West Savage Real Estate Blog

The Monthly "Skinny" - July 2013

Inventory is still low, but rising, and rising interest rates do not seem to be quelling buyers.

 

Weekly Market Activity Update - For the Week Ending July 13

Housing isn't just housing. That may have a strange ring to it. But housing includes building, inspecting, remodeling, lending, refinancing, furnishing and a host of other functions tied to the physical space of home. Each of these functions is tied to job growth and interest rates, and each has seen some spectacular highs

and lows over the past eight years. There has been a recent sense of stability brewing in all of housing. Here's to making the most of it.

 

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

• New Listings increased 25.1% to 1,921

• Pending Sales increased 26.5% to 1,352

• Inventory decreased 15.6% to 15,390

 

For the month of June:

• Median Sales Price increased 17.5% to $210,000

• Days on Market decreased 34.5% to 74

• Percent of Original List Price Received increased 2.5% to 97.5%

• Months Supply of Inventory decreased 25.0% to 3.6

West Savage Update - July 2013

West Savage active inventory is holding steady from last month, but pending sales are on the rise.  Buyers are still active despite the nearly three-quarters of a point interest rate jump. (A 30-year fixed is sitting around 4.5%.)   The historically-low rates had to end sometime!   But the rates are still low; It's just taking us awhile to get used to it because we were spoiled for awhile!  

In terms of pre-approvals, we have seen the rate increase affect the dollar amount of just a few buyers.   Most buyers do not purchase up to their maximum limit, so few have really felt the crunch from a pre-approval standpoint.  

Buyers this year are writing more competitive offers for the most part.   Their offers are more based on market value relative to other properties they are viewing, rather than on getting a '"really good deal."   In competitive situations, some buyers are sweetening the pot in other ways.   Some are waiving inspections, others are offering above list price.    We had one buyer recently write a humorous letter to our seller that was really rather cute, but also touched on why they seriously wanted the seller to consider their offer.   Additionally, many buyers still need the seller to contribute 3% of the sales price towards their closing costs.   

We are continuing to see heavy competition among buyers in the entry-level market.  Short sales and foreclosures are still out there but they are fewer and far between, which has been a contributing factor to the low inventory, and the fierce competition.     

This month, both single family and townhome inventory in Savage and in Scott County (as a whole) has increased.  Our West Savage absorption rate is 1.85.   That means if zero new homes come on the market, it will take 1.85 months to sell our existing inventory. 

JUST SOLD in Creekside of Savage! 7012 151st Street - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD!   7012 151^st Street in Savage! 

This 4BR townhome backs to a wooded preserve and is conveniently located in Creekside of Savage.  

The main floor features a wide-plank, hand-scraped hardwood kitchen with granite countertops, stainless appliances and a custom backsplash.   Abundant cabinetry with pull-out shelving and a half bath lie off the kitchen.  The main floor family room features a gas fireplace flanked by bright windows and a deck overlooking the backyard. 

Upstairs you’ll find three bedrooms, two bathrooms, a loft and a spacious laundry room.  The master suite has a walk-in closet and a full, private bathroom, along with wooded views!   The basement has been finished with a large family room, bedroom, and ¾ bath with an elevated vanity.  

You’ll enjoy the updated lighting, rich warm colors, and views that this home has to offer!

Offered at $215,900

SOLD AT $212,000

7012 151st Street in Savage is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information onto request a private showing call 952-212-3597.  

JUST SOLD in Amberwood! 13977 Maryland Avenue - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD!    This 3BR 3BA bank-owned home in the Amberwood neighborhood looks just like a gingerbread house, and with a little TLC will be stunning!    The home features a spacious main floor with three bedrooms in the upper level, including an ENORMOUS master suite. The lower level is unfinished for future equity.  

Sold in multiple offers.   Listed at $294,900

SOLD AT $301,000

JUST SOLD! 3638 Fox Tail Trail NW - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD!    3638 Fox Tail Trail NW!

This 2BR 3BA townhome features wide-open spaces and an abundance of natural light.   The main floor has a large kitchen with staggered maple cabinetry and a center island/breakfast bar.   The kitchen leads to a deck overlooking the wetland.  The main floor family room has maple hardwood floors and a gas fireplace.  Soaring ceilings give the main floor height and openness.   

The second floor includes two bedrooms and two full bathrooms, including a vaulted master suite with a whirlpool tub.  The walkout lower level has been finished with a large family room, and leads to a lower level patio. 

This home is on a quiet street with views of nature from almost every room! 

SOLD AT $185,000

3638 Fox Tail Trail NW is offered at $189,900 and is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597.

 

SOLD SUBJECT TO INSPECTION! 4196 W. 137th Street - Savage

SOLD SUBJECT TO INSPECTION!    4196 W. 137th Street, Savage

One day on Market twinhome that just underwent a major interior renovation!   Updated wide-plank hardwoods through entire main floor, stainless and cherry kitchen, fully-finished basement with huge family room.   3BR, 2BA, and abundant storage!

 

Weekly Market Activity Update

A fellow named Newton once said that a body in motion tends to stay in motion. Presently, the housing market is going to be in a state of anti-motion, otherwise known as inertia. Each year, the activity around Independence Day collides with market trends because the summer holiday season ends up being more about family fun than housing fuss. As the market shifts from under us, things like historically low interest rates and rising rents cause pause for those with a clear idea of what they want despite the lack of funding to achieve it. 

In the Twin Cities region, for the week ending June 29:

• New Listings increased 22.8% to 1,738

• Pending Sales increased 22.4% to 1,405

• Inventory decreased 16.8% to 15,405

For the month of June:

• Median Sales Price increased 17.5% to $210,000

• Days on Market decreased 33.6% to 75

• Percent of Original List Price Received increased 2.5% to 97.5%

• Months Supply of Inventory decreased 27.1%

JUST SOLD! 5940 Cardinal Ridge Trail

JUST SOLD!  

This 4BR 3BA home has a FANTASTIC BACKYARD with a huge deck, gardens, a waterfall, mature trees, and a paver patio.  The home features an oversized family room with a fireplace, a kitchen with granite surfaces, hardwood floors and updated hardware, and four bedrooms up, including a private master bathroom with an enormous walk-in closet. 

Sold subject to inspection during a flurry of showings in one evening.   WOW!

OFFERED AT $319,999

SOLD AT $323,000

West Savage homes on the evening news

Our listing in Woodhill at 8840 Woodhill Circle, (along with other West Savage properties,) made the evening news!

 

KMSP-TV