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enotes Gets a Facelift and New Name
Find the latest industry news, events, classes and market reports much faster so you can start your week informed and equipped for success. Highlights:
We will continue to shape our communications to fit your needs. Look for "Today's Real Estate" in your inbox next Monday. We'll be asking for your feedback! |
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It seems like every passing week brings not one but two new record declines: inventory levels and mortgage rates. The week ending October 8 was certainly no exception. The number of active listings on the market fell 21.0 percent to 22,434 units. Mortgage rates fell below 4.0 percent for the first time ever. The last time inventory was that low? February 2009. It's partly due to sellers not contributing many properties to the bin and partly due to buyers doing their part to absorb existing supply. New listings were down 13.0 percent to 1,262 for the week, and pending sales were up 48.3 percent to 851 purchase agreements signed. The keen observers noticed that September's preliminary monthly numbers came out last week. This round, those preliminary figures were revised slightly as new status changes filtered in. A few noteworthy observations:
The attached Weekly Market Activity Report is produced by the Minneapolis Area Association of REALTORS® (MAAR) for REALTOR® members and interested parties on a weekly basis. Use it to further your understanding of the Twin Cities 13-county residential real estate marketplace. VIEW FULL REPORT | VIEW MORE RESEARCH REPORTS
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Housing Market Taking Positive Steps Sans Stimulus
Without any government stimulus, the Twin Cities housing market continued to take small yet noticeable strides toward recovery in September. Sellers listed 5,562 new homes on the market, down 16.8 percent from last year. Buyers entered into 3,752 purchase agreements, up 37.4 percent over September 2010 levels. That's the fifth consecutive month of double-digit, year-over-year gains in buyer demand—primarily driven by slowed activity at this time in 2010. With less product entering the market and relatively strong sales, inventory levels dropped 20.7 percent to 22,476 active listings. That marks the largest inventory decline in more than seven years. A leaner inventory count combined with stronger purchase demand has moved the market toward balance. There are now 6.8 months supply of inventory, just outside of the ideal five- to six-month range, down from 8.7 months last September and the lowest September figure since 2005. The median sales price was down 6.9 percent from September 2010 to $155,500. Traditional prices fell 12.0 percent to $188,000; foreclosure prices dropped 8.2 percent to $102,825; short sale prices were down 7.5 percent to $129,500.
Sellers are starting to see more of their asking price for the second consecutive month – up to 91.1 percent. On the foreclosure front, 39.7 percent of all closings were either foreclosures or short sales while 32.8 percent of new listings fell into the distressed category.
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"The 200+," our community-level, market-tracking tool has been updated with data through September. | THE 200+
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The HSO offers a thorough and detailed look at the current supply of homes for sale and absorption rates by price range, property type and construction status. | HSO REPORT
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Foreclosures and Short Sales in the Twin Cities
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Membership Value: Great Prices at MAAR's Store – "R" Clubhouse
Our goal is to provide the best customer experience you can have when shopping for real estate-related items. If you ever have questions or problems, email info@mplsrealtor.com or call 952.933.9020. Online shopping is secure. When you make a purchase, your information remains confidential and protected. Regardless of whether you shop in-store or online, you can be confident that you are buying great products at a great price!
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Education | Additional Seating Added to HUD class
Date: October 26 ONLINE
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In Memoriam | Retired REALTOR®, Nancy Lakoduk Nancy Lakoduk, retired MAAR REALTOR®, passed away peacefully on October 12. Source: Star Tribune
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REALTOR® Community Service Awards Each year, MAAR recognizes REALTOR® members for their extraordinary contributions to their community through volunteer work. Please take a moment to share those REALTORS® with us so we may honor them at our annual Leadership Installation reception. For more information, contact Linda Stoeckicht at lindas@mplsrealtor.com. To make a recommendation, please include the name(s) and a brief description of their community involvement in your email. Application Deadline: October 31
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Survey | Rate NorthstarMLS Technology NorthstarMLS is participating in a national technology survey of MLS organizations conducted by the WAV Group, a real estate consulting firm. The results will be used to help NorthstarMLS better understand how their MLS technology compares to other technology options in the U.S. | TAKE SURVEY For more information, contact the NorthstarMLS helpline at 651.251.5456.
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Bloomington: Meet the Candidates Date and Time: October 20, 7:30 a.m. – 9:30 a.m. Source: Bloomington Chamber of Commerce
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Demo: Cloud CMA for REALTORS®, October 21 Cloud CMA leverages multiple data sources and custom MLS reports for buyers and sellers.This interactive demo covers the creation of a winning CMA and custom reports for your buyers. | VIDEO
For more information, contact Damon Alton at
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New Broker Workshop, October 27–28
In this 2-day course, you will gain valuable knowledge on all aspects of managing a real estate business from strategic planning to reducing risk to what makes a great leader. After this class, you will walk away with a course of action! Here is what a seasoned broker had to say:
Date and Time: October 27–28, 8:00 a.m. – 5:00 p.m. You don’t need to be a new broker to attend this class. For more information, contact Linda Stoeckicht at lindas@mplsrealtor.com.
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REALTORS® Conference and Expo, November 11–14
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Have a question for our President or President-Elect? Contact Brad Fisher, President at bradf@mplsrealtor.com or Cari Linn, President-Elect at caril@mplsrealtor.com.
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