Weekly Market Activity Report

As the summer progresses, the Twin Cities housing market continues a remarkably similar week-to-week pattern —tepid new listings, extremely weak buyer demand and a total supply of available homes that slowly increases.
New listings for the week ending July 3 were 5.6 percent below last year, but the drop in pending sales was much more dramatic. The 611 signed agreements for the week ending July 3rd represented a 38.2 percent drop from last year’s figures. Because the decline in demand is stronger than the decline in supply, the number of total active listings is up 3.8 percent from a year ago.
On the upside, Days on Market until Sale has dropped considerably over the last year. At 121 days in June this is 14 percent below the 140 days it took to sell a house last year. Percent of Original List Price has also increased, in related news. However, these metrics tend to lag a few months behind the true supply-demand picture, so it is unlikely that these positive trends will continue.

VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS

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Despite the Humidity, Housing Demand in the Midst of a Dry Spell

Minneapolis, Minnesota (July 12, 2010) – Although June saw a 4.9 percent year-over-year median sales price increase from $173,500 to $182,000 in the Twin Cities metro, low demand overshadowed those gains. The sales price reflects the mix of homes that were selling—many of which were closings from credit-motivated first-time homebuyers. The big shift occurred in the pending sales metric, which had a 40.4 percent year-over-year decline from June 2009. The previous record high was a 27.6 percent year-over-year pending sales declines and it occurred 4 years ago.

“Thinning demand once again eclipsed price gains in June” said Brad Fisher, President of the Minneapolis Area Association of REALTORS®. “It’s still unclear whether demand has catfished or not, and just when and how prices will respond to the lagging demand.” | READ MORE

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The 100+ – June 2010 Update

"The 100+," our community level market tracking tool has been updated with data through June 2010. 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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Housing Supply Outlook – July 2010

The July Housing Supply Outlook is available.

The single-family detached market is showing signs of moving back in the buyer's favor, with supply increasing and demand decreasing. The inventory of active single-family homes is now 19,722, up 8.4 percent from a year ago, and the number of pending sales over the last twelve months has declined by 0.7 percent. As a result, this segment is the only property type showing an increase in Months Supply from a year ago.

Since the expiration of the tax credit, home sales have particularly slowed in the lower price ranges—a segment that up until recently had been showing very strong demand. Home sales under $120,000 (the lowest price range we track) are down 3.7 percent over the last 12 months. Inventory is up in that price range by 25.5 percent.

Home builders have been making larger price concessions in recent months to spur sales. The Price Per Square Foot (PPSF) of new construction homes has declined by 11.5 percent in the past 12 months, while previously owned homes have seen their PPSF hold relatively steady.

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MAAR Board of Directors Nominees Announced

Every year MAAR members have the opportunity and responsibility to select fellow members who will serve on MAAR's Board of Directors. Your vote is important in determining the direction of the association. At least six members will run for available positions, and the top three vote-getters will begin serving three-year terms in January 2011.

Your MAAR Board of Directors nominees for the 2010 election are listed below. Full bios will be appearing in a future issue of enotes well ahead of the Board of Directors election.

1. Tom Hoffman | Coldwell Banker Burnet
   
   
2. Marge Kane | Edina Realty
   
   
3. Claire Killen | Broker/ Owner of Emerald Real Estate
   
   
4. Cotty Lowry | Keller Williams
   
   
5. Nene Matey-Keke | Broker/ Owner of RNR Realty
   
   
6. Karen Tobler | Exit Realty Nexus
   

Additional nominations can be added to the list if at least 20 REALTOR® members sign a petition and return it to the association office no later than August 1.

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Education and Professional Development

Notice for Individual Licensees

Effective August 1, 2010
Individual course applications will no longer be allowed. Any new submissions must be postmarked by July 31, 2010 or they will be denied. | MORE INFO

Limited-time-offer: e-PRO® Discount for GREEN 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, students of NAR's Green Designation can enroll for $299 (a $60 savings) and receive an additional two months' time ($69 value) to complete the course. As if that wasn’t enough, your registration will also include access to the all new NAR’s Web 2.0 & Social Media Course at no additional charge! | REGISTER NOW

Please go to the EPD Home Page for all your education needs,
call us at 952.908.2602.

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Public Affairs Update

Congress Passes an Extension on the Homebuyer Tax Credit

Congress passed an extension on the Home Buyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (HR 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. | MORE INFO

SOURCE: National Association of REALTORS®

Southwest LRT Minneapolis Station Area Planning Open House

Event: Southwest LRT Minneapolis Station Area Planning Open House
Date and Time: July 13, 6:00 p.m. to 8:00 p.m.
Location: Bryn Mawr, 252 Upton Ave S, Minneapolis, MN 55405

Event: Southwest LRT Minneapolis Station Area Planning Open House
Date and Time: July 14, 6:00 p.m. to 8:00 p.m.
Location: Kenwood Recreation Center, 2101 Franklin Ave W, Minneapolis, MN 55405

Identical information will be available at both open houses, and each open house will have information on all five of the Minneapolis stations along the proposed Southwest LRT line: Royalston, Van White, Penn, 21st Street and West Lake. | MORE INFO

Source: Southwest Transit

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Free "Get Your Home Sold" Tips

Share free tips on keeping a home sale from falling apart with sellers or use this information in your marketing materials. Go to the "Get Your Home Sold" article package at the REALTOR® Content Resource, the members-only tool of NAR's consumer-facing website, HouseLogic.

"Get Your Home Sold" articles offer tips on ensuring a profitable closing, reducing your home's price, choosing the best offer for your home and fielding lowball offers. | MORE INFO

Source: National Association of REALTORS®

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Make Our Marks Remarkable

The term REALTOR® is not only a trademark owned by NAR and protected by federal law, it is also a valuable membership benefit that distinguishes members from all others in the real estate business. Watch this entertaining, three-minute video to learn how you can protect the value of the mark by using it properly. Remember, a REALTOR® isn't "just another real estate agent." Being a REALTOR® means more! | MORE INFO

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For Appraisers: Introducing Appraisal Dashboard

All appraisers are welcome to join a candid conversation with NorthstarMLS's Tom Flaherty,
Director of Marketing and Communications and Mike Bisping, Director of Customer Relations.
Ed Newman, Director of Information Technology will also be introducing the Appraisal Dashboard.

So what the heck is the Appraisal Dashboard? Well, it is a PHP web application that interfaces with live MLS data (MLS authentication and access required) and provides a visual search interface. The data can be exported into various formats that can be used with the Uniform Residential Appraisal Report and the MISMO format. That's perfectly clear, right? | READ MORE

To register, contact Linda Stoeckicht at lindas@mplsrealtor.com or 952.988.3157

Event: Live Appraisal Dashboard Demo at the Appraiser Support Meeting
Date and Time: July 20, 9:30 a.m. to 11:00 a.m.
Location: MAAR Office, 5750 Lincoln Drive, Minneapolis, MN 55436

Source: Center for REALTOR® Technology / National Association of REALTORS®

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Supra Annual Lease Due July 17

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.

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Lights, Camera, NARdiGras!

Win a Trip to New Orleans in the
NARdiGras 2010 Video Contest
Break out the video camera and tell us how the 2010 REALTORS® Conference & Expo will make a difference to your business. Your video should be no longer than three minutes, and all you have to do is explain in your own words why you deserve an all-expense paid trip to NARdiGras 2010—this year’s REALTORS® Conference & Expo in New Orleans.

Entering the video contest is easy! Just fill out the entry form, record a video, and upload it to our Brightcove video account. | VIDEO GUIDELINES

Source: National Association of REALTORS®

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Real Estate Tech Tank

Are you interested in lead generation using the latest in social media?

Do you consider yourself an expert in technical concepts and trends?

Would you like to assist your colleagues in learning “how to?”

If you answered “yes” to any of these, please contact Amy Ransom at amyr@mplsrealtor.com to learn how you can help with MAAR’s newest networking group – Tech Tank!

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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. Sneak a peek at the Yo Pro's July Squaretables.

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MLS Direct Agent Third Quarter Billing Starts July 1

Agents with access to the MLS are now responsible for paying their individual MLS bill directly to MAAR. Watch for your MLS third quarter ebill in your email inbox. This cycle includes: July, August and September.

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.

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NorthstarMLS Launches Down Payment Resource (DPR)

Down Payment Resource (DPR) is launching just in time to fill the void left by the Housing Tax Credit Program. This web-based service provides REALTORS® and mortgage lenders an easy, cost-effective way to match homebuyers with government-funded assistance programs. | MORE INFO

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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.

Also...10K Introduces New Product “The Thing”
Have you ever wanted to see market trends for any customized market segment you can imagine in just a few simple clicks? To create your own dazzling charts you can easily share with clients? “The Thing” will be officially launched this summer, but come get a sneak preview of the finished goods at Yo Pro!

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Real Estate Tech Tank – July 22

What if a bunch of real estate types (agents, lenders, title pros) sat around in an open space, working, chatting and collaborating?

That's RETT – Real Estate Tech Tank. If you liked BarCamp, you'll love this! | MORE INFO

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Building Efficiency & Energy Summit

Building Efficiency & Energy Summit
Friday, July 30, 2010

Golden Valley Country Club
7001 Golden Valley Rd
Golden Valley, MN 55427

7:15 a.m. Registration & Continental Breakfast
8:00 a.m. – 12:00 p.m. Program

$99 Registration, $129 Day of Event

4 hours of REAL ESTATE/APPRAISER Continuing Education Credits
along with 3.75 hours of Continuing Legal Education Credits.

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