West Savage Real Estate Blog

Weekly Activity Update for the Week Ending Nov. 9, 2019

With the stock market reaching record highs, continued low unemployment, and low mortgage rates, many signs in the US economy remain strong. However, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types, including mortgages, higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.

IN THE TWIN CITIES REGION, FOR THE WEEK ENDING NOVEMBER 9:

• New Listings increased 6.3% to 1,094
• Pending Sales increased 1.6% to 992
• Inventory decreased 5.9% to 11,463

FOR THE MONTH OF OCTOBER:

• Median Sales Price increased 5.7% to $280,000
• Days on Market decreased 4.2% to 46
• Percent of Original List Price Received increased 0.1% to 98.1%
• Months Supply of Homes For Sale decreased 4.0% to 2.4

Sales, prices still rising despite some changes this year

The latest numbers for Twin Cities residential real estate show a stable market with some ongoing signs of transition. Prices are still rising, supply is still tight, and demand has recovered even while market times have lengthened. Even though more buyers are closing on homes, the urgency has subsided somewhat. Days on market rose 2.4 percent from last September, marking the fifth year-over-year increase in the last seven months. Market times remain swift despite modest increases. Sales rose 3.4 percent and the median sales price increased 6.6 percent to $279,250. Pending sales—a measure of signed contracts and future demand—rose 2.9 percent. Both pending and closed sales are down slightly for the year so far, but that may change. New listings were up 2.5 percent, helping some buyers take advantage of historically low rates. Sellers have been accepting a slightly lower share of their list price compared to the year prior for seven of the last eight months—with September bucking that trend. This, along with other indicators, suggests the market is rebalancing in a way that could benefit buyers.

The number of active listings for sale is up over the last 12 months and for most of 2019. Even so, the market remains tight—particularly for first-time buyers and downsizers competing in the under $300,000 segment where multiple offers and homes selling for over list price remain commonplace. Despite the demand, builders struggle to replenish inventory in that undersupplied segment due to high land and material costs combined with a significant labor shortage and tricky regulations. The shortage of affordable homes has led to an increase in remodeling as people are staying in their homes longer. It’s challenging to find comparable home at a similar payment in the desired location. With just 2.5 months of supply, the Twin Cities is still significantly undersupplied.

September 2019 by the Numbers (compared to a year ago)

• Sellers listed 7,041 properties on the market, a 2.5 percent increase from last September
• Buyers closed on 5,358 homes, a 3.4 percent increase
• Inventory levels decreased 5.6 percent from last September to 12,478 units
• Months Supply of Inventory was down 7.4 percent to 5 months
• The Median Sales Price rose 6.6 percent to $279,250
• Cumulative Days on Market rose 2.4 percent to 43 days, on average (median of 22)
• Changes in Sales activity varied by market segment

• • Single family sales rose 5.5 percent; condo sales increased 1.4 percent; townhome sales fell 0.5 percent
  • Traditional sales increased 4.8 percent; foreclosure sales dropped 21.1 percent; short sales fell 55.6 percent
  • Previously owned sales were up 4.4 percent; new construction sales climbed 2.6 percent

JUST SOLD in West Savage! 9345 Hillsboro Way, Savage - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD in St. Clair Bluffs! 9345 Hillsboro Way, Savage     

Welcome to this classic, timeless full-brick front two-story situated on a nicely wooded lot in Savage!   The main floor features a foyer with an open staircase flanked by living/dining rooms and an office with French doors.  The kitchen has solid cabinetry, a granite island and updated appliances.  It opens to a large dinette and family room with a gas fireplace and built ins.   A half bath and the laundry room also lie on the main floor. 

The second floor features 4 bedrooms and 2 baths, including an ENORMOUS master suite with a sitting room, dry bar, rough-in for a future 2-sided fireplace, and a private dual sink bath with a jetted tub!    The laundry is currently on the upper level and can easily be converted back to the main floor if desired.   The unfinished lower level features 9-foot ceilings, a rough-in bath, and lots of space for future equity. 

Other amenities include an air exchanger, newer water heater, in-ground irrigation, and a 3-car garage with a service door.   A walking trail is being expanded just to the south, and Woodhill Park is just a short walk up the trail!

View our VIRTUAL TOUR.   Offered at $414,900.   SOLD AT $420,000

9345 Hillboro Way, Savage is proudly marketed by Chad & Sara Huebener at Edina Realty.  For more information or to request a private showing, call 952-212-3597.  

JUST SOLD - Lot 4 Collin Road - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD! - Lot 4 Collin Road 

Build to suit for personal or business.   

.20 Acre 

JUST SOLD! 4749 W. 147th Street, Savage - Chad & Sara Huebener, Edina Realty, Lic. MN

JUST SOLD! 4749 W. 147th Street, Savage 

This 4BR home sits on a quiet cul de sac lot with a truly remarkable backyard with pond views and a generous storage shed!   You’ll enjoy the peaceful backyard setting each time you look out the windows or sit out on the deck.  Vaulted and open floor plan with spacious rooms, 2 bedrooms on each level and 2 FULL baths.  The master bedroom has dual closets and walks-through to the bath.  Two family rooms, including a cozy wood-burning fireplace.   Recent updates include NEW roof, NEW skylights (2), NEW windows and slider door, newer dishwasher and lower level carpet.  NEW water heater, AC and washer/dryer.   Lots of storage cabinetry plus a great crawl space for additional storage! 

View our VIRTUAL TOUR.

Offered at $283,900.

SOLD AT $278,900

4749 W. 147th Street in Savage is proudly marketed by Chad & Sara Huebener with Edina Realty.  For more information or to schedule a private showing, call 952-212-3597.