West Savage Real Estate Blog

Weekly Market Activity Report - For Week Ending October 19, 2013

Our local realtor association is reporting that nationally, we are starting to see some of the impact of the government shutdown on the housing market. Applications for government mortgage products dropped to the lowest level since 2007, according to a release from the Mortgage Banker's Association. This was while overall applications were up marginally. Most FHA lenders were able to process loans while Veterans Administration loans were slowed considerably and USDA Rural Development financing was cut off entirely. That said, there was still plenty of activity locally, much of it positive.

In the Twin Cities region, for the week ending October 19:

• New Listings increased 16.3% to 1,291

• Pending Sales decreased 11.4% to 867

• Inventory decreased 3.9% to 16,275

For the month of September:

• Median Sales Price increased 11.7% to $195,000

• Days on Market decreased 29.7% to 71

• Percent of Original List Price Received increased 1.8% to 96.5%

• Months Supply of Inventory

JUST SOLD! 8840 Woodhill Circle, Savage - Chad & Sara Huebener

JUST SOLD!

8840 Woodhill Circle, Savage 

This 3BR 3BA two story is nestled on a very private, wooded cul de sac lot backing to Woodhill Park!  This original-owner home has an open floor plan and many recent updates.  

The main floor features vaulted formal living and dining rooms, a kitchen with 42" cherry cabinetry, new hardwood floors and granite countertops (May 2013,) and a center island.  The family room has large windows overlooking the backyard, maple built-ins, and a gas fireplace.  Just off the family room lies a den with French doors.  The main floor also has a powder bath and generous mud room, both with new tile flooring.

Upstairs you'll find three bedrooms and two full bathrooms, including a vaulted master suite with a full private bathroom with a whirlpool tub, enameled cabinetry, dual sinks and a walk-in tile shower.  The second floor has a large laundry room and a loft area that is wired for internet.   

The unfinished lower level has bright lookout windows, a rough-in bath and 9' ceilings, and is ready for your touches.  A deck, new patio, and front porch are perfect for entertaining!  The home has a new roof (2010) and a new dishwasher (2012) in addition to the new granite, tile and hardwood flooring.    Located in Prior Lake Savage schools, this home is move-in ready! 

View our VIRTUAL TOUR.

Offered at $375,000

8840 Woodhill Circle is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597. 

JUST SOLD! 17631 Hillwood Avenue

JUST SOLD!   This 4BR 3BA home features a large, flat lot across the street from a neighborhood park!   A deck with a pergola and a paver patio are some of the great feature this home has to offer!   

The main floor has hardwood flooring, a den with French doors, a spacious family room with a fireplace, and a granite and stainless kitchen.  A large mud and laundry room lie on the main floor.  

The second floor has four bedrooms including a vaulted master suite, and two full bathrooms.   An unfinished basement is perfect for storage and future equity.  

SOLD at $301,000

West Savage Update - October 2013

One thing jumps out at us this month:  Pending sales are on the rise, and the number of pending sales equals the number of active listings in West Savage this month.  While these numbers often align to some degree, these figures also continue to demonstrate that sales activity this year, even into the fall months, remains strong.  

The government shutdown was a hot news topic, but its impact to real estate transactions was minimal.  Our loan officer contacts reported that VA loans were the most likely to be impacted, followed by FHA loans.  Though not directly affected by the shutdown, FHA financing relies on information provided by other governmental departments which were impacted by the shutdown, hence the effects for some FHA borrowers were residual.  While a few consumers articulated concerns about the US economy and how that impacted their decision-making process when it comes to real estate, most consumers have expressed more irritation than concern thus far.

The low market times are continuing into the fall months.  We peeked back into October 2010 for a comparison of West Savage market times during that year, and most were in the triple digits, with some well into the 300+ days on market.   That year, the $300K-$600K market (of which West Savage predominantly is) was stagnant due to high vacancy rates in the entry-level markets leaving few move-up buyers to turn around and purchase homes in this range.  Enough time has now elapsed where the entry-level buyers of the 2010 market are making new home purchases.  This is surely a factor for West Savage’s phenomenal 2013 turnaround year in terms of sales activity.  

This month, single family inventory in both Savage and in Scott County (as a whole) has increased, while townhome inventory in Savage has decreased.  Townhome inventory in Scott County has remained steady from last month.  Our West Savage absorption rate is 1.54.   That means if zero new homes come on the market, it will take 1.54 months to sell our existing inventory.  This is an incredibly low number!

JUST SOLD! 13465 Nevada Avenue, Savage - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD!          

Welcome to 13465 Nevada Avenue!  This home is situated on a quiet street backing to a natural pond in Prior Lake Savage schools! 

The main floor features a den with French door entry, a formal dining room, a family room with a stone fireplace, and a kitchen with hardwood floors, stainless appliances, a pantry and a custom backsplash.  A generous laundry room and the deck lie just off the kitchen. 

The second floor features four bedrooms and two full bathrooms, including a vaulted master suite with a private bath with a whirlpool tub, dual sinks and a dual-head shower.   The finished walkout lower level has a large family room with archways, a bedroom overlooking the backyard, a full bath with tile flooring, and a large finished storage room.   A huge patio lies off the family room.

You will love other features like built-ins, knock down ceilings, laundry room cabinetry, and a 3-car attached garage!  

View our VIRTUAL TOUR.      Offered at $349,900.  

SOLD AT $349,900

13465 Nevada Avenue is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597.

JUST SOLD in Summit Ponds of West Savage - 13867 Virginia Avenue - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD!

13867 Virginia Avenue in the Summit Ponds neighborhood

This 5BR 4BA walkout two-story is tucked onto a private half-acre pondfront lot!  The main floor features an open staircase flanked by formal living and dining rooms. 

The kitchen has newly refinished hardwood floors, Quartz countertops, new appliances and 42” cabinetry. The family room has floor-to-ceiling windows and a stone fireplace.  A laundry room with front load appliances, the mud room and powder bath lie just off the kitchen. 

The second floor offers four bedrooms and two full bathrooms, including a vaulted master suite with a walk-in closet and a private bathroom with dual sinks, a whirlpool tub, and a separate shower.    The finished walkout basement has 9’ ceilings, a family room with built-ins, a large bedroom, a ¾ bath and 3 storage rooms.    

This home has a deck, patio, security system, epoxy garage floor and a brand new driveway.  Located in a neighborhood with walking trails and in 719 schools, this is the perfect place to call home.

View our VIRTUAL TOUR.

Offered at $350,000

SOLD AT $340,000

13867 Virginia Avenue is proudly marketed by Chad & Sara Huebener of Edina Realty.  For more information or to request a private showing, call 952-212-3597. 

Government Shutdown - National Assn of REALTORS Warns Default Impact Could be Severe

AGENCY DISCLOSURE

Download 2 Agency

Weekly Market Activity Update for the Week Ending September 28, 2013

Home prices are still rising and rates have increased incrementally. As the cement move-up and first-of market balance hardens, it has become more dependent on move first time home buyers. Even with tightened lending regulations, seller activity has broadened. The government shutdown should not have a major impact on national and local market housing recovery. But as we get deeper into the –ber months, it will be interesting to see if the year-over-year trends hold true, simply lessen in drama or give reason for pause.    

In the Twin Cities region, for the week ending September 28:

• New Listings increased 10.3% to 1,449

• Pending Sales increased 12.2% to 1,106

• Inventory decreased 5.9% to 16,282

For the month of August:

• Median Sales Price increased 16.8% to $207,825

• Days on Market decreased 34.0% to 70

• Percent of Original List Price Received increased 2.0% to 97.0%

• Months Supply of Inventory decreased 15.9% to 3.7

Weekly Market Activity Update, For Week Ending September 21, 2013

Higher interest rates, rising prices and a budget standoff in Washington haven’t shaken consumer sentiment regarding housing. Buyers continue to riffle through existing inventory for options, keeping an eye out for new listings. A sense of normalcy is returning to the real estate ethos after more than a decade of extreme ups and downs. It’s a big week for economic and housing news, so keep your eyes and ears tuned for any changing headlines.

 

In the Twin Cities region, for the week ending September 21:

• New Listings increased 13.3% to 1,469

• Pending Sales decreased 5.5% to 970

• Inventory decreased 6.8% to 16,249

For the month of August:

• Median Sales Price increased 16.9% to $207,900

• Days on Market decreased 34.0% to 70

• Percent of Original List Price Received increased 2.0% to 97.0%

• Months Supply of Inventory decreased 18.2% to 3.6