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For the week ending July 10, the number of pending sales held steady with the week before but remained well behind last year's pace. The 545 signed agreements during the week represent a drop of 45.9 percent from last year at this time. That's the tenth consecutive week of year-over-year declines in buyer demand, a period that coincides with the loss of the federal tax credit for first-time home buyers. The 1,542 new listings for the most recent reporting week are also down compared to last year but not to the extent of pendings, posting a decline of 17.4 percent from a year ago. Inventory is up 4.4 percent from a year ago. Because the growing inventory is being greeted with slim buyer demand, the balance of buyers and sellers is shifting the market back in the buyer's favor. The July Supply-Demand Ratio of 7.44 means that there are 7.44 houses for each buyer this month, up 46.9 percent from the mark of 5.06 seen a year ago. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS |
New Video – The Monthly Skinny Video (in Both English and Spanish)
The July Monthly Skinny video is available and ready for sharing. 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 IN SPANISH |
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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. |
Housing Supply Outlook – July 2010
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. |
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.
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. |
Education and Professional Development Notice for Individual Licensees Limited-time-offer: e-PRO® Discount for GREEN Students MAAR CE Online Class Opportunities in August! SOURCE: CE Shop
Please go to the EPD Home Page for all your education needs, |
NAR's REALTOR Benefits® Program — REALTORS® Dental Insurance NAR is pleased to announce an exciting new benefit available exclusively to NAR members and REALTOR® Association staff — REALTORS® Dental Insurance (RDI). This benefit is offered through NAR's REALTOR Benefits® Program in partnership with Ameritas Insurance Company and SASid (Smart And Simple insurance development). To learn more, review plan options and obtain a free quote visit http://www.RealtorsDentalInsurance.com or call 1-877-267-3752 and mention your NAR Membership (NRDS) I.D. #. | MORE INFO Source: National Association of REALTORS® |
2010 Local Market Reports, First Quarter Every housing market is unique. These Local Market Reports (LMRs) — which reflect data available through 1st Quarter 2010 — provide insights into the fundamentals and direction of the nation's largest metropolitan housing markets. | MORE INFO Source: National Association of REALTORS®
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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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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!
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. |
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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For Appraisers: Appraiser Quarterly Support Meeting All appraisers are welcome to join a candid conversation with NorthstarMLS's Tom Flaherty, 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: Appraiser Quarterly Support Meeting Source: Center for REALTOR® Technology / National Association of REALTORS® |
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 Topic: Lead Generation in the Web and Social Sphere Bring your laptops and mobile devices and you'll leave RETT with new tools you can implement into your business! |
Building Efficiency & Energy Summit
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Win a Trip to New Orleans in the 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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