West Savage Real Estate Blog

JUST SOLD! 1898 Mathias Road

JUST SOLD!

Wow for elegance and function!  This two-story home features 5 bedrooms and 4 bathrooms on a pondfront lot, and all the key aspects of this home are spacious for living!  The home features rich, dark woods, carved woodwork, stained and beveled glass panels, and soaring ceilings.  An open staircase and a living room with chocolate hardwoods and glass French doors off the foyer lend a grand look to the home.   

The main floor features a maple kitchen with tile flooring, granite countertops and pull-out shelving, a two-story Great Room, a powder bath, and a laundry room large enough to ballroom dance in - it's 12x13!

The second floor includes three bedrooms, two bathrooms and a loft.  The private master suite has a vaulted ceiling and enormous bath with enameled cabinetry and a walk-in shower.  The walk-in closet features solid wood shelving, shoe racks and lingerie drawers stained to match the rich wood tones that run throughout the rest of the home.  

The finished lower level has two bedrooms, a 3/4 bath, and a family room.  Both bedrooms have walk-in closets large enough to put a bed and dresser in.  The closet sizes really are unbelievable. 

Offered at $321,900

SOLD AT $327,900

 

Traditional Market Share Dominates as Sellers Re-enter the Scene

Minneapolis, Minnesota (November 12, 2013) – The Minneapolis-St. Paul metropolitan housing market continued along the path toward recovery in October. While some measures suggest a slowing in the pace of recovery, this deceleration is primarily the result of a healing distressed segment. Sellers felt more confident as new listings rose 15.1 percent to 6,102, marking the seventh consecutive year-over-year increase in monthly seller activity. Buyers closed on 4,495 homes, a modest 1.9 percent increase over last October. Consumers have 15,556 properties from which to choose – or just 3.7 percent fewer than last October, but 19.2 percent more than in January 2013.

The market-wide median sales price was unchanged from September 2013 at $195,000, but was up 11.4 percent compared to October 2012. In October 2011, foreclosures and short sales together comprised 46.2 percent of all closed sales. In October 2013, these two segments made up only 21.5 percent of all sales. For new listings, the same October figure dropped from 42.4 percent in 2011 to 19.5 percent of all new listings in 2013.

“The slight decrease in pending sales activity is entirely attributable to declines in the number of contracts signed on foreclosure and short sale properties,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS® (MAAR).

Traditional pending sales activity was up 19.7 percent while foreclosure and short sale contracts were down about 33.7 and 50.8 percent, respectively. Closed sales increased 1.9 percent overall, but traditional closed sales rose 23.6 percent. Foreclosure sales and short sales were down 32.9 and 50.0 percent, respectively. New listings rose 15.1 percent overall, but traditional seller activity increased 39.0 percent higher as foreclosure and short sale new listings fell 24.4 and 50.1 percent, respectively.

On average, homes are spending 75 days on the market – the quickest October pace in seven years. Sellers are receiving an average of 95.8 percent of their original list price – the highest October ratio since 2006. The Twin Cities metro now has 3.5 months’ supply of inventory, which suggests sellers are regaining their leverage.

“We are within the final phases of market recovery,” said Emily Green, MAAR President-Elect. “Supply levels are stabilizing and regenerating, which means buyers have more choices and balance is being restored.”

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from NorthstarMLS. 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. 10K Research and Marketing, LLC is a wholly owned subsidiary of MAAR.

###

Weekly Market Activity Update - for the Week Ending November 2

Our metro REALTOR Association reports:  Most analysts agree that we are not in the midst of inflating another housing bubble. Instead, we are sometimes seeing seemingly dramatic price and sales increases, but off of artificially low baseline levels. Private equity firms and first-time buyers have bought up a lot of inventory, while some sellers await further price recovery. Credit remains available but not abundant, so lenders are avoiding the facilitation of another bubble. Default rates and foreclosure activity are at multiyear lows. As of now, the housing recovery is intact.

In the Twin Cities region, for the week ending November 2:

• New Listings increased 5.5% to 1,185

• Pending Sales increased 6.9% to 972

• Inventory decreased 2.6% to 16,034

For the month of October:

• Median Sales Price increased 11.4% to $195,000

• Days on Market decreased 27.2% to 75

• Percent of Original List Price Received increased 1.4% to 95.8%

• Months Supply of Inventory decreased 12.5

OFFER PENDING - 15538 Float Lane

OFFER PENDING

Bank-owned and competitively priced at $99,900

on this 2BR 2BA townhome with new carpet, new vinyl flooring, new appliances, and a coat of fresh paint.  

JUST SOLD! 504 Varner Street, Jordan - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD

This 3BR rambler is situated on fantastic flat lot with large fenced backyard with firepit!   The home features hardwood floors, ceiling fans, built-ins, a breezeway, rear garage door access, and a storage shed.  

Offered at $99,900   SOLD AT $99,900

Weekly Market Update - for the Week Ending October 26, 2013

Holiday decorations have debuted in department stores across the nation (really?), and their mere presence just might affect housing activity for those prone to a good winter hunker. Comparisons to year-ago levels will show improvement and recovery, even as general activity will likely slow through the rest of 2013. With rates seemingly in a continuous go-low zone, the thrifty buyer and willing seller will still meet for transactional tea.

In the Twin Cities region, for the week ending October 26:

• New Listings increased 16.4% to 1,209

• Pending Sales increased 10.4% to 974

• Inventory decreased 3.1% to 16,211

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 1.7% to 96.4%

• Months Supply of Inventory decreased 14.0% to 3.7

Home Prices Continue Their Ascent as Inventory Searches for Bottom

Minneapolis, Minnesota (October 10, 2013) –Recovery continued across the Minneapolis-St. Paul metropolitan housing market even with our first taste of fall weather. Sellers regained some enthusiasm as new listings rose 19.3 percent to 6,372, marking the sixth consecutive year-over-year increase in monthly seller activity.

Buyers closed on 4,667 homes, a 14.5 percent increase over last September. Consumers have 15,968 properties from which to choose – 7.1 percent fewer than
September 2012 but 22.5 percent more than in January 2013.

The overall median sales price stood at $195,000, up 11.7 percent compared to September 2012. Three factors have coalesced to attain higher sales prices: less supply, more demand and a sales mix that’s returning to traditional sales and away from foreclosures. In September 2011, foreclosures and short sales together comprised 46.1 percent of all closed sales. In September 2013, these two segments made up only 21.9 percent of sales.

“Median sales prices have increased for 19 consecutive months in year-over-year comparisons,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS® (MAAR). “Rising rents, affordable prices and low interest rates continue to drive sales increases.”

While closed sales were up 14.5 percent overall, traditional buyer activity was up 37.3 percent. Foreclosure sales and short sales were down 27.3 and 30.0 percent, respectively.

Similarly, new listings were up 19.3 percent overall, but traditional seller activity rallied 42.6 percent higher as foreclosure and short sale new listings fell 29.6 and 42.6 percent, respectively.

Homes are selling in an average of 71 days, continuing a low-number trend from last month that we haven’t seen around here for more than six years. Sellers are receiving an average of 96.5 percent of their original list price – the highest September ratio since 2005. The Twin Cities is at 3.6 months’ supply of inventory for September 2013.

The traditional median sales price rose 4.4 percent to $217,000; the foreclosure median sales price was up 8.0 percent to $134,900; the short sale median sales price increased 10.9 percent to $145,250.

“With price gains continuing and multiple-offer situations still common, market recovery and stability has been the order of the day,” said Emily Green, MAAR President-Elect. “Activity should begin its season slowdown, but we expect year-over-year activity to remain positive.”

All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from NorthstarMLS. 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. 10K Research and Marketing, LLC is a wholly owned subsidiary of MAAR.

###