Market Update: St. Francis, MN May 2012 (Prices are Stable for Split Entry Design Homes)

By
Real Estate Appraiser with Michael S. Bolton,Inc.

The City of St. Francis, MN | Market Update

For every appraisal it's important to determine as to whether values are increasing, decreasing, or are remaining stable (click here for detailed article on how this is done). The MLS indicates that prices for the city of St. Francis, MN remained stable for the month of May, and have increased year to date. This is for all types of properties that have sold within the city of St. Francis, MN. This is not what is happening for split entry/level design homes over the past 12 months (see below) in the selected neighborhood area.

The data for this market update is based on the above search criteria over the past 12 months.


The homes that were selected for this trend line were all single family split entry/level design homes within the city of St. Francis, MN for the past 12 months; for the exact search criteria see the map above. This market analysis indicates that prices are considered to be stable as indicated by the chart above. Distressed sales (Bank REO's & Short Sales) are considered a major factor in the market, and they make-up approximately 80% of the sales. The decline in inventory levels (31%) will have a positive impact on values.

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Rainmaker
877,491
Ronald DiLalla
No. Orange Cty Real Estate
Century 21 Discovery DRE 01813824

Hi Michael, always enjoy viewing stats and graphs on other Communities...Thanks for sharing with us.

June 25, 2012 12:28 PM
Ambassador
829,541
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

Market Update: St. Francis, MN May 2012 (Prices are Stable for Split Entry Design Homes) 

Michael another excellent job my friend.  You leave no area unexplained.  It's been a while since I've seen you in the Rain.  I knew you must be a very busy guy these days.

June 25, 2012 01:50 PM
Rainmaker
338,151
Lloyd Binen
Silicon Valley R since 1976;408-565-8177
Certified Realty Services

Hey Michael, 80% distress sales is brutal.  It's about 30% in my county.

Your inventory for all property, and Days on the Market have declined and that's a good sign for the future.  Our listings hit record lows about 12 months before we started seeing multiple offers and prices getting bid up.

June 25, 2012 05:01 PM
Rainer
145,762
Michael S. Bolton
MN Appraiser
Michael S. Bolton,Inc.

Thanks Ron!

Hi John, Good to hear from, and yes it's been a very busy past few months.

Hey Lloyd, I think our markets biggest challenge is that move-up buyers are stuck; they're upside down on their mortgages and are waiting it out. I'm of the belief that you can't have a healthy market made up of mostly first time entry level buyers-just my opinion.

Have an AWESOME day.

 

June 26, 2012 04:33 AM
Rainmaker
868,952
Joe Petrowsky
Your Mortgage Consultant for Life
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709

Many markets still have lots of issues, but we will work through them. All markets eventually become very efficent. Once we work through the foreclosures and short sales, the upward trend will go on for a long time.

 

June 26, 2012 05:27 AM
Rainmaker
713,459
Chuck Carstensen
Minnesota Real Estate Expert
RE/MAX Results

Most of the great deals in St. Francis have been disappearing so these numbers should continue to improve.

June 26, 2012 07:11 AM
Rainmaker
1,023,993
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

Hello Michael,

A shame that the distressed properties are still such a high percentage of sales for that market.  But as the inventory decreases, home prices will rebound.

June 26, 2012 02:38 PM
Rainmaker
1,885,363
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Very good explanation.

Have an outstanding week.

June 26, 2012 06:02 PM
Rainer
639,029
Carl Winters

Hello Michael: Stopped by to wish you a Happy Fourth of July.

July 03, 2012 06:14 PM
Rainmaker
148,596
Susanna Haynie
Colorado Springs Realtor - CNE, MCNE, ePro - Cell:
Falcon Property Solutions, LLC

Hey Michael, haven't seen you on your blog in forever. You are probably totally swamped? I hope all is well with you.

God bless!Susanna

August 07, 2012 09:50 PM
Rainer
145,762
Michael S. Bolton
MN Appraiser
Michael S. Bolton,Inc.

Hi Susanna,

Things have been unbelievably busy, which is a good thing.

Thanks for stopping by.

August 09, 2012 04:05 AM
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Michael S. Bolton

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