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Minneapolis, Minnesota (July 14, 2014) – In June, for a fourth month in a row, homeowners in the 13-county Minneapolis-St. Paul metropolitan area listed more properties for sale than the same month the year prior. New listings rose 8.9 percent to 8,315 homes. That’s uptempo music to the ears of buyers eager to find a property that suits their needs. Pending sales were mostly flat with last June – up just 0.1 percent to 5,295 newly signed purchase agreements. Closed sales were down just 2.2 percent compared to last June.
As a result of this mix of activity, inventory levels also posted a year-over-year increase for a fourth consecutive month. The number of homes for sale rose 6.5 percent to 17,436. Further inventory gains are likely to continue, and there should soon be more options to choose from than in the recent past.
Most indicators suggest a transition from rapid recovery toward stability and normalization. Months’ supply was higher for a third month in a row, increasing to 4.1 months of supply, thanks to recent inventory increases. Even with more supply and flat demand, the mix of sales continues to skew away from distressed properties and toward traditional homes that sell at higher price points. Consequently, the median sales price rose 4.7 percent to $219,900 – the highest June median sales price since 2007 and the highest median price for any month since September 2007.
Though new listings rose 8.9 percent compared to June 2013, traditional new listings rose 19.4 percent while foreclosure and short sale new listings fell 40.1 percent and 39.5 percent, respectively. Similarly, though pending sales were only up 0.1 percent, traditional pending sales rose 11.8 percent while foreclosure and short sale pendings fell 43.6 percent and 42.7 percent. And again, overall inventory was up 6.5 percent but traditional inventory was up 23.7 percent as foreclosure inventory fell 33.9 percent and short sale inventory plummeted by 52.3 percent.
With more properties for sale, consumers now have the largest pool of homes for sale since August 2012. Inventory hasn’t shown this many consecutive year-over-year increases since late 2010. Notably, a growing share of that inventory falls into the more desirable traditional segment.
"The gains in inventory combined with declines in foreclosure sales puts us in a unique position," said Emily Green, President of the Minneapolis Area Association of REALTORS® (MAAR). "With supply up and demand for foreclosures virtually disappearing, price growth may moderate but should remain positive."
Indeed, the Twin Cities have now had 28 straight months of year-over-year median price gains. Foreclosures and short sales made up only 9.5 percent of all new listings and only 12.6 percent of all closed sales. Those are the lowest figures since May 2007 and September 2007, respectively. Homes are still selling quickly. Days on market was down 6.8 percent to 69 days, on average. Sellers are receiving an average of 97.2 percent of their original list price at sale.
"Monthly job growth is approaching 300,000 nationally, and the Twin Cities in particular has the lowest unemployment rate of any major metro area," said Mike Hoffman, MAAR President-Elect. "We’re positioned well for continued growth."
This updated, turnkey 4BR home sits on a professionally-serviced, landscaped lot close to parks, schools, and shopping. The main floor features a kitchen with new stainless steel LG appliances and newer flooring, and a family room with a gas fireplace with maple surround.
The kitchen leads to a large laundry/mud room with new front-load appliances. A maintenance-free deck and a new paver patio lie just off the dinette. The main floor also offers a dining room, bayed living room, tile foyer and powder bath.
The second floor features four bedrooms and two full bathrooms, including an enormous master suite with a sitting area, walk-in closet and private full bathroom. The entire second floor has new carpet. The lower level is unfinished and awaits your touches. This home also has updated lighting and window treatments.
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Offered at $299,900
2054 St. Francis Avenue is proudly marketed by Chad & Sara Huebener of Edina Realty. For more information or to schedule a private showing call 952-212-3597.
2864 Lakeview Drive, Shakopee
You’ll enjoy the golf course and the lake! This 5BR walkout two-story is on the Stonebrooke Golf Course and has panoramic views of Lake O’Dowd. The home has been extensively updated, with a kitchen with new appliances, new porcelain flooring, new custom cabinetry, and new granite countertops with a travertine backsplash.
The main floor family room has new carpet and a gas fireplace and leads to a vaulted four-season porch with a fireplace that overlooks Lake O’Dowd. The formal living room has new Brazilian cherry hardwood flooring. A living room, mud room and powder bath also lie on the main floor.
The finished walkout lower level features a family room with a fireplace and a kitchenette, an office, a bedroom, and a ¾ bathroom. A deck and patio provide wonderful outdoor entertaining options.
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2684 Lakeview Drive is proudly marketed by Chad & Sara Huebener of Edina Realty. For more information or to request a private showing, call 952-212-3597.
You will love the quiet location of this four bedroom home tucked far back into the neighborhood! The main floor features a vaulted living room and a bright kitchen that leads to a roomy deck. There are two bedrooms and two bathrooms on the upper level, including a private full master bathroom.
The finished lower level includes a large, open family room. Two bedrooms and a tastefully decorated ¾ bathroom lie on the lower level. A laundry room with a drip rod and the mechanicals are also on the lower level.
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Offered at $197,000
205 Pine Street is proudly marketed by Chad & Sara Huebener of Edina Realty. For more information or to schedule a private showing, call 952-212-3597.
This Craftsman-style two-story in the Whispering Oaks neighborhood offers warm and inviting colors with a modern flair! The main floor features a large foyer that opens to an office with French doors. The kitchen has maple hardwood flooring, birch cabinetry, a pantry with a glass door, stainless appliances, and granite surfaces.
The second floor includes four bedrooms, two full bathrooms and the laundry room. The vaulted master suite features a private full bathroom with tile flooring, dual sinks with granite surfaces, a whirlpool tub and a tile shower. The second full bathroom has granite surfaces as well.
The finished lower level includes an enormous family room with a corner stone fireplace and a wet bar. The 3/4 bath has a sleek design with granite surfaces and birch cabinetry.
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Offered at $439,900 SOLD AT $430,000
9031 Whispering Oaks Trail is proudly marketed by Chad & Sara Huebener of Edina Realty. For more information or to request a private showing, call 952-212-3597.
You'll be amazed with the space in this home!
The main floor features a dramatic two-story foyer flanked by a den with French doors and formal living and dining rooms.
The kitchen is spacious and features hardwood floors, stainless appliances, a granite island and a custom backsplash.
The finished lower level features a family room with a corner, gas fireplace with stonework and a stunning 3/4 travertine bathroom with a walk-in travertine shower and heated floors, maple cabinetry, dual sinks and granite surfaces. A huge storage room with shelving is an added bonus.
This home has a deck, paver patio, paver walkway up to 138th street, and an in-ground sprinkler system. Additional storage lies above the garage.
This home is conveniently located close to the bus stops for both 719 and 720 school districts!
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SOLD AT $381,000
9225 Hillsboro Way is proudl marketed by Chad & Sara Huebener of Edina Realty. For more information or to schedule a private showing call 952-212-3597.
17730 Idalia Path
The kitchen offers stainless steel appliances and center island. Walk out to the screened-in porch. There is new carpet and fresh paint throughout.
Offered at $259,900
SOLD AT $259,900
WEDNESDAY, JULY 16 4:00Pm - 6:00pm 9189 Woodhill Drive, Savage
Craftsman-style WOODHILL 2-stry boasting flawless maple hdwds, white custom cabinetry, a stone Frplc w/ built-ins + 2 Study nooks. 4 Lg BRs UP w/ private MSTR BA. 2nd Flr Laund. LL has plumbing & HVAC already completed. New mechancials! 719 Schools!
NEW PRICE! $449,900
WEDNESDAY, JULY 16 4:00pm - 6:00pm 9136 Woodhill Drive, Savage
Woodhill 2-story features open floor plan w/ updated granite/SS Kit, hdwd flrs, FamRm w/ 2-sided frplc shared w/ Den. Vaulted MSTR w/ priv BA. Built-ins in BRs. Finished LL w/ FamRm & Frplc. Paver patio. New mechanicals/roof! Walk to parks & trails!
NEW PRICE! $499,900
Minneapolis, Minnesota (June 26, 2014) –House hunters in the 13-county Twin Cities metropolitan area are finally getting more to choose from. Inventory levels were up 6.1 percent to 16,368 homes for sale in May 2014. This comes as new listings were up 3.0 percent to 8,572 and pending sales were down 9.0 percent to 5,260. Even though overall buyer demand remains below 2013 levels, it's still well above 2011 and 2012 levels. Moreover, buyer demand increased for traditional homes.
Absorption rates actually slowed to 3.9 months of supply, thanks to recent inventory increases. Even with more supply and less demand, the mix of sales continues to skew away from distressed properties and toward traditional homes that sell at higher price points. Consequently, the median sales price rose 8.2 percent to $210,000 – the highest May median sales price since 2007 and tied for the highest median price for any month since December 2007.
Though new listings rose 3.0 percent compared to last May, traditional new listings rose 14.1 percent while foreclosure and short sale new listings fell 44.0 percent and 47.7 percent, respectively. Similarly, though pending sales were down 9.0 percent, traditional pending sales rose 0.7 percent while foreclosure and short sale pendings fell 39.3 percent and 47.3 percent. And again, overall inventory was up 6.1 percent but traditional inventory was up 25.9 percent as foreclosure inventory fell 36.6 percent and short sale inventory plummeted by 53.6 percent.
With inventory up, consumers now have the largest pool of homes for sale in almost a year. Inventory hasn't shown this many consecutive year-over-year increases in about 3½ years. Perhaps more importantly, a larger share of that inventory falls under the more desirable traditional segment.
"Yes there's more inventory, but not in all areas or price points," said Emily Green, President of the Minneapolis Area Association of REALTORS® (MAAR). "The lack of supply is really starting to weigh on consumers and on sales numbers. This market has been supply-constrained for long enough, but the trend is moving in a positive direction."
As a result of this ongoing shift toward higher-priced and higher-quality product, the median sales price for the metro rose 8.2 percent to $210,000. That now makes 27 straight months of year-over-year price gains. Also helping along price recovery is the fact that foreclosures and short sales made up only about 10.0 percent of all new listings and about 15.0 percent of all closed sales. Those are the lowest figures since October 2007 and May 2007, respectively.
Homes continued to sell quickly, as days on market was down 7.0 percent to 80 days, on average. Sellers are receiving an average of 96.8 percent of their original list price. The Twin Cities now has 3.9 months' supply of inventory, just a tad higher than last May and consistent with this phase of market recovery.
"More inventory really is a good sign," said Mike Hoffman, MAAR President-Elect. "But housing relies heavily on the economy. That said, job growth, unemployment, consumer confidence and family financial situations must continue to show improvement."