables? Because our tables aren't round Our next event is Thursday, July 15, from 2:30 p.m. – 4:00 p.m. at the MAAR office. Happy Hour to follow. Find MAAR Yo Pro on Facebook (maaryopro) and Twitter (@MAARyopro).
You can preregister or receive more information about this event and other Yo Pro activities from Aubray Erhardt at aubraye@mplsrealtor.com or 952.988.3120. Seating is limited, so if you want to participate, contacting Aubray sooner is better! Membership in this group is open to all. |
Supra will mail the annual DisplayKEY billing this week. The fee is the same as last year, $141.47 (plus tax), and is due July 17, 2010. If you have any questions, please contact MAAR Member Services at 
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