West Savage Real Estate Blog

Weekly Activity Update - For Week Ending October 20, 2012

The housing market is improving. But don't take our word for it. CoreLogic, Standard & Poor's, FHFA and the NAHB all closely monitor a diverse array of housing data and indicators. At some point over the past six months, every single one of these indices has either reached a multi-year high or has shown several consecutive months of improvements.   

Does that mean every home in every neighborhood in every city across America is worth more today than it was a year ago? Of course not. But you'd be surprised just how robust this recovery is. Go ahead, dig into the numbers and see for yourself.

In the Twin Cities region, for the week ending October 20: • New Listings increased 0.6% to 1,110

• Pending Sales increased 33.3% to 1,012

• Inventory decreased 28.5% to 15,903

 

For the month of September:

• Median Sales Price increased 12.8% to $174,813

• Days on Market decreased 28.5% to 101

• Percent of Original List Price Received increased 4.0% to 94.8%

• Months Supply of Inventory decreased 39.2% to 4.1

JUST SOLD! 2BR 2BA Condo in Wildlife Setting! 5607 Green Circle Drive #123

JUST SOLD!   This 2BR 2BA End Unit condo has an enormous screened-in porch! Stainless Appliances, Lg living area, generous MSTR w/Private 3/4 Bath & private patio. Laundry in unit and closets galore! Heated/Covered Garage.  Enjoy the outdoor pool, trails & close proximity to local conveniences.

Offered at $67,900

SOLD at $80,000

JUST SOLD - New Construction on Cul De Sac in The Coves!

JUST SOLD!   16445 Knollridge Court!  

To-Be-Built two-story featuring five bedrooms (four up), large mud room, granite and stainless kitchen, fully-finished basement, two fireplaces, wet bar, in-ground sprinkler system, large, landscaped cul-de-sac lot.

This home closed on October 25.

$400,000's - Price Range

 

JUST SOLD! 5900 Timberglade Drive

JUST SOLD! 

WOW!  This 4BR 3BA four-level home has been recently updated with a head-to-toe renovated kitchen with oak hardwood floors, maple/cherry cabinets, solid surfaces, stainless appliances including a Thermador cooktop and double oven and Subzero refrigerator. 

The kitchen has a huge picture window with a window seat large enough for two people to nap!   Built-in cabinets with reeded glass run through the dining area. 

The home features three bedrooms up and two baths up, inluding a private master bathroom.  All the bedrooms are very large.   Downstairs lies a walkout family room with a fireplace, another bedroom and bathroom, and yet another level of unfinished storage. 

With an in-ground sprinkler and situated on a mature-treed, nearly half-acre lot, this home is nestled in privacy!

5900 Timberglade Drive is offered at $294,900. 

SOLD AT $294,900 

 

Weekly Market Activity Report

Housing pessimism is as out of fashion nowadays as bell bottoms and shoulder pads. Those who are still fishing for that elusive "market bottom" have likely missed it in most areas. The major story continues to be tightened inventory and high buyer turnout. Homes should be selling faster and for closer to list price – or even above in the hottest neighborhoods. Continue to monitor key differences between the foreclosure and traditional segments as well as variability between the single-family and condo markets.

In the Twin Cities region, for the week ending October 13:

• New Listings increased 7.3% to 1,252

• Pending Sales increased 26.7% to 954

• Inventory decreased 28.8% to 16,017

For the month of September:

• Median Sales Price increased 12.6% to $174,500

• Days on Market decreased 28.4% to 101

• Percent of Original List Price Received increased 4.0% to 94.8%

• Months Supply of Inventory decreased 39.6% to 4.1

West Savage Update - October 2012

West Savage inventory is creeping downwards, and sales are holding steady. Look at our West Savage absorption rate this month – 1.83! This means if zero new homes come on the market, it will take 1.83 months to sell our existing inventory. For comparison, we pulled our Update from October 2010 when our market was stagnant. The absorption back then was 9.17. Talk about a strong signal for recovery, and in October, no less! (Five months of inventory is considered a balanced market. Anything above 5 is considered a buyers’ market and anything below 5 is considered a sellers’ market.)  

If that is not enough, our chats with potential sellers are another sign. We are seeing two strong trends with regards to sellers this fall: Some are listing now in October, when the low competing inventory and low interest rates are a sure thing; Others are gearing up for spring. (Yes, already!) They will spend their winter painting, decluttering and of course, getting through the holidays.

West Savage now has ZERO active foreclosure listings, ONE active short sale, and the remaining listings are traditional. The foreclosure in Ridgewood/Boone Place (in the cul de sac on Connelly Place) just accepted an offer and is scheduled to close at the end of this month.

We are receiving a lot of inquiries about the (anticipated) foreclosure flood that was expected for 2013. Some unique trends have surfaced this year, like banks renting out properties, and so much remains unknown. We expect that foreclosures will continue to trickle on the market, but not nearly in the waves that they once were. Nothing major.

If you plan on selling in the future, please call us for a confidential interview.   We are aggressive, knowledgeable about our local market, and we think outside of the box.   We would appreciate any opportunity to earn your business. 

Chad & Sara Huebener, Edina Realty, www.WestSavageBlog.com

Positive Housing Outlook is the Rule of the Day

Minneapolis, Minnesota (October 12, 2012) – Local housing market recovery continues to roll forward in the Twin Cities 13-county metropolitan area. In September, more homes sold in less time at higher prices and for closer to asking price than last year. During the month, 4,032 homes went under contract, 11.0 percent higher than September 2011. The median sales price was up 12.3 percent to $174,000; the 10K Housing Value Index showed a more modest 6.8 percent increase to $172,208. The only missing component was seller confidence. Sellers brought 5,341 properties to the market, 4.1 percent fewer than last year. The number of homes for sale on the market fell 29.4 percent to 15,996—near a 9-year low – making seller conviction and optimism increasingly critical.

“One of the most encouraging changes in the market has been more traditional homes and fewer foreclosures," said Cari Linn, President of the Minneapolis Area Association of REALTORS®. “There's finally some room to breathe for traditional sellers."

At 30.6 percent for September 2012, the percentage of all new listings that were lender-mediated (either foreclosure or short sale) was at its lowest level since June 2008. The percentage of all lender-mediated closed sales was 35.3 percent.

These distressed sales tended to sell at a 26.6 percent discount compared to the overall market. Overall median sales price was up 12.3 percent, but prices varied by sale type. Traditional median home prices were up 6.2 percent to $207,000; foreclosure prices were up 13.7 percent to $125,000; and short sale prices were up 0.8 percent to $131,000, their first gain since June 2008.

The number of homes for sale has dropped for 20 consecutive months and is below 16,000 for the first time since December 2003. Months' supply of inventory fell 40.9 percent to 4.0 months. This indicates that the market is on the brink of favoring sellers. Figures below 4.0 months supply are moving toward a sellers' market.

The landscape for sellers continues to brighten. On average, homes sold in 101 days, 28.7 percent faster than last year at this time. Sellers received, on average, 94.8 percent of their list price, 4.1 percent more than last year. Cash buyers made up 19.3 percent of all closed sales.

“Interest rates in the Twin Cities are around 3.4 percent and buyers have a justified sense of urgency," said Andy Fazendin, MAAR President-Elect. “Housing has gone from a laggard the past few years to leading the charge in 2012."

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.

PRICE REDUCED! 4BR Savage Bi-Level with Spectacular Backyard!

This 4BR 2BA home is a smart buy!    The home has a functional floor plan with newer hardwood laminate flooring, tile baths, and a deck perfect for large gatherings.   The deck leads to a spectacular, flat, fully-fenced backyard!   The roof is new and the siding has recently been painted.  Just a short distance to Lifetime Fitness and Glendale Elementary School!

13372 Brunswick Avenue S., Savage

Offered at $227,500

Proudly marketed by Chad & Sara Huebener of Edina Realty.  For a private showing or to request more information call 952-212-3597.

JUST SOLD! Creekside 4-Level at 4855 South Park Drive, Savage!

JUST SOLD!    4855 South Park Drive  

 This 3 Bedroom 2 Bath four-level home is tucked onto a mature-treed lot with a creek running through the backyard!  The home has been updated from top to bottom!  

The main floor offers a family room with new carpet and an updated kitchen with a new butcher block island, stainless appliances, oil-rubbed hardware and updated lighting.  A large deck  overlooking the creek lies off the kitchen.  Upstairs you'll find two bedrooms, all with new carpet and fresh paint, including the master suite with a walk-in closet with organizers.  The upper-level  bathroom has been renovated with a tile walk-in shower with glass block, a dual-sink vanity, new stool and lighting.

The lower level walks out to the backyard patio and offers a large family room and bedroom, both with new carpet and fresh paint.  A newly-renovated full bathroom lies just off these two rooms.  A second lower level features a newly-finished family room with gas fireplace.  The laundry room was just finished with tile floors, cubbies, and a newer washer/dryer.  

This home has many more updates which can be found on the backside.  The lot provides privacy and
serenity, all while being centrally-located to area conveniences.

Offered at $244,900

Sold at $238,000.

View our VIRTUAL TOUR or ONLINE FLYER for 4855 South Park Drive in Savage.  This home is proudly marketed by Chad and Sara Huebener of Edina Realty.  For more information or to requset a private showing call 952-212-3597.

JUST SOLD in The WILDS! 15366 Wilderness Ridge Road NW

JUST SOLD!

This remarkable 3BR 3BA townhome sits just at the fringe of The WILDS Golf Community.    The main floor has a large kitchen with Cathedral ceilings, maple cabinetry, and a large center island.  The family room has Cathedral ceilings and a gas fireplace.   A deck lies just off the kitchen.   Wide plank maple floors run through the entire main floor.  

The second floor has two bedrooms and two bathrooms, including a private master suite with ¾ bathroom.   The walkout lower level is finished and has a family room, bedroom, ¾ bath and laundry room.

The home has an extra-large foyer,  fresh and neutral décor, and is situated on a private lot with trees.    

OFFERED AT $179,900

SOLD AT $179,900

View our ONLINE FLYER for 15366 Wilderness Ridge Road NW in Prior Lake.  

24 Hour Recorded Message  1-800-605-6994  Ext.  559

15366 Wilderness Ridge Road NW in Prior Lake is proudly marketed by Chad and Sara Huebener of Edina Realty.   For more information or to request a private showing, call 952-212-3597.