Monthly Skinny: January 2013

Here's the latest "Skinny" from the Mpls Area Association of Realtors with some good news. The least of which, the yearly median sales price increased 11.9% over last year. Take a watch & see how the market is starting it's recovery.

Here's an article from Yahoo.com to help anyone save some green.  Click on the link to check it out.
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Here's some excellent news on this Recap of 2012 by Mpls Area Association of Realtors.  Looks like 2013 will start strong

 

2012 Annual Wrap-Up: Real Market Recovery Takes Hold

Minneapolis, Minnesota (January 11, 2013) –Decreased supply, strong demand and higher prices are among the encouraging developments in 2012 that make the case for continued recovery in 2013. Consumer purchase demand increased organically, absent any government incentives. As the active supply of homes for sale fell to 10-year lows, absorption rates improved to levels also not seen since 2003. Multi-decade low interest rates and record housing affordability resulted in a 16.9 percent increase in home sales for the 13-county metro.

2012 by the Numbers
• Sellers listed 65,914 new homes on the market, a modest 4.3 percent decrease from 2011 and a 10-year low.
• Buyers purchased 48,641 homes, up 16.9 percent from 2011 and the highest figure since 2006 (783 units shy).
• Inventory levels dropped 31.8 percent from 2011 to 11,875 units, the lowest level in 10 years.
• Months Supply of Inventory dropped 42.2 percent to 2.9 months.
• The Median Sales Price of closed sales was up, rising 11.9 percent to $167,900.
• Cumulative Days on Market was down 20.6 percent to 117 days, on average.
• Lender-mediated properties made up a smaller share of overall activity
• 34.6 percent of all New Listings were lender-mediated (either foreclosures or short sales), down from 41.9 percent in 2011 and 42.6 percent in 2010
• 37.3 percent of all Inventory was lender-mediated, down from 44.4 percent in 2011 and 47.4 percent in 2010
• 39.7 percent of all Closed Sales were lender-mediated, down from 50.0 percent in 2011 and 47.9 percent in 2010

Here's some good news about Foreclosure Inventory from Certified Residential Specialist Connect.

The inventory of foreclosed homes continues to shrink, according to the latest figures released by Core Logic. Some 1.2 million homes, representing 3.0 percent of all homes with a mortgage, were in the national foreclosure inventory at the end of November, down from 1.5 million homes that were in foreclosure in November 2011. Some 55,000 U.S. properties completed the foreclosure process in November, down 23 percent from a year ago when foreclosures totaled 72,000, and they declined 6 percent from the 59,000 foreclosures in October.
California, Florida, Michigan, Texas and Georgia had the highest number of completed foreclosures for the 12 months ending November 2012 and collectively, they accounted for half of all foreclosures nationwide. The states with the largest inventory of foreclosures as a percentage of all mortgaged homes were Florida, New Jersey, New York, Nevada and Illinois.
By Regina Ludes, Friday, 4 January 2013 - 2:46pm

Happy New Year.  Here's the latest Weekly Update from
MAAR, Mpls Area Association of Realtors

 

While you're eating better and exercising more, also resolve to better understand

of your housing market. Data does not have to be daunting.

Just from the existing trends, it's safe to expect to see more homes selling in less

time for closer to list price. It also looks like the single-family detached segment
may recover faster than the condo-townhouse attached segment. It would be wise
to watch foreclosure activity to see whether there will be fewer low-priced sales in
2013. Many patterns emerge if you look in the right places.

In the Twin Cities region, for the week ending December 22:

• New Listings increased 9.5% to 657
• Pending Sales increased 41.7% to 815
• Inventory decreased 29.2% to 13,315

For the month of November:

• Median Sales Price increased 16.4% to $172,287
• Days on Market decreased 26.5% to 103
• Percent of Original List Price Received increased 3.6% to 94.2%
• Months Supply of Inventory decreased 38.8% to 3.5