Weekly Market Activity Report

Pending sales in the Twin Cities housing market trended up for the first time in four weeks, but remain substantially below 2009. For the week ending June 12, there were 674 signed purchase agreements, up from the mark of 527 the prior week, but down dramatically from the mark of 1,210 seen during the same week a year ago.

This may be a sign that the drastic drops in sales seen in May and early June were simply temporary aftershock reactions to the tax-credit build up and that demand will slowly return over the course of the summer, but it’s far too early to say that with any certainty. We’ll be keeping a close eye on the numbers each week.

New listings moved upward for the same reporting week to 1,729, but remain 12.2 percent behind last year at this time. However, inventory has slowly climbed due to the decline in pending sales, currently sitting at 26,990 active listings, an increase of 1.1 percent from a year ago.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

TOP

New Video – The Monthly Skinny Video

The new June Monthly Skinny video is online and ready for you to share. We make these videos so that you can stay up to date on the local housing market and provide your clients with the same info in an engaging, visual manner.

WATCH THIS MONTH'S VIDEO

TOP

Education and Professional Development

Note: Important Announcement for Individual
Real Estate Licenees up for License Renewal in 2010
When your license renewal application is submitted by the broker, the PULSE system will verify that you have completed your required continuing education(CE). | READ MORE

How To Check to See If You Are One of Those Agents
A totally automated licensing process for Minnesota REALTORS® will happen for the first time at the end of June this year! Please be sure to check www.pulseportal.com to review your Education Transcript. If the transcript is inaccurate, please begin asking questions of the education providers you chose to take your classes from—education providers are the only entities who can submit corrections to the staff at Pulse Portal.

1. Go to www.pulseportal.com
2. Choose program: "Minnesota Department of Commerce"
3. Choose a board: "Real Estate"
4. Click on "Review your CE Transcript" under Search Inquiry Services

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.

MAAR CE Opportunities in June!
Live Class | June 22, 1 p.m. – 4 p.m., Make Sure It Closes

Online Classes | CE Shop & Hondros Learning

CE Shop
Enroll today and receive a 15% discount on your entire order! Visit course catalog. Enter the promotional code BUSY15 at checkout.

Hondros Learning
For a limited time, Hondros is offering $10 off online CE packages. That's 15 hours of CE for just $109. Enter discount code MPLP35 during checkout. This offer expires June 30, 2010. Courses are approved for Minnesota CE credit. | CLICK HERE TO GET STARTED

RSA Lunch n' Learn
See information about the next RSA Lunch n' Learn in the Events section below. Next event: July 12. RSVP required. Lunch will be served. Come check it out! | JUMP!

Limited Time Offer: e-PRO® Discount for SRES® Students
NAR's e-PRO® Certification Course was recently updated and is rich with new, timely material. Unlike any other professional certification course, this comprehensive and interactive program helps agents thrive in the constantly evolving and competitive world of online real estate. Until July 31, SRES® students can enroll for $299 (a $60 savings) and receive an additional two months' time ($69 value) to complete the course. Your registration will also include access to NAR’s all-new Web 2.0 & Social Media Course at no additional charge! Take advantage of this opportunity to fast-forward your online marketing skills. | REGISTER NOW

Short Sales
NAR has just posted an updated HAFA brochure for members, and a new consumer brochure on HAFA. We will not be creating a separate toolkit for SFR members.

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.

TOP

NEW. The 100+ May 2010 Update (posted June 9, 2010)

Fresh stats. Our tracking tool for local housing market activity has been updated with data through April 2010. GO TO THERE

TOP

NEW. Housing Supply Outlook – June 2010

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

TOP

Public Affairs Update

June 30 Closing Date Extended?
The amendment to extend the homebuyer tax credit closing date was approved by the Senate on June 16. As it is a part of HR 4213 – the larger tax package – we must now wait until the Senate completes work on the entire bill. Once through the Senate, the bill must go back to the House for their approval before obtaining the President’s signature. | MORE INFO

NAR's Call for Action: A Call for Action on Flood Insurance
Congress has failed to reauthorize the National Flood Insurance Program (NFIP) and the Section 502 Rural Housing program. The NFIP is now expired. The Section 502 Rural Housing program has exhausted its funding and lenders have stopped accepting applications. Until Congress extends NFIP, no new or renewal flood policies can be issued. Without the flood insurance coverage provided by NFIP, thousands of residential and commercial transactions are on hold.

The Section 502 Rural Housing Program provides zero-downpayment mortgages to eligible families in rural area of every state. Many of these families signed contracts before April 30th and plan to utilize the home buyer tax credit. If this program is not restored soon, they will lose their chance.

The National Association of REALTORS® is asking its members to contact their local representatives and urge them to renew both the NFIP and the Rural Housing 502 program. Visit the REALTOR® Action Center for more information.

Source: National Association of REALTORS®

TOP

Supra DisplayKEY Holders

Supra mailed the annual DisplayKEY billing. 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 info@mplsrealtor.com or 952.908.2601.

TOP

MAAR Foundation

Thanks to the generosity of our REALTOR® family, the MAAR Foundation has helped to strengthen the lives of individuals, families and communities in the housing arena (i.e., emergency crisis shelters, supportive housing programs and homeownership initiatives).

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.

TOP

Missing Foreclosures and Short Sales Reports

We have temporarily removed the detailed sortable area-level tables in the Twin Cities Foreclosures and Short Sales reports due to the time consuming commitment it took for MAAR staff to create 'em.

Rest assured, we have been working hard on an alternative solution that will provide market trend breakouts of lender-mediated properties by area ...coming soon. See The Thing below for more information. If you’d still like to reference the last update of the old report, find it here.

Monthly reports for the Twin Cities market can be found here.

TOP

The Thing. Arriving This Summer.

Have you ever wanted to see important trends for any market segment you could possibly imagine in just a few simple clicks? To know the median sales price in Chanhassen over the last 5 years for new construction condominiums or the current months supply of inventory for short sales in Northeast Minneapolis? No complicated searching, data entry or drop down lists, just instant market knowledge that you can easily share with others?

Us too.

Keep your eyes glued to www.mplsrealtor.com this summer for the launch of The Thing.

TOP

June 2010 Issue of Real Estate Insights

Real Estate Insights (REI) is produced by NAR Research and is full of timely real estate market research information. Remember to click on the special “For more info” arrow icons throughout this issue so you can automatically link to another web site for more detailed information.

Real Estate Insights: Web version | PDF version

Source: National Association of REALTORS®

TOP

Direct Agent Billing

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!
All payment invoices are ebilled. No paper billing. To ensure that you receive your bill, please verify that the address we have on file is correct:

• Go to mplsrealtor.com
• Click the "My Account" tab (at the top)
• Log in and select "Review or Change Member Personal Information" to check and update your email address

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.

TOP

Appraisers Section Added to MAAR Website!

Public Hearing on Future Real Property Appraiser Qualification Criteria (AQB)
Friday, June 25, 8:30 a.m. – 5:00 p.m.
Westin Minneapolis, 88 S 6th St, Minneapolis, MN 55402
MORE INFORMATION

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:

• Federal Agencies
• State Appraiser Regulators
• Appraisal Organizations
• Users of Appraisal Services
• Appraisal Educators

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.

TOP

Bring Workers Home: Regional Forum and Class on Workforce Housing

July 12 & 13 (attend one or both days)
Join employers, government officials, non-profit housing organizations and other REALTORS® at the 2010 regional workforce housing policy forums hosted by NAR in partnership with the National Housing Conference. Minneapolis is one of four locations selected to host this housing forum in 2010 along with Atlanta, Austin and Honolulu. Take advantage of this local opportunity!

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

TOP

Next RSA Lunch n' Learn – July 12

For those interested in cooperative housing issues...

Date: Monday, July 12
Time: 11:30 a.m. – 1:00 p.m.
Location: Gramercy Park Cooperative
Address: 6711 Lakeshore Drive, Richfield

The speaker is Colleen Schultz of Gramercy.

Lunch will be served. Please let us know if you would like a vegetarian meal at time of RSVP and please do RSVP by Thursday, July 8, to 952.908.2602.

TOP

Real Estate Connect SF 2010 – July 13–15 (now 25% off with MAAR code)

LET'S ALL GO TO SAN FRANCISCO!
WE NOW HAVE A DISCOUNT CODE SPECIFICALLY FOR MAAR MEMBERS!
REGISTRATION DISCOUNT: 25%, JUST ENTER CODE: mplsr

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

TOP

Yo Pro Squaretables are Back!

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).

Squaretables Topics:
Mike Bisping, The Future Tools of RMLS – Rentals & DPR
Ed Nelson, Look Before You Leap. Foreclosure Rescue Scams
Alex Stenback, The Speed of Change: Residential Mortgage Financing 2010
Scott Harris, Homepath & HAFA Update

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.

TOP