Weekly Market Activity Report from MAAR

Welcome back from the 4th of July weekend. Our post-4th news is remarkably the same as our pre-4th news. New listings continue at an atypically slow pace but pending sales are robust.

The 1,719 new listings for the week ending June 27 is 18.9 percent less than a year ago. The 26,043 total listings available is 21.3 percent less than last year. However, the 1,121 pending sales for this week excels last year by a giant 31 percent.

Additional metrics worth paying attention to this month:

• Supply-Demand Ratio: 4.9 homes per buyer; 32.6 percent below last year; lowest since 2005.
• Days on Market Until Sale: 140; seemingly high but crawling down to a pre-bubble level.

Housing market improvement has been significant in the lower price ranges, while homes priced above conforming loan limits still face significant challenges. With fewer homes available than last year, the number of days on market dwindling, and the clock ticking on government incentives, the buyer advantage is not as great as it once was.

PMI Predicts Where Prices Are Likely to Fall

Mortgage insurer PMI Group predicts that home prices will fall through the first quarter of 2011 in about 30 of the country’s 50 largest metropolitan areas.

“The housing market has been hit by a demand shock of high unemployment and a supply shock of distressed foreclosure sales,” LaVaughn Henry, senior economist at PMI.

The areas PMI says have the highest probability of lower prices in 2011 are:

• Miami
• Fort Lauderdale
• West Palm Beach, Fla.
• Orlando
• Tampa, Fla.
• Jacksonville, Fla.
• Riverside, Calif.
• Los Angeles
• Santa Ana, Calif.
• Sacramento
• San Diego
• Las Vegas
• Phoenix
• Providence, R.I.
• Detroit

Cities with the lowest probability of falling prices are:

• Cleveland
• Pittsburgh
• Columbus, Ohio
• San Antonio
• Houston
• Dallas
• Fort Worth

Happy 4th of July!

Happy 4th of July from Stafford Family Realtors

In 1777, the first Anniversary of the adoption of the Declaration of Independence was celebrated with 13 gun salutes, speeches, parades and fireworks.

Celebrate in the tradition of our forefathers at the Excelsior Commons this Independence Day! This year, Stafford Family Realtors have donated to help fund the Excelsior Bay Firework display.

Come out to historic Excelsior and enjoy the music of the Minnesota Orchestra and one of the best firework displays in Minnesota!

We wish you and your family a safe and happy 4th of July!

Eric & Sharla Stafford

Weekly Market Activity Report from MAAR

The number of homes for sale in the Twin Cities metro area continues to decline relative to a year ago. As of Monday morning this week, there were 26,674 homes for sale in the region, down 20.9 percent from a year ago. In other words, we've lost 1 in 5 homes in our inventory in the last year.

Sales are a different story. For the week ending June 20, there were 1,156 signed purchase agreements, up 32.1 percent from the same week in 2008. That's the 12th week of the last 13 to feature a year-over-year increase in sales activity exceeding 20 percent.

We must bear in mind, however, that sales are only up in certain categories and price ranges. Year to date, traditional home sales (excluding foreclosures and short sales) are still down 17.8 percent from last year. New construction sales are down 21.7 percent from last year. And sales of homes priced above $350,000 are down 26.8 percent from a year ago. The lion's share of market activity is taking place in the lower price ranges this year

Come to Minneapolis if you are looking for Opportunities!

Best Cities for Finding Opportunity

Where are the best cities to live in the United States if you want to work hard and get ahead?

Forbes magazine examined the nation’s 40 largest metropolitan statistical areas and based on the number of Forbes' 400 best big companies and 200 best small companies that are headquartered in each, it identified what it considered places with the most opportunity.

The magazine says it took this route because the best big companies provide opportunities for those who seek to be employees, and the rate of success of small businesses indicates how the area treats entrepreneurs.

Here are the top 10:
1. Houston
2. Dallas
3. Minneapolis
4. Pittsburgh
5. Boston
6. Washington, D.C.
7. Austin
8. St. Louis
9. Kansas City, Mo.
10. New York

Source: Forbes, Lauren Sherman (06/19/2009)

What's the Skinny?

June's The Skinny video is now up and running! The Skinny is a 3 min. video produced by the Minneapolis Area Association of REALTORS and narrated by our President-Elect, Brad Fisher. The content is a brief snapshot of the state of the market in the Twin Cities. Click the link below to view this video.

http://www.youtube.com/watch?v=Wkpy8bvh3JY

We are getting more great news from MAAR on the state of Real Estate Market. http://ping.fm/nOCfy

More Good News on the State of the Market!

MAAR’s Weekly Market Activity Report - New Listings and Sales Continue to Rise

New listings and pending sales both took a jump upward in the week ending June 6 as the annual post-Memorial Day surge in activity took place. There were 1,226 signed purchase agreements in the Twin Cities for the week, which represents a 33.4 percent increase over the same week last year. The 2,160 new listings were a 4.3 percent decline from a year ago but were a significant bump over the activity seen during the Memorial weekend respite.

The June Housing Affordability Index of 199 is down 20 points over the last two months due to recent rises in mortgage rates and seasonal increases in the region’s median sales price. Combine that with a steadily declining Months Supply of Inventory (7.6 months) and falling Supply/Demand Ratio (5 homes per buyer), and it’s clear that market conditions are changing compared to a couple of months ago, moving towards a more balanced market.

Regardless, there remains a healthy inventory of properties available for purchase. And with the $8,000 federal tax credit spurring first-time home buyer activity, this summer should continue to be busy.

For the full market report visit
http://www.mplsrealtor.com/downloads/market/WMAR/wmar.pdf

MAAR Weekly Market Activity Report is information from the Minneapolis Area Association of REALTORS®

New Listing coming to MLS!!!

We are excited to announce the newest listing brought to you by Stafford Family Realtors!

2301 Boulder Road, Chanhassen, MN 55317

This beautiful 4 Bedroom, 3 Bath home in the demand neighborhood of Stone Creek features a private yard with mature trees. For more information, please contact Eric or Sharla at 952.470.2575

Foreclosure Information

Foreclosures declined 6 percent in May compared to April, but the number is still an increase of 18 percent compared to May 2008, reports RealtyTrac.

Nevada continued to have the highest foreclosure rate with one in every 64 housing units receiving a foreclosure filing in May, six times the national average.

These 10 states account for nearly 77 percent of total U.S. foreclosure activity: Nevada, California, Florida, Arizona, Utah, Michigan, Georgia, Colorado, Idaho, and Ohio.

Great New Listings and Open Houses

We are excited to announce a great new price on a well maintained home in Carver!!!!
748 Kirche Hill Road in Carver is now listed for $220,900. The current owners of this home have installed new carpet and pad thruout, along with fresh paint, new light fixtures, new hardware, new flooring, and much more. The quiet yard backs to a business and are the quietest neighbors your could ask for.

Our OPEN HOUSE schedule is now posted for this Sunday the 7th. Come and visit Sharla & Eric and check out some great opportunities!

8500 Cedar Court, Victoria - $335,000 open from 12-2
910 Anthony Way, Victoria - $429,900 open from 2:30 - 4:30
9108 Overlook Court, Chanhassen $510,000 open form 12-2

For more information, please visit StaffordFamilyRealtors.com or call 952.470.2575.

Weekly Market Activity Report from MAAR

For the week ending May 23, there were 1,103 pending sales, which was down slightly from the week prior due to the Memorial Day weekend holiday. Despite the low-cal dip, the mark is still 27.2 percent higher than last year at this time. Of the week's sales, 43.2 percent were lender-mediated foreclosures and short sales. In week-by-week, year-over-year comparisons, sales are expected to be higher than last year for the remainder of the year.

Heavy sales and soft growth in new listings equate to no growth in the supply of homes for sale this spring—the time of year that typically shows the largest increases. There are currently 26,453 active listings, lagging 19.6 percent behind this time in 2008.

This week's edition of the MAAR Weekly Market Activity Report features a new Supply-Demand Ratio for June 2009 of 5.04, which means that there will be 5.04 houses per buyer during the month. This is an astounding 33.4 percent drop compared to June 2008.

Emerald Ash Borer Pests

Minnesota has officially seen its first Emerald Ash Borer Beetle. This exotic bug has already killed more than 50 million Ash trees in Michigan, Ohio, Indiana and Canada. With 872 million Ash trees, Minnesota is home to the third largest population in nation. If preventative measures are not taken, the state can expect to see potentially devastating results from these bugs.

WHAT YOU SHOULD KNOW:
Preventative measures can be taken to protect against the damage inflicted by the borer. Many Cities have an Arborist on staff that can answer questions or offer treatment suggestions; this is generally a great place to start. Jill Sinclair is the Arborist for the City of Chanhassen, she is reached at 952.227.1133. Another great resource is the Emerald Ash Borer Website.

The most recent discovery of the beetles was in St. Paul and measures have been taken to prevent the spread. The DNR and the Department of Agriculture request that you report any concerns regarding an infestation. They have set up an Arrest-The-Pest Hotline at 1.888.545.6684.

Welcome to 7095 Northwood Court, sited on a quiet cul-de-sac in the demand neighborhood of Longacres. This home is truly a Gem, with amazing living spaces designed and built specifically with Family and entertaining in mind. From its custom finished Lower Level to it stunning landscaped yard this home has no equal in Longacres.

From pillar to post this home features brilliant details. Crown Molding can be found in every room. The main level features a Separate Formal Dining Room and Living Room, a spacious Eat-In Gourmet Kitchen, Great Room with gas burning fireplace and built-ins.

The Kitchen features Maple hardwood floors, Birch Cabinets, Granite center island, Stainless Steel Appliances and a Work station.

You will find four bedrooms on the second floor including the private Master Suite. With a vaulted ceiling, large walk-in closet and bath with a double vanity, this is a wonderful retreat.

If the top two floors aren’t quiet enough, the custom finished Lower Level of this amazing home will. A perfect space for entertaining, relaxing or the big game, all your needs are covered with the stone faced fireplace, custom built-in entertainment center and full service Wet Bar. The granite countered Wet Bar features a full refrigerator, wine refrigerator, dishwasher and microwave.

There is another large bedroom on this level.

This home is sited on a beautifully landscaped, private cul-de-sac lot. With the professionally built Deck and Paver Patio, enjoy every moment of this lush retreat. The Deck has been wired for speakers.

The residents of this neighborhood are more than neighbors; the relationships built here become great friendships. With the winding streets, private parks, walking paths you'll enjoy the prime location of this neighborhood nestled between the City of Chanhassen and the Village of Excelsior. Experience Lake Minnetonka and all the conveniences of Chanhassen. Longacres is a unique neighborhood that has a welcoming feeling of community; many social events take place throughout the year including an Annual Picnic, Bunco, Book Clubs and numerous parties. Made up of 225 Lundgren Brothers built residences, Longacres is a neighborhood that people aspire to live in.

For a private showing, please contact us at 952.470.2575 or visit StaffordFamilyRealtors.com for more information.

Check out this New Listing! 7095 Northwood Court, Chanhassen: http://ping.fm/bI4Yx

Great News for First-Time Home Buyers!

HUD recently announced that qualified First-Time Home Buyers who want to take advantage of the available tax credit of up to $8,000 now have another option available to them to help them become homeowners.

It's clear that first-time home buyers have been having a major impact on the housing market this year. The National Association of Realtors announced that first-time buyers, who typically account for less than 40% of home sales each year, have been especially busy…in March, homes that were purchased by first-timers accounted for 53% of all sales, and this percentage is expected to hold true for all of 2009.

With home affordability higher than ever, available tax credits and some of the lowest interest rates ever recorded for home loans, who can blame them? Particularly as a first-time buyer, there may never be a better time to buy a home than right now.

However, the availability of a tax credit, while a great incentive, does not put the money in the hands of a buyer right away. HUD's announcement now allows for prospective and qualified home buyers to borrow the money from approved agencies and lenders.

Weekly Market Activity Report from MAAR

1,004. 1,046. 1,083. 1,078. 1,120. 1,185.

Notice a pattern? That's the number of signed purchase agreements each of the last six weeks in the Twin Cities housing market, growing most weeks as the spring buyer market heats up. The 1,185 pending sales during the week of May 9 were a robust 26.6 percent higher than the same week in 2008. Over the last three months, there have been 2,228 more pending sales than the same period last year.

There are some caveats to this good news:

1. Traditional home sales (excluding foreclosures and short sales) over those last three months are down 17.6 percent from a year ago.
2. Sales above $190,000 are down 19.2 percent from a year ago.
3. Sales of new construction homes are down 16.8 percent from a year ago.

Looking through a sharper lens is sometimes the best way to fully understand market dynamics. Take a look at our Housing Supply Outlook and foreclosures and short sales report to learn more.

Weekly Market Activity Report from MAAR

Not everyone is thrilled by increasing numbers, but what they represent in the Twin Cities housing market is nothing to worry for 108 minutes over. Two increases—pending sales and housing affordability—are indicating improvement in the local housing market.

There were 1,120 pending sales for the week ending May 2, a healthy 26.3 percent above last year at this time. The Housing Affordability Index, now at 219, is 45.5 percent above where it was a year ago.

Active listings continue to underwhelm at 26,450, a decrease of 19.5 percent from last year. The lower figure, coupled with increased sales, has in turn helped to create a Supply Demand Ratio of 5.02 for April—31 percent lower than last year. Combining this with the 24.5 percent drop in Months Supply of Inventory over the past year could speak to the amount of houses (and foreclosures) remaining on the market that are selling through.

We don't want to get too far ahead of ourselves, but this could also usher in some new construction for the summer period. According to the Builders Association of the Twin Cities, there were 419 residential units permitted in April 2009, an increase of 43 percent over March 2009.

You don't have to be able to read hieroglyphics to see that within these numbers there could be some optimism found in what was once Lost.

SO MUCH GOING ON!!!!

It has been another crazy week here in the Stafford Family Realtors Office. We have so much to report!

We have added another New Listing to our desk:

Presenting

748 Kirche Hill Drive, Carver
4 Bedroom / 2 Bathroom / 2 Car Garage
$234,900
MLS #3681868

This well maintained home is just a short walk from 2 neighborhood parks and historic downtown Carver. The current owners have put a lot of work into this home. Their efforts include new paint thruout, new carpet and pad, new light fixtures, new hardware, new wood flooring, new tile, new faucets in the bathrooms.... NEW, NEW, NEW! Great for a First time home buyer!

Take advantage of the new $8,000 Tax Credit as a first time home buyer. Stop by the open house on Sunday, May 17th from 12 -2 and find out more information.


We are also currently running a promotion! When you stop by any of our open houses this month, you can fill out a form to be entered to win a $50 gift card to Bachman's nursery.

OPEN HOUSE SCHEDULE

Saturday, May 16th

1 - 4 PM
1340 Alpine Pass, Golden Valley $399,900 -
Just Reduced $20,000! Now listed at $150,000 LESS than what the previous owners paid in 2008.

Sunday May 17th

12 - 2 PM
748 Kirche Hill Drive, Carver $234,900 -
Just Listed, this is the first open.

12 - 2 PM
9108 Overlook Court, Chanhassen $510,000 -
Another Great listing that has received a price reduction.

2:30 - 4:30 PM
6605 Pointe Lake Lucy, Chanhassen $872,000 -
Another Price Reduction! Beautiful Masterpiece in Minnetonka School District.

2:30 - 4:30 PM
8500 Cedar Court, Victoria $335,000 -
This one too!!! Just reduced. First open since reduction.

3 - 5 PM
910 Anthony Way, Victoria $429,900
Beautiful Twin Home loaded with all the upgrades. Granite, Tray ceilings, Private Master, One Level Living!


STOP BY AND SEE US!

For more information on these or any of our other listings, visit STAFFORDFAMILYREALTORS.com, or call 952.470.2575.

Weekly Market Activity Report from MAAR

We trust that you had a good May Day, International Worker's Day or early Cinco de Mayo celebration. Whatever your cause for celebration, the Twin Cities housing market did not take a holiday. During the week ending April 25, pending sales posted their fourth consecutive week of more than 1,000 sales, a feat not accomplished since 2006. The 1,078 sales represent a 34.1 percent increase over the same week last year.

Supply remains a different story. New listings were hitting the market at a robust pace last spring, but activity has been comparatively tepid this year. New listings are 16.4 percent behind one year ago and the overall supply of homes for sale trails last year by 19.0 percent. We have remained near 26,000 homes for sale for most of this year, betraying the healthy seasonal growth we typically see this time of year.

Yes, supply is down, but there's still plenty of inventory out there. April's showers are behind us, the Housing Affordability Index is stratospherically healthy, low mortgage rates persist, and a first-time buyer tax credit remains in effect. At this clip, your buyers could certainly find May flowers blooming in front of their newly purchased homes.