Prices are on the rise!

Fun article about the Twin Cities Real Estate Market!
http://www.bizjournals.com/twincities/news/2012/11/27/case-shiller-twin-cities-prices-up.html

It's back!

Just six months ago, I wrote about the glut of multiple offers I was seeing locally, and the shortening of market times--- this has continued right through the fall, and there’s no doubt: the real estate market is back on an upswing! Locally, market times are short, demand is high, and we’re now on the cusp of a Sellers’ Market.

 There are three fairly major factors coming into play here in the Twin Cities:

·         Inventory of homes for sale in the Twin Cities metro area is at the lowest it’s been since 2004, with nearly 30% fewer homes on the market today than this time last year.

·         Mortgage interest rates are currently hovering around 3.125% for a 30-year fixed loan. That’s the lowest on record since 1971.

·         Foreclosures in the Twin Cities are at their lowest level since 2008.

This means that we have buyers desperate to find a house to buy, but very few houses available on the market.  Houses are selling, and FAST.  My last ten listings have sold at an average of 28 days on market, and of my listings that have pended in the last month, the average has been only 11 days on market.

 

Now is truly THE TIME to sell. Normally, we see a slowdown from Thanksgiving through the new year, but I honestly don’t think we’ll see that this year.  Buyers are so desperate to find a great house that I think we’ll see a strong market clear through to the spring--- we just need the inventory and the seller confidence to do it.

If you’ve thought about selling in the last few years, but haven’t felt you had a strong enough profit margin to do so, or were worried about the slow market, I’d urge you to contact me for another market analysis.  As evidenced on the chart below, prices are starting to creep upward, and you might find that what you can sell your house for, combined with the interest rate on a new property, could make this worth doing now.

Show me the numbers. Below is a sample of actual market data (from the Minneapolis Association of Realtors, dated October 10, 2012) from a few of the communities where I do business.  As you can see, fewer houses are being listed, more houses are selling, market times are way down across the board, and prices are creeping upward.  (If your city isn’t listed below, shoot me an email or phone call and I can easily pull your local data.)

Area	# of new listings Year-To-Date (2011 vs. 2012)	# of closed sales YTD (2011 vs. 2012)	Average Sales Price (2011 vs. 2012)	Days on market until sale (2011 vs. 2012)
Minnetonka	-1.3%	+22.5%	+3.9%	-24.0%
St. Louis Park	-4.0%	+11.3%	+6.7%	-24.0%
Chanhassen	-8.7%	+21.3%	-7.2%	-22.1%
Eden Prairie	-1.4%	+22.0%	-0.6%	-21.2%
Mpls (Southwest)	-0.4%	+38.3%	+5.0%	-15.8%
Plymouth	-3.9%	+19.1%	+5.5%	-14.3%
Mpls (Calhoun-Isles)	-17.3%	+41.9%	+11.0%	-12.1%
Edina	+1.8%	+35.5%	-0.9%	-6.7%

So, what are the most "sellable" houses right now? Houses in nearly all price-points and all geographic areas are selling faster than ever, but there are a few types of properties that seem to be especially high in demand right now.  If you know someone who has a house that fits any of the below categories and they’re thinking about selling, please send me their contact information.  I’m always so very grateful for the support.

• Plymouth-area Ramblers: Particularly in the $250k-$350k price range
• Plymouth Two-Story homes: Particularly newer construction, priced $425k-$675k
• Minnetonka School District:  Any single family home or townhome in the $200k-$500k price range within the school district boundaries are in very short supply (and high demand)
• City of Minnetonka (any school district): Single family homes priced from $200k-$475k
• Minneapolis- Linden Hills/Calhoun; Single family homes ranging from $275k up to $700k are often selling in multiple offers right now
• Chanhassen: Two-story homes in the $300k-$500k range
• Eden Prairie Townhomes: Especially those priced under $200k
• Edina Ramblers: Priced under $450k
• Edina Two-Story homes: Priced $700k-$1.1M+
• Maple Grove Townhomes: Priced under $200k
• Maple Grove Single-Family homes: (Especially newer-built 2-stories) priced $450k-$650k
• St. Louis Park: Single family homes priced under $300k

 

Eden Prairie- STUNNING- $159,900

I'm so excited about this new one today--- this is an amazing, move-in ready condo (manor home) that's been completely updated.  I'm lucky to be able to sell this one for one of my favorite clients.....And for $159,900, this is a STEAL. Click the link below for details....
For Sale: 3BR/2BA Single Family House in Eden Prairie, MN, $159,900

I love my new listing!

I could not be more excited about this new listing in Minneapolis!!!.... It has absolutely everything I could ever imagine a buyer wanting. These sellers have renovated this property with the utmost attention to detail and quality.  Honestly, it's not to be missed. Follow the link below to see it:
For Sale: 4BR/4BA Single Family House in Minneapolis, MN, $675,000

Pretty excited about this new listing in Minnetonka! Click link below....

For Sale: 3BR/3BA Single Family House in Minnetonka, MN, $325,000

13828 Green Briar Drive

This has been such a busy summer, and I'm so very very grateful.  Check out this great new listing in Minnetonka (Wayzata Schools) at 13828 Green Briar Drive.  I feel so lucky to be working with such wonderful clients on this one--- these are people whom I met about two years ago at another listing of mine, and through the years have become some of my favorite people. What a great job I have! Click the link below to see the house.

An extra THANKS to Cindy at ShowHomes for the fabulous staging!

For Sale: 5BR/4BA Single Family House in Minnetonka, MN, $375,000

Lovin' this Minneapols condo!

So excited about this new listing today---- For anyone looking for adorable, affordable, vintage charm in Minneapolis, this condo cannot be beat! Tons of natural light, 3 bedrooms, stunning built-ins, this one isn't a cookie-cutter condo, that's for sure! $184,900.
Click the link below to see photos and info:
For Sale: 3BR/1BA Condo in Minneapolis, MN, $184,900

Now is the time...

The last two months have brought a very pronounced, rapid change in the Twin Cities real estate market that I want to share...　

To give you some background, here are my personal statistics from March 1 - May 11, 2012:

LISTING/SELLER DATA:

Of my last eight listings that have sold (ranging in price from $130k up to $589k and located in Minneapolis, St Louis Park, Minnetonka, & Plymouth):

•  75% have sold in less than 30days on market, with the average of all eight listings being only 20 days on market.
• 50% have sold in multiple offers

 BUYER DATA:

Of the last eight buyers whom I've worked with to purchase homes (ranging in price from $160k up to $495K and located in St. Louis Park, Chaska, Maple Grove, Minnetonka, St. Paul, Waconia, & Plymouth):

•  75% have been involved in multiple offers

Multiple offers and short market times mean one thing: there's just not enough supply for the current demand.

I'm not alone in this----- my story is similar to many of my colleagues; homes are selling quickly, and buyers are clamoring for more product in the marketplace.　 If you've been thinking about selling (or know anyone who might be), especially in the western suburbs in a price range from $150k-$600k, now is the time.　 Buyers are getting serious about buying, and are having a tough time finding what they want. Buyers are growing tired of the foreclosure inventory and are looking for great, move-in ready houses without the burden of foreclosure and short-sale paperwork.

Please let me know if I can help you---- as you know, I'm always available for price opinions to see whether it might make sense for you to make a move.

Feel free to forward this post to anyone you know who's currently interested in the state of the local real estate market.　

Amazing new listing today!

For Sale: 4BR/3BA Single Family House in Minnetonka, MN, $519,000

New Listings today!

For Sale: 3BR/2BA Single Family House in Minneapolis, MN, $329,000

For Sale: 4BR/4BA Single Family House in Plymouth, MN, $279,900

Wow- Amazing new listing today up in Plymouth---- so excited about marketing this one! For Sale: 4BR/4BA Single Family House in Plymouth, MN, $279,900

Inventory vs. Pricing

Kare11 did a great story today about the local real estate market--- explaining some of the recent market statistics, and giving more insight to what those numbers will mean to consumers.  I thought it was great:
Click here to read the full story....