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For the week ending August 7, we didn't stray from the post-tax credit trends in the Twin Cities housing market. Pending sales remained entrenched in a holding pattern around 600 per week, continually underperforming last year's activity. The 659 purchase agreements signed were 36.5 percent below 2009 figures.
Weak sales means rising inventory. There are 27,664 homes available for sale, up 7.4 percent from a year ago. In August, there will be 8.64 homes available per buyer, up dramatically from the mark of 5.28 seen a year ago.
For now, Days on Market continues to drop slightly from last year, down 6.8 percent from a year ago to 127, but Percent of Original List Price Received at Sale for July 2010 declined from a year ago for the first time in several years, an indication that home prices will remain soft in the months ahead.
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Electronic ballot voting is back again this year. Vote for up to three Board of Director candidates.
Check your email inbox for your unique voting login information tomorrow, August 17. The email will be from MAAR Election Coordinator: MAARvote(at)directovote(dot)net. Ballots must be cast online.
Here’s a sneak peek of the candidate bios and vios (video bios). Click on "video" to view.
Your Vote Counts!
If you are not regularly receiving emails from MAAR, please go to “My Account” at the top of www.mplsrealtor.com. Enter your Login ID and Password to verify your email address.
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Where has the Twin Cities real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity. Narrated by Mark Allen (Chief Executive Officer, Minneapolis Area Association of REALTORS®), audio recorded by Zach Foty and video produced by Chelsie Lopez. | VIDEO
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The Twin Cities housing market has found itself in a bit of a holding pattern in recent months, and July is no exception. The $175,000 median sales price was a 2.3 percent increase over July 2009. Pending sales in July were down 37.6 percent compared to last year, which is certainly less than ideal but expected. Due to weakened buyer demand, inventory grew modestly to 27,249 active listings, an increase of 5.4 percent over last year.
Demand has stabilized and should slowly return in the coming months. We hope that it returns to the market before prices have a chance to respond to the growing inventory.
Traditional sellers enjoyed a 5.0 percent price increase to $222,500, foreclosure prices remained flat at $119,000 and short sales posted a 3.5 percent price gain to $147,000.
The traditional and foreclosure submarkets had a significant decline in pending sales, while short sales actually had a small increase.
There were 3,226 signed purchase agreements in July, a decrease of 1,948 contracts from last July. Seller activity also slowed, with 6,926 new properties coming onto the market.
All active listings experienced a minor spike. The supply-demand ratio increased 63.5 percent to 8.64, primarily due to declining demand and not a surplus of new product. This means that there are about 8.6 homes available per buyer for August. | READ FULL ARTICLE
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Fresh stats. Our tracking tool for local housing market activity has been updated with data through April 2010. GO TO THERE
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The inventory of homes available in the lower price ranges is growing dramatically from last year. With the number of new listings in these segments outgrowing sales, the number of available homes has grown. For instance, at $120,000 and below the current Months Supply of Inventory of 5.2 is a jump of 52.6 percent from last year at this time.
Inventory in the higher price ranges is now dropping as sellers have pulled back on their new listings. All price ranges above $250,000 now have fewer homes for sale than they did a year ago.
Home prices are softest in the condominium category, where the average Price Per Square Foot has dropped 13.9 percent in the last year. VIEW HSO
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We are adjusting our MLS billing to align our accounting workflow with the other local associations. This small change will result in increased staff productivity and enabling brokers to easily manage their agents' MLS fees no matter which association they are a member of. MLS fees will now be billed one month prior to the beginning of each quarter. You will still have 30 days to make your payment.
The fourth quarter billing cycle will begin September 1 with a due date of September 30. | Detailed Billing Schedule
Note: If you have not paid your third quarter mls fee, it is past due, service will be suspended and a late fee will soon apply. | MORE INFO
If you have questions about Direct Agent Billing, email accounting@mplsrealtor.com or call 952.933.9020.
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NorthstarMLS to Add Rental Properties
Soon you will be able to input and search rental properties on NorthstarMLS! The technical pieces are almost complete. We are awaiting final approval of the new lease forms from the Minnesota State Association. They expect to have them available no later than September 1. | MORE INFO
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St. Thomas expects the inaugural hall of fame induction class to include between two and four people. The Shenehon Center will announce the inductees during the first week of October, then host an induction ceremony later in the month. | Read Article
Source: Minneapolis / St. Paul Business Journal
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We would like to recognize one of our members as MAAR “REALTOR® of the Year.” It is our way of showing appreciation to members for their volunteerism to our association as well as any involvement with the national and state associations.
Note: Current President, President-Elect and Immediate Past-President of MAAR are not eligible.
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REALTOR® Magazine announced the winners of its outstanding REALTORS® who volunteer time and energy to improve the quality of life in their communities. This year's Good Neighbor Award finalists exemplify how REALTORS® across the country give back to their communities.
Five winners, who will each receive a $10,000 grant and will travel to the NAR Conference & Expo in New Orleans, have been named. Five honorable mentions will each receive $2,500 grants for their causes.
Our very own Dave Philp from Coldwell Banker Burnet in Chaska is one of the ten finalists! For more than 25 years, Philp has supported the Ridgeview Foundation, the fundraising arm of the Ridgeview Medical Center, a nonprofit regional health care network in the western suburbs of Minneapolis. Philp has raised $3 million through annual golf tournaments and other events; that money has been critical to building a state-of-the-art birthing center, neonatal care unit, a hospice home, a heart center, and a scholarship fund to address the shortage of healthcare workers. | MORE INFO
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 MAAR CE Online Class Opportunities in August!
Enroll today and receive a 10% discount on your entire order!
Enter Promo Code: CNV10
Expires: August 31, 2010 | MORE INFO
Source: CE Shop
See New Fall Classes
Please go to the EPD Home Page for all your education needs, call us at 952.908.2602. 2010
Unlimited CE Passes
You can purchase the CE pass online, over the phone, or at the MAAR office. You will need to wait until approximately 9:00 a.m. the next business day for your card to be activated which allows you to register. Get yours now while supplies last! Please be aware of the change for the 2010 Unlimited CE Pass: After three course "no shows" (not attending a class for which you are registered), your CE pass will be terminated. To cancel your course please call or go online.
Compass Academy Applications
This program fosters the personal leadership skills required to make bold business decisions in a fiercely competitive industry. Participants learn and practice key concepts of personal leadership. Group sessions include interactive learning and are supplemented with individual coaching. For more information, contact Nancy Scott at nancys@mplsrealtor.com or 952.988.3128.
Yo Pro is offering a scholarship. Contact Aubray Erhardt for more information aubraye@mplsrealtor.com
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Source: Regional Multiple Listing Service (RMLS)
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 RETT—Real Estate Tech Tank talks "Mobile"! In the market for a new smart phone, iPad or laptop? We'll compare and contrast the iPhone to the Android phone to the Blackberry; and laptops to the netbook to the iPad, plus download and discuss hot mobile tools and techniques for REALTOR®. Mobile storage, productivity apps, live video for virtual showings, real-time real estate concepts and more!
Time and Date: 1 p.m. – 3 p.m., Thursday, August 19
Location: MAAR Office
Facebook.com/rettmpls | Twitter: #rett
Real Estate Tech Tank Tip
Dropbox.com
What is it? A combination free and pay service which allows you to store documents in a folder, based in "the cloud," while synchronizing the contents of that folder across every computer and smartphone that has the account built in. Plus it allows you to have access to documents from any computer with an Internet connection anywhere.
Why would you use it? Ever forget a contract? Need access to a client document while on vacation? Forget to email a pic of your listing to MLS while working from a coffee shop? Want to disclose agency at an open house? You'd never have that problem with Dropbox.
Beginner tip: Sign up and install the FREE dropbox.com app on your home computer, laptop and mobile device. Use the folder as your "Contracts and Clients" and store all said documents in the folder. Voila, you've got access to those docs from everywhere at anytime. You'll fall in love with the ability to open and email any doc from your smartphone with one click.
Advanced tip: Pay for the 100 GB upgrade and throw your whole "My Documents" folder into it. Bingo, instant backup.
Cost: First 20 GB are free, that's a TON of space. 50 GB for $100 a year, 100 GB for $200. Bonus: refer a friend and get a credit to your account. Yes, google.com/docs has a totally free service, but Google is far from private.
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Parking Instructions: Free validated parking in the Calhoun Beach Club underground parking ramp at Thomas Avenue and West Lake Street. To RSVP, email Aubray Erhardt, aubraye@mplsrealtor.com
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Let's Open the Doors to Your Listings! Statewide Open House August 21 & 22
The Minnesota Association of REALTORS® (MNAR) and MAAR are partnering to bring you the first Minnesota Statewide Open House Weekend. We want REALTORS®, you, around the state to hold open houses on August 21 & 22, during Statewide Open House Weekend. We hope that your clients who have listed their homes for sale will open their doors with a REALTOR® as a host. And, we hope that those of you representing buyers will be out in force as well.
MNAR will work to make the public aware of Statewide Open House Weekend - August 21 & 22. The public needs to know that this is still an incredible time to buy a home. Why?
• We have historically low interest rates
• There are a wide variety of homes available in many different price ranges
• The Minnesota economy is picking up and the unemployment rate is among the lowest in the country
How will the event be promoted?
MNAR is working on advertisement placement in the Star Tribune and Pioneer Press, as well as outstate Minnesota publications in the week leading up to Statewide Open House Weekend. Balloons will also be available at MAAR the week preceding the event. Use the balloons to indicate your participation in Statewide Open House Weekend.
Get involved | Download Open House logo
Source: Minnesota Association of REALTORS®
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President Obama in mid-July signed sweeping financial services reform into law. The 2,300-page law creates an oversight agency for financial services companies and a consumer financial protection bureau. It also includes provisions to curb risky mortgage lending and to address appraiser selection by lenders. Your members can register for a free webinar that covers the real estate-related provisions. The webinar takes place Thursday, August 26, at 2 p.m. Also, watch and link to a video on the law and read a summary from NAR Government Affairs. | MORE INFO
Source: National Association of REALTORS®
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With special guest, Hennepin County Commissioner Jan Callison
Date: Friday, September 17
Time: 9:00 a.m. – 11:00 a.m.
CE: 2 hours plus a 1-hour roundtable with community experts from Minnesota Home Ownership Center, Minnesota Housing Finance Agency, City of Minneapolis and Twin Cities Community Land Bank.
Location: Minneapolis Area Association of REALTORS®
Address: 5750 Lincoln Drive Minneapolis, MN 55436-1694
REALTORS® understand the negative impacts of the foreclosure crisis and how it affected our communities but are often unfamiliar with federal, state and local resources that help address these issues. The National Association of REALTORS®, in partnership with the National Community Stabilization Trust, launched a new initiative to help REALTORS® learn about tools and programs available to help stabilize communities, work with local government housing providers and put homes back into the hands of stable homeowners.
To Register: Contact Delores Dahlsten deloresd@mplsrealtor.com or call 952.908.2602. Cost: Free.
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Join REALTORS® from across the nation and the world in New Orleans this November, and learn about changing issues affecting the industry, share ideas with colleagues outside your local marketplace, and see the incredible innovations that are shaping the future of real estate. | MORE INFO
Source: National Association of REALTORS®
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