Twin Cities/Minnesota Weekly Market Update For the Week Ending Dec. 24th

By
Real Estate Agent with RE/MAX Results

I had a customer say they were a little worried about buying right now because they read an article saying that the prices were going to come down more this year.  The media likes to report the negative. We all know that by now right!?!?  Whats the only negative in these stats below. - The Median Sale Price is DOWN -

The median sale price might very well be down slightly in 2012 too.  However, for the investor buyers and first time buyers buying around or below that median sale price you need to understand the reason its down is because that's were most of the sales come in (below the median price).  The sales are LOW, prices are LOW, interest rates are LOW and  there are not enough higher price sales to bring that median sale price up much.  

I do believe the homes below this median price will see a slight increase this year. It is the time to buy! Mark it down that I said so. I am VERY confident in that!

 

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If you follow our weekly notes with even a sidelong glance, you know that the story of 

the market in 2011 has been increased sales and decreased inventory. That's all well 

and good, but consumers and the media want to talk about one thing: Price. Ideally, 

sellers seek multiple offers. This signals strong demand and competitive bidding. 

Buyers want to know that purchasing a home is a financially sound investment. 

Consumers, whether buyer or seller, want to know when we'll be establishing a stable 

real estate foundation again. Which is exactly why the tale of increased sales activity 

and healthy inventory absorption matters.

 

In the Twin Cities region, for the week ending December 24:

 • New Listings decreased 9.6% to 596

 • Pending Sales increased 48.4% to 607

 • Inventory decreased 24.4% to 18,666

 

For the month of November:

 • Median Sales Price decreased 10.2% to $149,000

 • Days on Market decreased 1.8% to 135

 • Percent of Original List Price Received increased 1.0% to 90.9%

 • Months Supply of Inventory decreased 29.8% to 5.

Posted by

 

 

 

 

 

 

Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

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Topic:
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Location:
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Tags:
twin cities real estate market report
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Rainmaker
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Kay Van Kampen
Realtor®, Springfield Mo Real Estate
RE/MAX Broker, RE/MAX Solutions

I hope you're right about the median prices.  It might spur the market this year.

January 04, 2012 09:17 PM
Rainmaker
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Lisa Von Domek
....Experience Isn't Expensive.... It's Priceless!
Lisa Von Domek & Associates LLC, Real Estate Broker/Associate with Real Living Real Estate Group www.LisaVon.com

Good morning Chuck,

Great information - thanks for sharing, wonderful to review other areas of the country.

January 05, 2012 08:42 AM
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Rainmaker
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Chuck Carstensen

Minnesota Real Estate Expert
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Additional Information

I help buyers, sellers and investors with their real estate needs. In this blog I post my listings and give real estate, social media and personal development tips. I enjoy giving people tips, suggestions and hints that can improve their business and life.