Before you put your house on the market, or consider buying another home, you need to find out how much homes are selling for in today's market, so you can make your plans based on the most up-to-date information available --
Despite the icy roads, year-over-year purchase demand gives the appearance of gaining some traction. For the week ending November 13, there were 577 Pending Sales in the Twin Cities metropolitan area, a small 4.3 percent decline from year-ago levels.
Don’t put too much stock in this closing gap of home buyer activity, as compared to 2009. This year’s home sales have remained relatively flat at winter levels since the tax credit expired last spring. Buyer activity declined at this time in 2009 and that's driving down the year-over-year change. We're just now entering the part of the calendar where this sales trend is to be expected.
After two weeks of flirting with black ink, seller activity is back in the red. The 1,144 new homes listed on the market was a 5.3 percent decrease from 2009 levels. Inventory increases seem to be tapering off, a seasonal expectation for this time of year. There are 24,849 homes for buyers to choose from, up 10.4 percent from year-ago levels. That’s the smallest inventory gain in seven weeks. If this trend continues, it will serve to help rebalance the Twin Cities housing market.
Coldwell Banker Burnet launched a major agent-focused billboard advertising campaign. Running throughout the Twin Cities, Rochester and St. Cloud through March 2011, the campaign portrays Coldwell Banker Burnet's team of professional sales associates as hard working, energetic, knowledgeable marketplace leaders who are trusted advisors to their customers.
As a part of this campaign, certain Coldwell Banker Burnet agents from each region were awarded a billboard for their achievements in 2010, along with a professional photo shoot, art direction, and a complete campaign package. The billboards all maintain a similar look and feel, and each is personalized for the agent(s) being represented. Chad and Sara Huebener were awarded the billboard for the Scott County Regional Office. The agent billboard campaign is expected to begin in December 2010.
Saturday, December 4 marks our annual Trees for Toys event held at the Scott County office of Coldwell Banker Burnet, which we are pleased to be a part of. This event is a toy drive for Toys for Tots and takes place from 10:00am-2:00pm. Santa will be there with his photographer, and there will be cookies, face painting, and fun for the kids. If you wish to drop off a toy, feel free to do so at our office during that time....OR....we are also collecting hats, scarves and mittens. If you do stop by, please be sure to seek out Chad and I and say hello! We would love to see you.
Chad and I also wish to thank all of our clients throughout the past years. As an expression of our appreciation, we have offered our clients their choice of a live Christmas Tree or Wreath for this holiday season if they attend the event. For those of our clients who can attend the event, we are excited to see you and your families this weekend!
West Savage inventory is starting to take its long winter nap, as total listings drop from the typical 28-30, down to 22. Though sales in the market are down metro-wide, sales in West Savage have crept up in the past month, with three newly-pended listings – two in The Pointe and one in The Vistas of Summit Ponds. The greatest listing activity is also occurring in these two neighborhoods.
The hot topic in West Savage is the strongly-debated Workforce Housing project(to be located behind Rainbow Foods) off Connelly Parkway. The project, known as Village Commons, would require that the 14-acre site be rezoned from commercial to mixed-use. The concept plan includes two, three-story apartment buildings and four townhome buildings for a total of 156 housing units, a density of about 20 units per acre. The residential project would be split into two phases. The first phase calls for a three-story, 60-unit building. The rest of the land would be zoned mix-use, to allow for more housing and/or commercial development. Four apartment units would be leased to families at risk of experiencing long-term homelessness through the Scott County CDA.
Ron Clark Construction and Kaas Wilson Architects have recently secured the credits from the Minnesota Housing Finance Agency. Next, a hearing with the Savage Planning Commission must be held to approve the rezoning. Another meeting on the issue will be held on Tuesday, November 30 (location and time TBD).
Single family/townhome inventory in Savage remains steady. There has been a significant drop in single family inventory in Scott County (as a whole). Our West Savage absorption rate is 10.2. That means if zero new homes come on the market, it will take 10.2 months to sell our existing inventory.
Just out.... the Third Quarter Economic and Marketwatch Report as publishesd by our Regional Multiple Listing Service.... Print out the Scott County and economic portions of the report by clicking on the printer icon in the PDF box below.
The Average Sale Price in Scott County in Q3 increased from $218,800 to $230,000. Inventory rose along with days on market, and sales declined. However, the Q4 predictions are for steady pricing, increased sales, and an increase in new construction.
The Economic Monitor forecasts for the next six months:
An increase in EXISITNG HOME SALES - slow and steady
An increase in NEW HOME SALES
An increase in NEW HOME STARTS
Stability in home affordability, which is at historic highs
Offer pending bank approval on this like-new end unit. Vaulted ceilings, huge kitchen, fireplace, patio and attached garage. Ultra-modern and beautifully decorated. Bond money for downpayment assistance is still available!