MN MLS

Medina MN Real Estate

noreply@blogger.com (Ryan O'Neill) — Wed, 12 Nov 2008 23:54:00 +0000

Medina, MN Real Estate Market Update - November 2008

Medina is a great city located near Lake Minnetonka, Lake Independence, and Long Lake and is home to many famous athletes. Also home to the Medina Entertainment Center which is used by people all over the Twin Cities for weddings, receptions, banquets, meetings, or attending concerts or going to dinner, etc! Being a lake city, is has tons of natural beauty and parks for recreational purposes. It is also home to John Stenroos on our team, who is a great, great agent if you're looking to buy or sell in this area!

First we'll look at October of 2007 compared to the month of October in 2008. In Medina, 20 properties were put on the market this October, up 66.7% from 12 new listings last October. Closed sales went from 4 to 3 closed sales in October of 2007-2008. The average sales price increased 10.7% from last October, going from $663,450 to $734,167. The percent of original list price received at the time of sale in Medina was only 89.3%, a decrease of 3.4% from October of 2007. The average days on the market until sale increased 93.2% from 205 to 396 days. The overall active inventory level for single family homes increased 17.9% to 66 homes in October 2008. The townhome and condo inventory level is down 19%, with 17 properties on the market in October of 2008.

Now when we take a look at January through October of 2007 compared to January through October of 2008, there has been a 7.4% drop in new listings put onto the MLS in Medina. Closed sales are down 17%, with 39 properties closing here in 2008. The average sales price is down 12.7% from $787,765 to $687,553. The percent of original list price received at the time of sale is down 2.8%, from 93.9% to 91.3%. The average days on the market until sale are up from 123 to 228 days, an increase of 85.3%.

Being that the price of homes is much higher in Medina; the time on the market is also much longer than usual. The demographic of buyers is just not the majority in Medina therefore you have a lesser audience when you list a high end property here. If you're trying to sell in Medina, expect to wait a while!

Roseville houses for sale

noreply@blogger.com (Ryan O'Neill) — Fri, 07 Nov 2008 22:46:00 +0000

Roseville, MN Real Estate Market Update - November 2008

Roseville is a great city just north of Minneapolis/St. Paul that has many movie theaters, restaurants, bars, golf courses, and shopping to enjoy. It's also known for its safe neighborhoods, quality schools and parks, and its excellent business climate. Interestingly enough, Roseville was the location of the first Target ever built, the first Best Buy store ever built, the first Barnes & Noble bookstore outside of New York City, and the first McDonald's built in the state of Minnesota! Wow!! It's also headquarters to Old Dutch and The Minnesota State Lottery.

First we'll look at September of 2007 compared to the month of September in 2008. In Roseville, 47 properties were put on the market this September, up 9.3% from 43 new listings last September. Closed sales are up 33.3%, with 28 listings closing in September of 2008. The average sales price went down 11.5% from last September, going from $260,253 to $230,291. The percent of original list price received at the time of sale in Roseville was only 89.9%, a decrease of 6.2% from September of 2007. Unfortunately, the average days on the market until sale increased 133.1% from 60 to 140 days! The overall active inventory level for single family homes in Roseville stayed exactly the same as last September at 109 listings. The townhome and condo inventory level is down 8.8%, with 62 properties on the market in September of 2008.

Now we'll look at January through September of 2007 compared to January through September of 2008. New listings put onto the MLS in Rosemount increased by 1.4%. Closed sales are down 17.2%, with 207 properties closing in 2008. The average sales price is down 7.8% from $256,952 to $237,005. The percent of original list price received at the time of sale decreased 2.9%, from 95.3% to 92.5%. Average days on the market until sale are up 20.3%, going from 104 in 2007 to 125 days this year.

One interesting trend here is that the number of new listings is still increasing! In most areas, this is not the case. Most people are holding off on selling since listings are staying on the market for so long and they're not getting top dollar for their properties. It's too hard to predict the reasoning for this, but an interesting fact nonetheless. Also looking at the median price of home sales in Roseville over the last few years, it's been a roller coaster. They are now almost nearing the highest point in the last few years, which is encouraging!

Farmington Real Estate

noreply@blogger.com (Ryan O'Neill) — Fri, 31 Oct 2008 17:07:00 +0000

Farmington, MN Real Estate Market Update - October 2008

Today we're going to look at Farmington and the real estate trends in the city. This area is one that has really grown a lot in the past years, and is still growing. Many neighborhoods here are quite new meaning lots of newer homes of course. The prices are also fairly affordable, being lower than most cities that are closer to Minneapolis and St. Paul. It's only about a 30 minute drive to the cities however. So if you don't mind commuting, you can get a great deal in Farmington!

First we'll look at September of 2007 compared to the month of September in 2008. For the city of Farmington, new listings put on the MLS were up 20%, with 78 properties going onto the market. Closed sales declined 10.5%, with 34 listings closing in September of 2008. The average sales price went down 8.9% from last September, going from $224,799 to $204,702. The percent of original list price received at the time of sale went up only by 0.1%, going from 94% to 94.1%. The average days on the market until sale are up 25%, from 143 to 179 days! The overall active inventory level for single family homes in Farmington is down 24.1%, from 274 to 208 listings. The townhome and condo inventory level is up 38.9%, with 100 properties on the market in September of 2008.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 11.2% drop in new listings put onto the MLS in Farmington. Closed sales are down 15.3%, with 293 properties closing here in 2008. The average sales price is down 9% from $234,607 to $213,411. The percent of original list price received at the time of sale is down 2.6%, from 95.6% to 93.2%. Average days on the market until sale are up 9.3%, going from 136 in 2007 to 148 days this year.

It's a tough time right now for townhomes and condos, and right now in Farmington there seems to be an abundance of townhomes available. Most of them are fairly new as well. Many young couples/families purchased these and are now looking to upgrade into single family homes and are having a difficult time selling them! If you're a first time buyer or are just looking at purchasing a townhome in a nice area, now would be a great time to invest in a newer townhome in Farmington!

Golden Valley homes

noreply@blogger.com (Ryan O'Neill) — Fri, 24 Oct 2008 20:57:00 +0000

Golden Valley, MN Real Estate Market Update - September 2008

Golden Valley is home to several large parks and green spaces, public and private golf courses, excellent schools (public and private, including: Robbinsdale and Hopkins School Districts, Good Shepherd Catholic School, Perpich Center for Arts Education, and Breck School) and churches, and shopping is always nearby. Golden Valley is also close to downtown Minneapolis which is outstanding for commuters. There are several large employers including General Mills, Kare 11, Honeywell Intl, Bluestone Garden, UnitedHealth Group, and USFamily.net located within city limits. Homes currently for sale in Golden Valley range in price from $39,900 to $1,295,000, making it a very diverse community. Jesse Grumdahl on our team currently resides in Golden Valley and could help you get to know the area! Check out his website www.mnshortsale.com as well.

First we'll look at September of 2007 compared to the month of September in 2008. For the city of Golden Valley, new listings put on the MLS were down by 6.5%, with 43 properties going onto the market. Closed sales decreased by 21.1%, with 15 listings closing in August of 2008. The average sales price in August went down 10.9% from last August, going from $286,117 to $254,943. The average days on the market until sale increased by 11.2%, from 144 to 160 days! The percent of original list price received at the time of sale increased only 1.5%, going to 96.2%. The overall active inventory level for single family homes in Golden Valley is up 9.2%, from 119 to 130 listings in 2008. The townhome and condo inventory level is up 14.6%, from 41 to 47 properties on the market this September.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 1.6% drop in new listings put onto the MLS in Golden Valley. Closed sales are down 11.6%, with 160 properties closing in 2008 vs. 181 closings in 2007. The average sales price is down 5.1% from $340,547 to $323,150. The percent of original list price received at the time of sale is down 1.7%, from 95.2% to 93.5%. Average days on the market until sale are up 23.3%, going from 113 to 139 days.

The trends in Golden Valley aren't too different from other areas of the Twin Cities. The average sales price continues to fall but hopefully will bottom out soon and then begin to rise. Many predict we are nearing that time. Also days on the market until sale for new listings is currently 139 days in Golden Valley, so sellers should plan accordingly and price aggressively to sell fast!

Lake Elmo real estate

noreply@blogger.com (Ryan O'Neill) — Fri, 17 Oct 2008 18:50:00 +0000

Lake Elmo, MN Real Estate Market Update - September 2008

Lake Elmo was named one of the best places to live by Money Magazine in 2007. Their school system is rated 9 out of 10 by GreatSchools.net. Back in the passenger train days (late 1800s), Lake Elmo was known as a great summer time getaway and an all year round great place to live. It remains that way today. It's so close to the Twin Cities and also still has the rural feel. if you need to get to the city you can drive to St. Paul in less than 20 minutes without speeding. Of course, Woodbury is closer and has some really great shopping!

First we'll look at September of 2007 compared to the month of September in 2008. For the city of Lake Elmo, new listings put on the MLS stayed exactly the same with 13 properties going onto the market 2007 and 2008. Closed sales were three in September of 2007 compared to two in September of 2008. The average sales price in September dropped 55.7% from last September, going from $456,667 to $202,500, again a really big difference based on the small inventory. The percent of original list price received at the time of sale dropped by 21.6%, going from 96.6% to 75.7%. The average days on the market almost doubled, from 118 to 347 days! The overall active inventory level for single family homes in Lake Elmo is down 24%, from 75 to 57 listings. The townhome and condo inventory level is up 50%, with just three properties on the market in September of 2008.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 16.3% drop in new listings put onto the MLS in Lake Elmo. Closed sales are up 2.7%, with 38 properties closing in 2008. The average sales price is down 1.3% from $501,876 to $495,295. The percent of original list price received at the time of sale is down 4.6%, from 95.5% to 91.2%. Average days on the market until sale are up 28.1%, going from 138 to 177 days.

Lake Elmo is quite a small community with a population of only 7500 in the year 2007. The home prices here are definitely a reflection of the community being a little more upper-scale and newer. Lots of new construction available right now in upper price ranges and they are beautiful homes! Lots of land also if you enjoy a bigger yard and not being so close to your neighbors!

Real Estate in Elko New Market

noreply@blogger.com (Ryan O'Neill) — Fri, 10 Oct 2008 20:29:00 +0000

Elko New Market, MN Real Estate Market Update - October 2008

Elko New Market is a small community just south of Lakeville. Home of the Elko Speedway, Saturday nights are really "roaring" here! Just ask Nichole Fredrickson - she is an agent on the team who lives here and loves the area. Elko and New Market used to be separate cities until the cities' residents voted to combine the two and became one city on January 1, 2007. But now-a-days, the citizens are still trying to maintain the small town feel with a sense of safety and knowing your neighbors.

Now let's compare September of 2007 to the month of September in 2008. For the city of Elko New Market, new listings put on the MLS were down by 10.7%, with 25 properties going onto the market this September, as opposed to 28 last September. Closed sales stayed exactly the same, with eight closed sales in September of 2007 and 2008. The average sales price went from $310,943 in 2007 to $230,415 in September of 2008, down 25.9%. The percent of original list price received at the time of sale went down 10.1% going from 104.9% to 94.3% in 2008. The average days on the market went down 29.7%. The overall active inventory for single family homes in Elko New Market is down 33.7%, from 83 to 55 listings. The townhome and condo inventory level is up 54.5%, with 17 properties on the market in September of 2008.

Next we look at January through September of 2007 compared to January through September of 2008. There has been a 12.7% drop in new listings put onto the MLS in Elko New Market. Closed sales are up 60.4%, with 77 properties closing so far in 2008. The average sales price is up from $115,775 to $246,812. The percent of original list price received at the time of sale is up 175.5%, from 34.1% to 93.9%. Average days on the market until sale went from 55 to 134 days, which is up 143.9% from last year.

Some of the numbers might seem quite extreme when looking at stats for a small town since the smallest change can bring about a large number. For example, condo/townhome inventory going up 54.5% in a year is only the difference between six properties. Here's another one: closed sales when comparing September to September were the same, but comparing the entire year are up 60% (29 more properties closed in 2008!). In relation, the average sales price of those closed sales went up 113.2%.

St Michael houses for sale

noreply@blogger.com (Ryan O'Neill) — Wed, 01 Oct 2008 19:12:00 +0000

St. Michael, MN Real Estate Market Update - September 2008

St. Michael is a great city about 33 miles northwest of Minneapolis along I94. Whether you're in the mood to shop, go house hunting, go out for dinner and a movie, or just enjoy the outdoors, St. Michael has it all! Housing is more affordable here also since it's a "ways out" from the Twin Cities metro area. It's also a great place for first time home buyers to get a great first time investment! Bernie Borschke on our team lives in St. Michael and is an expert in that area.

Let's take a look at August of 2007 and compare it to the month of August in 2008. For the city of St. Michael, new listings put on the MLS were down a whopping 38.2%, with 42 properties going onto the market. Closed sales were also down by 24%, with 19 listings closing in August of 2008. The average sales price in August took a plunge from $275,940 to $227,716. This is a 17.5% drop from last August. The percent of original list price received at the time of sale dropped by 7.1%, going from 98.2% to 91.2%. Unfortunately, the average days on the market are up 33.3%, from 130 to 173 days! The overall active inventory level for single family homes in St. Michael is down 35.7%, from 258 to 166 listings. The townhome and condo inventory level is also down by 21.3%, with 59 properties on the market in August of 2008.

Now when we take a look at January through August of 2007 compared to January through August of 2008, there has been a 18.1% drop in new listings put onto the MLS in St. Michael. Closed sales are down 10.6%, with 126 properties closing in 2008 vs. 141 in 2007. The average sales price is down 15.5% from $266,924 to $225,660. The percent of original list price received at the time of sale is down 4.9%, from 96.5% to 91.8%. The average days on the market until sale are up 27.2%, from 154 to 196 days.

Unfortunately, these St. Michael sales numbers don't look too promising right now. Less people are putting their homes on the market, however homes' values are going down and less listings are closing (which is definitely a picture similar to other cities here in the Minneapolis real estate market.) If you're not a big fan of the Twin Cities and want to seek nice affordable housing a bit farther out, St. Michael would be a great choice. There are not quite as many homes to choose from, but you can get an outstanding deal right now!

Rosemount homes

noreply@blogger.com (Ryan O'Neill) — Thu, 25 Sep 2008 21:24:00 +0000

Rosemount, MN Real Estate Market Update - September 2008

Let's talk about Rosemount and the real estate numbers for August. Rosemount is home of the Irish, their high school mascot! Rosemount is a great city on the outskirts of the Twin City Metro Area, but becoming closer and closer the more building they do around it! Rosemount and it's surrounding area is still growing quite rapidly by building more houses and developing more land. However, Rosemount has kept up its small town atmosphere through these changes. Located about 25 minutes straight south of St. Paul, it makes it easy to get anywhere in the southern twin cities area pretty quickly!

First we'll look at August of 2007 compared to the month of August in 2008. For the city of Rosemount, new listings put on the MLS were down by 10.5%. A total of 68 properties went onto the market vs. 76 that were put on last year. Closed sales decreased by 25.6%, with 32 closed sales in August of 2008. The average sales price went from $289,373 in 2007 to $261,525 in August of 2008, down 9.6%. The percent of original list price received at the time of sale went up just 0.6%, staying pretty consistent (going from 93.2% to 93.8%.) Average days on the market actually went down 35.4%, from 159 to 103 days! The overall active inventory level for single family homes in Rosemount is down 12.6%, from 151 to 132 listings. The townhome and condo inventory level is up 3.1%, with 99 properties on the market in August of 2008.

Next, we will look at January through August of 2007 compared to January through August of 2008. This year, there has been a 16.4% drop in new listings put onto the MLS in Rosemount. Closed sales are also down 8.9%, with 235 properties closing so far in 2008. The average sales price is down from $281,956 to $246,189, a whopping 12.7%! The percent of original list price received at the time of sale is down 2.2%, from 95.8% to 93.7%. This number seems to be pretty similar to most areas here in the Twin Cities. Average days on the market until sale went from 137 to 151 days, which is up 10.2%.

Closed sales this August compared to last August seems like a significant drop, but when the whole year is taken into account, it hasn't changed too much year over year. Average sales price is down a fair amount, but that just means this is a great time to buy in this area. Like you haven't heard that enough, right :)? There are also less houses going onto the market this year in Rosemount. Most likely people are holding onto their properties until the market prices pick up again. If you're currently looking to buy in the south metro, Rosemount is a great option!

Cottage Grove homes

noreply@blogger.com (Ryan O'Neill) — Fri, 19 Sep 2008 21:27:00 +0000

Cottage Grove, MN Real Estate Market Update - September 2008

Today we're going to look at Cottage Grove and the real estate trends in the area. Cottage Grove is a nice city on the "other side of the bridge" from the Twin Cities. It is only about a 15 minute drive from St. Paul or to the MSP airport. Also, just about 30 miles south of Cottage Grove is the Treasure Island Casino that has great food, gambling, and entertainment. Many young people might know Cottage Grove for The Rodeo, The Rush, or even The Gold Rush: the county western night club which recently closed down. This great city has many outdoor sport facilities and plenty of trails and restaurants/shopping. It has all you need and you're still close to the cities as well!

First, we'll look at August of 2007 compared to the month of August in 2008. For the city of Cottage Grove, new listings put on the MLS were up by 4.1%, with 76 properties going onto the market. Closed sales increased significantly (22.9%), with 43 listings closing in August of 2008. The average sales price in August went down 5.6% from last August, going from $228,353 to $215,606. The percent of original list price received at the time of sale dropped by 1%, going from 95.9% to 94.9%. The average days on the market actually went down 1.2%, from 107 to 105 days! The overall active inventory level for single family homes in Cottage Grove is down 13.9%, from 223 to 192 listings. The townhome and condo inventory level is up 1.5, with 68 properties on the market in August of 2008.

Next, let's look at January through August of 2007 compared to January through August of 2008. There has been a 1.7% drop in new listings put onto the MLS in Cottage Grove. Closed sales are up 9.6%, with 285 properties closing here in 2008. The average sales price is down 9.1%, from $243,969 to $221,723. The percent of original list price received at the time of sale is down 1.8%, from 96% to 94.3%. Average days on the market until sale are up 23.1%, going from 118 to 145 days.

What does this mean for Cottage Grove? Well, the biggest changes are "days on the market" are averaging about a month longer than last year's numbers, and closed sales are up greatly, which is very encouraging for sellers!! Cottage Grove real estate is priced very fairly and buyers can get a pretty good deal out there. If you're looking to buy in Cottage Grove, Adam Benedict on our team (a native of Cottage Grove) knows the area extremely well.

Maple Grove homes

noreply@blogger.com (Ryan O'Neill) — Tue, 16 Sep 2008 22:16:00 +0000

Maple Grove, MN Real Estate Market Update - September 2008

Let's talk real estate activity numbers for Maple Grove. Just north of Minneapolis, this city has a great blend of urban and rural living. Here people not only enjoy the best of the big city, but also a more relaxed lifestyle as well. There is a great farmer's market every summer that attracts many people as well as plenty of shopping, dining, entertainment. And let's not forget the great freeway access to anywhere you want to go!

Let's first take a look at August of 2007 compared to the month of August in 2008. For the city of Maple Grove, new listings put on the MLS were down this August by 4.3%, with 179 properties going onto the market. Closed sales decreased by 24.3%, with 109 listings closing in August of 2008. The average sales price in August dropped from $319,359 to $304,323. This is only a 4.7% year over year drop. The percent of original list price received at the time of sale dropped by 0.6%, going from 95.5% to 94.9%. Unfortunately, the average days on the market is up 53.8%, from 87 to 134 days! The overall active inventory level for single family homes in Maple Grove is down 0.8%, from 394 to 391 listings. The townhome and condo inventory level is up 13.1%, with 268 properties on the market in August of 2008.

Now when we take a look at January through August of 2007 compared to January through August of 2008, there has been a 3.3% drop in new listings put onto the MLS in Maple Grove. Closed sales are down 13.3%, with 605 properties closing here in 2008. The average sales price is down 6.8%, going from $333,840 to $311,178. The percent of original list price received at the time of sale is down 2.2%, from 95.9% to 93.8%. The average days on the market until sale are up from 111 to 144 days, an increase of 30.3%.

In conclusion, the Maple Grove market has stayed pretty consistent as far as sales prices. With only a 6.8% year over year drop, people are still getting a good price for their homes when selling. However, the sharp increase in days on market (53.8%!!) and decrease in closed sales may keep some from wanting to sell their home in Maple Grove right now. It might take a bit longer in this market to sell, but the buyers are out there. There were 605 sold homes sold just in Maple Grove this year which means the properties are selling, just not as quickly!

University Area - Minneapolis Real Estate

noreply@blogger.com (Ryan O'Neill) — Thu, 11 Sep 2008 21:19:00 +0000

University Area of Minneapolis, MN Real Estate Market Update - September, 2008

Today, we will explore market trends in the University area of Minneapolis. This is appropriate now since school is back in session and the city is alive with people and fun fall activities! The University area of Minneapolis not only has some outstanding and unique homes, townhomes, and condos, but is an awesome location as well. And if you love being in the city where there are lots of fun activities, shopping and nightlife to offer, this would be a great place for you! Let's take a look to see what is happening with the real estate numbers near the University of Minnesota in Minneapolis.

First comparing the month of August in 2007 to the month of August in 2008, there was a drop in new listings put on the MLS by 37% this August. 17 properties went active onto the market. 17 properties closed in August of 2008, down from 21 in August of 2007. The average sales price dropped 12%, going from $224,841 to $197,900. Great for you as a buyer! The percent of list price received at the time of sale did in fact drop by 5.2%, going from 97.2% to 92.1%. Average days on the market is up 52.3%, going from 60 to 92 days, but still a very short time on the market as opposed to most other areas (mostly due to the time of year.) The single family home inventory level in the University area was at 30 this past August, compared to 38 in August of 2007, a 21.1% drop. The townhome and condo inventory level is up by 37.8%, going from 42 to 62 active listings!

Now looking at January through August of 2007 compared to January through August of 2008, there have been 18.3% less properties put on the MLS this year. 187 listings have gone active here in 2008. Closed sales unfortunately are also down 29.9%, going from 97 last year to 68 this year. The average sales price has also decreased by 17%. In 2007, the average sales price in the University area was $267,699. Now in 2008, it is $222,316. The percent of original list price received at the time of sale dropped by only 1.9% from 95.2% to 93.4%. There's some good news for sellers! Lastly, the average days on the market increased, moving from 106 to 136 days.

In conclusion, the University area of Minneapolis, like many parts of the Twin Cities, has seen a sizable decrease in new listings put onto MLS this year. In addition, closed sales are down as well and so is the average sales price. There is not a great inventory of single family homes in this area, but a greater inventory of townhomes and condos makes it great for students and young professionals just getting started with prices that are reasonable! It is truly a great time to buy in the University area!

St Louis Park homes for sale

noreply@blogger.com (Ryan O'Neill) — Sun, 07 Sep 2008 17:56:00 +0000

St Louis Park Monthly Real Estate Market Update - September, 2008

At the end of July, we took at look at some market statistics for the Minneapolis suburb of St Louis Park. These numbers were year over year comparisons through the end of June. In today's blog entry, we wanted to see what took place in July as well as compare year to date sales numbers.

Let's first take a look at July of 2007 compared to the month of July in 2008. Closed sales in for homes in St Louis Park decreased 33.7%, going from 92 to 61. New listings that were processed and put onto the MLS also decreased from 143 to 103. The average sales price for a home in St Louis Park rose from $246,709 to $254,801. The percent of original list price received at the time of sale dropped 2.8%, going from 96.2% to 93.5%. Average days on market for a property in St Louis Park rose from 89 to 93 days. The overall inventory levels for homes in St Louis Park for sale dropped 4.1%, from 222 to 213 listings. The townhome and condo market in St Louis Park also saw a drop of 13.7% in active listings for sale, going from 182 to 157.

Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings are down by 21.2%. 831 properties have gone on the market this year in St Louis Park. Closed sales unfortunately are also down by 23.4%, with 334 properties closing this year. The average sales price for a property in St Louis Park has actually increased by 0.3%, going from $247,979 to $248,804. The percent of original list price received at the time of sale decreased by 1.6% from 96% to 94.5%. Average days on market for a listing in St Louis Park is up by 13.9% this year, going from 102 to 116 days on market.

Compared to our blog post for St Louis Park at the end of July, the numbers seem eerily similar. The average sales price has stayed level. Compared to the entire Twin Cities real estate market however, days on market for a home in St Louis Park is still considerably lower. Even at 116 days this year, this number is surely encouraging for homeowners in this great suburb of Minneapolis.

Bloomington homes for sale

noreply@blogger.com (Ryan O'Neill) — Thu, 04 Sep 2008 17:12:00 +0000

Bloomington Real Estate Monthly Market Update - September, 2008

At the end of July, we took at look at some market statistics for Bloomington through the month of June. In today's entry, we wanted to see what took place in July as well as compare year to date sales numbers.

Let's first take a look at July of 2007 compared to the month of July in 2008. New listings put onto the MLS actually increased this past July by 4.8%, with 173 properties put onto the market. Closed sales in Bloomington dropped by 4%, with 96 homes closing this past July. The average sales price in Bloomington stayed fairly steady, moving from $271,220 in July of 2007 to $267,123 this past July. The percent of original list price received at the time of sale also stayed level, decreasing slightly from 95.3% to 95%. Average days on market for a home in Bloomington increased 23.3% from 89 to 110 days. The active for sale inventory level of homes in Bloomington rose 7.1%, going from 336 to 360 homes on the market. The townhome and condo inventory level in Bloomington decreased from 225 to 215 days, a drop of 4.4%.

Now when we take a look at January through July of 2007 compared to January of July in 2008, new listings in Bloomington are down 1%, with 1,239 new listings put onto the market this year. Closed sales are down by 4.9%, moving from 467 properties sold in 2007 to 444 sold this year. The average sales price for Bloomington as a whole decreased from $256,418 to $237,508. This is a 7.4% year over year drop. The percent of original list price received also decreased from 95.9% to 94%. Average days on market for a listing in Bloomington rose from 107 to 125 days. This is a 17.3% increase.

Compared to our numbers we posted at the end of July, the average sales price has actually gone up. Closed sales also picked up a bit, moving from a year over year decrease of 5.2% at the end of July to 4.9% now. The average market time for a home in Bloomington has stayed fairly level, moving from 130 days at the end of July to 125 days now. The amount of new listings stayed fairly level, moving from 1.8% down at the end of July to a year over year decrease of 1% now.

Apple Valley MN real estate

noreply@blogger.com (Ryan O'Neill) — Mon, 01 Sep 2008 20:32:00 +0000

Apple Valley, Minnesota Real Estate Market Monthly Update - August, 2008

Back towards the end of June we covered the real estate update for Apple Valley, Minnesota. In that post, we discussed all of the various homes, townhomes and condos that had sold and been put active on the MLS in Apple Valley. Two months later, we wanted to take another look at the real estate sales activity numbers for this great city.

First of all, let's see what happened in the month of July in 2008 compared to July of 2007 for overall real estate activity in Apple Valley. 141 listings went active onto the MLS in the month of July in 2008. This is down 17.1% compared to July of 2007. Closed sales dropped 22.5%, with 55 properties closing this past July. The average sales price for a property in Apple Valley dropped from $248,197 to $226,547. Though not surprising, this is a 8.7% year over year drop. Average days on market stayed consistent, moving from 125 days in July of 2007 to 123 days in July of 2008. The percent of original list price received at the time of sale did drop from 96.5% to 95.3%. The overall inventory level for single family homes on the market in Apple Valley dropped from 258 to 209. The total inventory level for condos and townhomes in Apple Valley also dropped from 289 to 288.

Let's now look at year to date numbers, comparing January through July of 2007 to January through July of 2008. New listings put onto the MLS area down 14.3% this year, with 1007 new homes and properties being put up for sale. Closed sales for Apple Valley are 16.7%, from 420 closings in 2007 to 350 this year. Thankfully, the average sales price is not down that significantly. This year, Apple Valley has seen an average sales price of $237,511. This is down only 2.1% from the previous year. The percent of original list price received at the time of sale is also not down that steeply, going from 95.9% to 94.2%. The average market time for a property in Apple Valley has increase from 120 to 152 days.

In conclusion, the average sales price has declined since our last posting at the end of June. At the time, Apple Valley homeowners had seen a slight year over year price increase. Two months later, this now has been erased with the city real estate posting a small decline. In spite of this, the price dip for Apple Valley real estate is not nearly as great as other parts of the Twin Cities metro areas. Have no fear! The market and real estate prices will recover. History has shown, time will heal the pain of these price drops.

Choose to win in this market

noreply@blogger.com (Ryan O'Neill) — Fri, 29 Aug 2008 17:44:00 +0000

Choosing failure. Everyone is tired of the bad news in our industry and understanding the regulatory and technical happenings in our industry is my job. And I spend quite a bit of time on it. But it is NOT my client's job.

So rather than talking about Ben Bernanke or Fannie Mae or Freddie Mac or any of that uninteresting blather, what I want to discuss with you is an old cliche that came to mind: Failing to Plan is Planning to Fail.

First, let's remember that a cliche became a cliche because its meaning was so powerful that it became overused and lost its original meaning. Huge lessons can be gleaned from a cliche.

What are a few common cliches?

1. Don't give up your day job.
2. "Penny wise and pound foolish"
3. Don't bite off more than you can chew.
4. "A bull in a china shop"
5. Don't trip over dollars to pick up pennies.
6. Make hay while the sun shines.
7. I felt bad that I had no shoes until I met a man with no feet.
8. "Walk a mile in their shoes"

We've all heard the cliche, "Failing to Plan is planning to fail." Right?

That's what I want to talk about today.

Our nation and industry is crippled by fear. People are hearing and seeing some terrible things happen all around them and they are worrying themselves into paralysis. Emotion is a very powerful force and it makes us act in some very strange ways.

Here's another cliche - The shoemaker's children have holes in their shoes. Why? Because the shoemaker was busy fixing everyone else's shoes. What this cliche means to me is that we all lack the ability to focus objectively on our own situation because we are distracted by our emotions.

A husband and wife and their children have growing frustration in their life because "the walls are closing in around them" (another cliche). They are parking in the driveway because their garage is filled with stuff that won't fit in the house anymore. They would love nothing more than to move to a home with more space, but they hear the news, they have a bit of financial stress so they decide to ignore their need and their frustration and try to put it out of their mind. What does that do to their daily life? How does that affect the way they treat their kids? Are they less likely to entertain friends and family? What does that do to their overall quality of life? This is an example of failing to plan being a plan to fail.

Unless they find a genie in a bottle and wish to be in a new home, it is going to take some time, some advice and some planning.

1. What can we sell our home for?
2. What needs to be done to get the home ready to sell?
3. How much will that cost?
4. Should we finish the basement, replace the windows, carpet, furnace, roof, countertops or paint before listing?
5. Will I get my money out of those projects?
6. Who can we contact to do that?
7. When should we list to get the best sale price?
8. How much space do we need for our next home?
9. What will that cost?
10. How much can we afford?
11. What can be done to out income, savings and credit to have the best options available to us?
12. How do we do that?
13. How long will it take?
14. What are rates doing?
15. Will we be able to get financing when we are ready to go?

These are just 15 questions I rattled off the top of my head as fast as I could type. There are a thousand more that people like us think about every single day.

Why would anyone try to do it themselves? To save a buck? Studies show how costly a mistake that can be in the long run. Another cliche: don't trip over dollars to pick up pennies.

Think of the garage door project that you thought you could do yourself. The box said it would take an afternoon. But after a weekend of mis-drilled holes and crossed wires, you are still parking in the driveway and wishing you had help. You go and hire someone who finished it in an hour for $50 and think of the time you wasted.

Another cliche - "You get what you pay for."

Get some advice and have some help chunking down your goal into small, bite sized pieces and a timeline to get there. Anything you want can be yours.

Don't choose failure. Choose to win.

By Ronny Loew - Ronny is the Next Home Specialist with MN Home Loan Partners. Whether you are moving up, downsizing, relocating or keeping your home as an investment and buying a new primary residence, Ronny has specific strategies to make it easy and a financial win. He can be reached at 952-808-2815 or rloew@houseloan.com

Prior Lake homes

noreply@blogger.com (Ryan O'Neill) — Tue, 26 Aug 2008 22:55:00 +0000

Prior Lake, MN Real Estate Monthly Market Update - July, 2008

Today, we head a bit south of the Twin Cities metro area to the great city of Prior Lake. Prior Lake not only has some outstanding homes, townhomes, and condos, but a convenient location as well. And by the way, if you love boating, Prior Lake is truly a great choice for you. Let's take a look to see what is happening with the real estate numbers in Prior Lake.

First comparing the month of July in 2007 to the month of July in 2008, there was a drop in new listings put on the MLS by 23% this July. 87 properties went active onto the market. 36 properties closed in July of 2008, down from 52 in July of 2007. The average sales price rose 12.2%, going from $313,952 to $352,189. The percent of list price received at the time of sale did in fact drop by 2.6%, going from 95.1% to 92.6%. Average days on market is up 4.3%, going from 177 to 184 days. The single family home inventory level in Prior Lake was at 281 this past July, compared to 271 in July of 2007. The townhome and condo inventory level dropped 4.2%, going from 142 to 136 active listings.

Now looking at January through July of 2007 compared to January through July of 2008, there have been 18.9% less properties put on the MLS this year. 727 listings have gone active here in 2008. Closed sales unfortunately are also down 18.5%, going from 232 last year to 189 this year. The average sales price however has increased by 7.3%. In 2007, the average sales price in Prior Lake was $311,755. Now in 2008, it is $334,470. The percent of original list price received at the time of sale did in fact drop from 95.7% to 91.5%. Lastly, the average days on market increased, moving from 164 to 182 days.

In conclusion, Prior Lake, like many parts of the Twin Cities, has seen a sizable decrease in new listings put onto MLS this year. In addition, closed sales are down as well. However, the increase in average sales price is good news indeed. A 7.3% increase, in spite of all of the economic factors that may be pushing values down nationwide, is definitely reason to celebrate for those who live and own a property in Prior Lake.

Lakeville real estate

noreply@blogger.com (Ryan O'Neill) — Fri, 22 Aug 2008 18:28:00 +0000

Lakeville, MN Real Estate Monthly Market Update - July, 2008

Having lived in Lakeville for a few years, I can tell you that this suburb is an all around great place to call home. Lakeville has a number of wonderful homes, townhomes, neighborhoods...you name it! It truly is a great spot to live and work. Our broker, RE/MAX Advantage Plus has one of its locations in Lakeville. Eric Malmberg, the owner of RE/MAX Advantage Plus, also has offices in Savage, Shakopee, and Prescott, Wisconsin.

Today, let's take a look at the city of Lakeville, and what sort of activity is taking place in regards to its real estate market. First, let's look at the month of July in 2008 compared to the month of July in 2007. New listings put on the MLS in Lakeville are down 16.1%, with 141 properties put onto the market this past July. Closed sales are down by 20.9%, with 68 properties closing in July of 2008. The average sales price stayed fairly level, dropping from $296,744 to $294,808. Consistent with the rest of the Twin Cities real estate market, average days on market increased from 102 to 137 days. The overall inventory level for single family homes in Lakeville dropped 2.1%, going from 376 to 368 active listings. The townhome and condo inventory level in Lakeville dropped 15.2%, going from 158 to 134 active listings.

When comparing January through July of 2007 to January through July of 2008, Lakeville has seen a sizable drop in new MLS listings. 17.2% less properties have been put on the market this year, a total of 1,063 new listings. Closed sales unfortunately are down by 19%, with 384 properties closing here in 2008. The average sales price has declined by 7.4%, going from $310,285 to $287,469. The percent of original list price received at the time of sale dropped from 95.7% to 93.5%. Average days on market is up only 5.4%, from 136 to 143 days.

In conclusion, Lakeville has seen a drop in average sales price similar to many other suburbs here in the Twin Cities, however not nearly as steep of a decline as some. The drop in new listings is encouraging news, as well as the only modest increase in average days on market. With it's convenient location right near 35, as well as its outstanding school districts, I believe Lakeville will continue to see strong demand by real estate buyers over time.

St Paul real estate

noreply@blogger.com (Ryan O'Neill) — Tue, 19 Aug 2008 18:12:00 +0000

St Paul, MN Real Estate Monthly Market Update - July, 2008

Let's talk real estate activity numbers for our great state capitol here today, St Paul. We have a few of our agents on our team that live in St. Paul, and I must say, they love it! Adam Maas has been a top agent on our team since 2004, and he knows all the various neighborhoods in St Paul extremely well. Jen McKinnon as well. She is newer to the team, but a top, top St Paul real estate agent. In St Paul there are so many wonderful neighborhoods, a great downtown area...there are really just a number of outstanding features to this city.

Let's first take a look at July of 2007 compared to the month of July in 2008. For the entire city of St Paul, new listings put on the MLS were down by 13.4%, with 599 properties going onto the market. Closed sales rose by 5.3%, with 300 listings closing in July of 2008. The average sales price in July took a substantial dive, from $248,102 to $180,871. This is a 27.1% year over year drop. The percent of original list price received at the time of sale dropped by 2.6%, going from 93.7% to 91.3%. Average days on market is up 14.8%, from 116 to 133 days. The overall active inventory level for single family homes in St Paul is down 11.8%, from 1,946 to 1,716 listings. The townhome and condo inventory level is down 25.8%, with 459 properties on the market in July of 2008.

Now when we take a look at January through July of 2007 compared to January of July in 2008, there has been a 9.8% drop in new listings put onto the MLS in St Paul. Closed sales are only down 2%, with 1,537 properties closing here in 2008. The average sales price unfortunately is down 21.7% from $234,749 to $183,823. The percent of original list price received at the time of sale is down 5.6%, from 94.9% to 89.5%. Average days on market until sale is up from 123 to 141 days, an increase of 14.6%.

In conclusion, the year to date closing numbers are encouraging. With only a 2% year over year drop, there are definitely a nice number of closings taking place. However, the sharp decrease in average sales price is not good news. With over a 20% year over year drop, this is one of the largest declines we have seen for any parts of the Twin Cities.

Plymouth, MN real estate

noreply@blogger.com (Ryan O'Neill) — Sat, 16 Aug 2008 17:11:00 +0000

Plymouth, MN Real Estate Monthly Market Update - July, 2008

Plymouth is known here in the Twin Cities real estate marketplace as a community with a number of outstanding homes and neighborhoods. In today's blog entry, let's look at a market snapshot for this great city.

Let's first take a look at July of 2007 compared to the month of July in 2008. New listings put onto the MLS stayed very steady, with 164 properties being put on the market this past July, an increase of 0.6%. Closed sales however dropped by 20.2%, with 75 properties closing this past July. The average sales price did drop of course, but not to the level we have seen in many of the other suburbs here in the Twin Cities. The average sales price this past July was $327,153, a drop of 4.6% compared to July of 2007. Average days on market did increase from 91 to 110 days, an increase of 21.1%. The overall inventory level for single family homes in Plymouth rose slightly from 285 to 290 properties. The townhome and condo market saw an active MLS inventory level drop of 7.9%, with 267 properties on the market this past July. The percent of original list price received at the time of sale decreased by 0.7%, going from 96.2% to 95.6%.

Now when we take a look at January through July of 2007 compared to January of July in 2008, there has been an 8.2% drop in new listings put on MLS this year in Plymouth. There have been 1,185 new listings put on the market this year. Closed sales are down 16.9%, with 422 properties closing here in 2008. The average sales price in Plymouth has stayed very steady at $323,007. This is only a 0.2% drop over last year. The percent of original list price received at the time of sale dropped by 2.2%, going from 95.6% to 93.5%. Average days on market has increased 20% in Plymouth, going from 121 to 145 days.

In conclusion, these numbers are really some positive news for homeowners in Plymouth. Compared to many of the various suburbs, there has been very little year over year drop in the average sales price. Over the past few months, as we have taken a look at a number of communities from around the Twin Cities, we have seen some staggering year over year price drops. Plymouth however, with its great location, has not seen this take place.

Eagan, MN real estate

noreply@blogger.com (Ryan O'Neill) — Wed, 13 Aug 2008 23:46:00 +0000

Eagan, Minnesota Real Estate Market Monthly Update - July, 2008

The new real estate sales numbers through the end of July for the Twin Cities and all of our various suburbs are out! In today's blog entry, we wanted to take a look at the great city of Eagan, Minnesota. Eagan is located southeast of downtown Minneapolis. It is very close to 35E, 494 and Cedar Ave, with close proximity to both St. Paul and Minneapolis.

First of all, let's see what happened in the month of July in 2008 compared to July of 2007 for overall real estate activity. This past July, there were 142 new listings put onto the MLS, a decrease of 9% compared to 2007. Closed sales in Eagan were down 31.7%, with 56 properties closing in July of 2008. The average sales price did drop by 8.3%, going from $274,277 to $251,462. The percent of list original list price received at the time of sale dropped 0.3%, going from 95.2% to 94.9%. In Eagan, the average days on market is up 4.1% to 117 days. Thankfully, the overall inventory level for single family homes in Eagan was down 23.6% in July of 2008, with 211 properties on the MLS. The townhome and condo market also saw a sizable decrease in active listings for sale in July of 2008 (10.1%.)

Let's now look at year to date numbers, comparing January through July of 2007 to 2008 at the same time. New listings put onto MLS are down 15.7%, with 998 new listings being processed this year. Closed sales are down by 19.5%, with 380 properties closing here in 2008. The average sales price did drop as well, from $266,105 to $249,118. This is a 6.4% year over year drop. The percent of original list price received at the time of sale dropped 3.3%, from 96.5% to 93.2%. In Eagan, the average days on market increased by 31%, going from 112 to 147 days.

In conclusion, these numbers are not great news of course. With closed sales down almost 20% year over year, and the average sales price down over 6%, there definitely has been a "correction" that has taken place. As a buyer of course, these market conditions are creating a plethora of opportunities. And the knowledge that the Twin Cities market as a whole has stable fundamentals for long term growth: population increases projected and a solid job base as well. As a seller, realize that homes in Eagan are selling, just not at the same pace as last year. Patience is crucial in this market.

Richfied real estate

noreply@blogger.com (Ryan O'Neill) — Mon, 11 Aug 2008 02:31:00 +0000

Richfield, Minnesota Real Estate Market Monthly Update - June, 2008

Richfield is known here in the Twin Cities as a city with an all around convenient location. Whether you are looking to go north, south, east, west, Richfield really is a "short jaunt" from a number of other hotspots in the Twin Cities: the Mall of America, downtown Minneapolis, and the airport. Today let's dive into some real estate numbers for this community, comparing first of all what happened in the month of June in 2008 compared to June of 2007.

First, some good news! New listings put onto the MLS this past June were down 35.2%, with 70 properties put onto the market. Closed sales were however also down 24.5%, with 37 listings closings in June of 2008. The average sales price has remained very affordable, especially in comparison to other suburbs here in the Twin Cities. In June of 2008, the average sales price was $187,591, down from $213,372 in June of 2007. The percent of list price received at the time of sale dropped almost 2%, going from 94.7% to 93%. Average days of market increased from 93 to 119 days, an increase of almost 29%. The active for sale inventory level on MLS remained fairly consistent year over year, going from 197 to 195 listings. The active level of townhome and condos in Richfield also stayed level, going from 48 to 45 listings.

Let's now look at year to date numbers, comparing January through June of 2007 to 2008 at the same time. New listings are down almost 16.5%, going from 522 to 437. Closed sales unfortunately are also down quite significantly, going from 208 last year to 162 this year. The average sales price stayed very affordable, but still a 14.1% year over year drop. The average sales price in Richfield went from $219,107 to $188,275 here in 2008. The percent of original list price received at the time of sale dropped from 96% to 91.9%. Average days on market is up 28.9%, going from 107 to 138 days.

In my opinion, Richfield's real estate values should stay strong long term. With a great location as I described above, and still an extremely attractive average sales price, buyers are afforded outstanding choices. Sellers currently with their homes on the market, must realize that supply is down compared to last year. However, there is still a lot of competition, so price and condition remain paramount.

Fridley MLS

noreply@blogger.com (Ryan O'Neill) — Thu, 07 Aug 2008 16:59:00 +0000

Fridley Minnesota Real Estate Monthly Market Update - June, 2008

"Friendly" Fridley Minnesota! Situated right north of 694 and along the Mississippi River, Fridley is home to many wonderful neighborhoods and real estate developments. On a side note, my father in law has owned and operated a family practice medical clinic in Fridley for decades. He has really enjoyed working in this city. For anyone out of state that is reading this blog entry, Fridley is directly north of downtown Minneapolis; a very convenient location indeed!

Today, we thought it would be great to look at the real estate numbers here in 2008 for Fridley. Let's first take a look at the big picture, comparing January through June of 2007 to January of June in 2008. Year to date, there have been 340 listings put onto the MLS. This is down 11% from 2007, when there were 382 new properties put onto the market. Closed sales also are down 15.4% this year, going from 123 closings in 2007 to 104 this year. The average sales price, though still very affordable in comparison to a number of other locations in the Twin Cities, is down 13.5%. In 2007, the average sales price was $204,662, and this year, it is coming in at $176,970. The percent of original list price received at the time of sale has also dropped from 95.5% to 91.5%. Average days on market until sale has increased from 120 days to 178 days.

Now let's take a look at June of 2007 compared to the month of June in 2008. New listings stayed steady, with only one more property being put on MLS this past June (68 total.) Closed sales dropped slightly, going from 25 to 22 closings. The average sales price did in fact drop by double digits, going from $201,200 to $177,746. This is a 11.7% year over year drop. The percent of original list price received at the sale did not shift significantly. This number went from 96.2% to 95.6%. Average days on market also stayed fairly steady, moving from 126 days to 121 days. The inventory level for single family homes in Fridley increased by 10.7%, going from 149 to 165. The townhome and condo inventory level dropped by 9 listings, going from 60 to 51 active listings.

Overall, though the price of an average home in Fridley has stayed very affordable, the drop in number of closings is not great news. Buyers still have an unbelievable buying opportunity based on these home prices. Whether it be a single family home, condo, townhome...whatever type of property a buyer may be looking for, the inventory levels and pricing still remain extremely attractive in Fridley. As with the entire Twin Cities area, one could say that "Real Estate is on Sale." Don't be fooled though. This will only last a certain period of time. Inventory levels have been shrinking and prices are "bottoming out."

People will look back years from now and remember this time period here in the Twin Cities real estate market as one of a buying opportunity.

White Bear Lake real estate

noreply@blogger.com (Ryan O'Neill) — Mon, 04 Aug 2008 18:19:00 +0000

White Bear Lake, Minnesota Real Estate Market Update - June, 2008

White Bear Lake is a community with a lot of great attributes. For anyone who is looking to move to this city, it is conveniently located near 35E and 694, two of the major thoroughfares here in the Twin Cities. In addition, talk about some great lakes for your boating pleasure! And not to mention fishing as well! Instead of talking fishing and boating however, we thought it would be great to look at some real estate numbers here in 2008 for White Bear Lake.

Let's first take a look at June of 2007 compared to the month of June in 2008. New listings were down 35.1% in June of 2008 (50 properties put onto the MLS.) Closed sales rose very slightly, going from 18 to 20 closings this past June. The average sales price took a dramatic dip, going from $274,703 to $230,497. This is a drop of 16.1%. Average days on market until sale increased 31.2%, going from 132 to 173 days on market. Thankfully, the single family home inventory level in White Bear Lake dropped 11.9%, going from 159 to 140. When comparing the percent of original list price received at the time of sale, there was a 2.2% drop (from 96.7% to 94.5%.) The townhome and condo inventory level stayed the same, with 67 units for sale on MLS in 2007 and 2008.

Comparing month to month gives us a glimpse into this market, but now let's take a look at year to date numbers. When comparing January through June of 2007 to January of June in 2008, there has been a drop of 11.7% in new listings put onto the MLS. 332 properties have been put on as new listings this year, compared to 376 from 2007. The average sales price has taken an extremely steep fall. This year, the average sales price in White Bear Lake is $212,355. Last year, it was $269,359. This is a 21.2% year over year drop! The number of closed sales has decreased by 27.5%, going from 142 to 103. Percent of original list price also decreased from 95.7% to 92.2% here in 2008. Average days on market...surprise surprise, increased 18.6%, from 138 to 164 days on market.

Though most of these numbers are by no means a surprise to me, the large drop in average sale price is. We have obviously seen a drop in most of our communities here in the Twin Cities when looking at 2007 to 2008 average sales price numbers. However, this decrease of 21.2% is definitely one of the largest we have seen yet. Does this mean prices will continue to drop in White Bear Lake? Of course no one knows for sure, but, with the recent bill that was passed in Congress ($7500 credit to first time buyers), our local market surely should see an uptick in new purchase agreements and demand as a whole. Our team also has a number of great listings in White Bear Lake, and we have seen a good amount of showing activity on these listings the last few weeks as well.

2008 Housing Bill

noreply@blogger.com (Ryan O'Neill) — Fri, 01 Aug 2008 00:15:00 +0000

I can't wait for the conspiracy theorists, finger pointers and complainers to start bad mouthing the recently passed housing bill. Though the bill is expected to help 400,000 American families from losing their homes, there is a provision in the legislation that requires the home owner to share the proceeds of sale with the government when the home is sold. Someone close to me, who shall remain nameless, asked me the other day if this was a scam by the government to take even money from home owners who are already hurting. I thought, "Oh boy, here it comes."

Since the housing correction and credit crisis began, the collective sentiment of The Fed, Congress, the White House, the media and the public has been that there should be some kind of help but NOT a bailout. The provision of sharing profits upon sale is one way our legislators devised for the tax payers to avoid shouldering the burden of fixing the crisis we are experiencing. It is a sensible solution that should be applauded. But the same people who are now flooding the media with their horror stories will undoubtedly find a way to paint this as another evil scam perpetrated on the public.

From the chambers of our governing bodies to the board rooms of the banks, to the living rooms of the average family, no part of society or any level of the industry is innocent of helping to cause this problem. The Fed followed its mandate to stimulate the economy. Banks and investors took the opportunity to borrow cheap and lend money. Consumers let their emotions and desires overpower their logic and lost the ability to see that they were over extending themselves.

Certainly, there were bad actors at every level trying to take advantage of the situation. But there were also hard working, ethical and moral people working to create opportunities for themselves and others. There is nothing wrong with that. It is disappointing, however to see and hear accounts of those who are in over their heads seeing the crisis as an opportunity to point the finger at others rather than holding themselves accountable for their own decisions.

Now that some relief is being allowed to move through Congress and Bush has signed it, let's all pull together and turn this thing around instead of trying to find the worst in everything and slander those who are trying to help.

Ronny Loew is the Move-up Specialist with The Minnesota Home Loan Partners. He can be reached at 952-808-2815 or rloew@houseloan.com

Bloomington MN real estate

noreply@blogger.com (Ryan O'Neill) — Tue, 29 Jul 2008 13:08:00 +0000

Bloomington, MN Real Estate Monthly Market Update - June, 2008

Seeing that my wife and I have lived in "good ole" Bloomington since 2001, I wanted to blog today about the real estate market in this community. Kathy and I first bought a home in 2001 in East Bloomington, and we really enjoyed living there. 35W technically is the dividing line between East and West Bloomington, with West often referred to as "Prestigious West Bloomington." This area obviously has a few more expensive neighborhoods than East Bloomington. However, whether East or West, I can definitely say I have enjoyed living in both parts of town, with there being many "pluses" for each.

Let's talk numbers today, and see what is "shaking" for real estate activity in Bloomington as a whole. Let's first take a look at June of 2007 compared to the month of June in 2008. There was a rise in closed sales this past June, with 91 properties closing (an increase of 3.4% compared to June of 2007.) New listings were down 7.8%, with only 189 new properties being put onto the MLS. The average sales price in Bloomington did take a sizable dip, going from $266,965 to $225,996 in June of 2008. This is a decrease of 15.3%. Average days on market rose by 37.6%, going from 90 to 124 days. The overall inventory levels rose from 343 homes on the market June of 2007 to 356 properties this past June. There also was an increase in the townhome and condo inventory levels. The average active number of townhomes for sale on the MLS in June of 2008 was 209, with 196 being the average in June of 2007.

Now when we take a look at January through June of 2007 compared to January of June in 2008, there has been a 1.8% decline in the number of new listings posted on MLS. This year has seen 1066 properties put on the market. Closed sales are down 5.2%, with 348 properties selling here in 2008. The average sales price year to date is down, but not down as much as comparing the month of June alone. The average price dropped from $252,384 to $229,339, a drop of 9.1%. The percent of original list price received at the time of sale in 2008 has been 93.8%, a drop of 2.4% compared to 2007. Average days on market has risen 16%, going from 112 to 130 days.

When we take a look at these numbers, we see still a very significant number of closings taking place. With its close proximity to 494 and 35W, as well as the Mall of America (for all the diehard shoppers out there) and the great parks and lakes in Bloomington, this area has stayed in demand. Six months into 2008, there has been almost 60 homes a month closed in Bloomington. Granted those are not crazy sales numbers that were taking place back in the early part of this decade, but still very respectable to say the least.

If you have any particular topics you would love to know more about or have our team blog on, please don't hesitate to let us know!