Weekly Market Activity Report

As the home sales slowdown continues in the Twin Cities housing market and throughout the country, slowed inventory absorption is keeping the number of homes for sale at record levels in July. There are currently over 35,000 residential properties for sale in the 13-county metropolitan region, up 12.0 percent from this time in 2006 and 56.7 percent from this time in 2005. The rise in inventory this year has less to do with new construction projects, as builder inventory has actually declined from this time in 2006 by 600 units.

Seller activity remains flat, with new listings for the week ending July 21 falling behind the same week last year by 0.5 percent. Buyer activity is even slower, with the number of newly signed purchase agreements declining by 10.2 percent for the same time period comparison.

Weekly Market Activity Report

Following the annual Independence Day break, the Twin Cities housing market rebounded the week ending July 14. Seller activity shot up almost 900 units from the previous week. There were 2,720 new listings on the market, down 4.2 percent from the same week in 2006. Buyers also returned from their holiday siesta, writing 893 new purchase agreements. While this is an increase over the previous week, it is behind last year at this time by 17.2 percent as the market remains in a relative power nap.

4 Tips for Cooling Down Your Energy Bills

You know August is approaching when temperatures are heating up and air conditioners seem to be constantly humming. Staying cool is on everyone's mind. But many home owners are equally concerned about how they can cut down on their energy consumption and reduce their monthly cooling bills. The American Council for an Energy Efficient Economy (ACEEE) has a few suggestions:

• Clean or replace air filters in air-conditioning units to keep cool air moving a reduce electricity consumption.
  
• Have an air conditioner tune-up performed by a qualified contractor.
  Make sure your attic, which traps a lot of hot air, is adequately insulated.
  
• Replace old equipment. A new high-efficiency unit not only pares down utility bills; it can help you qualify for a federal income tax credit. But before you buy something new, do your research. “Often people are so desperate to replace their equipment that they don’t take the time to research the investment, locking themselves into high cooling bills and less comfort,” said ACEEE researcher Katie Ackerly.

For more information log on to www.energytaxincentives.org/consumers

Weekly Market Activity Report

The word of the month for buyer activity in the Twin Cities housing market is "flat." For the week ending June 30, newly signed purchase agreements (pending sales) posted 926 units as compared to 924 units the week before and 925 the week before that—now that's consistency. The unfortunate reality is that this flatness is taking place during what is normally the peak season for sales growth. Compared to one year ago, pending sales were down 15.4 percent. Seller activity has also declined, but to a lesser degree; new listings were behind last year at this time by 3.2 percent for the same time comparison.

Weekly Market Activity Report

Week by week and month by month, we have been saying the same thing for well over a year now. The Twin Cities housing market is in a state of post-boom correction and recalibration; both buyer and seller activity are down from 2006. It's also important to note that the 2006 market was down from 2005, making our current activity levels seem even slower in comparison. Newly signed purchase agreements (pending sales) for the week ending June 23 were behind last year by 9.3 percent and behind 2005 by 33.8 percent. Seller activity is also on the decline, but to a much lesser degree than buyer activity. New listings for the same week were 2.2 percent behind 2006 and 0.8 percent ahead of 2005.

As of the morning of Monday, July 2, there are 34,630 single-family housing units for sale in the Twin Cities region, up 12.2 percent from last year and 60.2 percent from two years ago. Inventory growth has been less dramatic this year due to a relative drop-off in new construction activity. One year ago, new construction housing units for sale accounted for 19.4 percent of total inventory; new units account for just 15.2 percent of inventory today.

Five Inexpensive Ways to Revitalize a Kitchen

Replace the flooring. Install laminate floor over old linoleum, vinyl or chipped tile. It costs just $1 to $5 a square foot and looks like wood, stone or tile.
Replace the lighting. A new ceiling fixture costs less than $100 and will brighten up the place. Adding some under-the-cabinet lights will illuminate work surfaces.
Give the cabinets a new life. A coat of paint and new knobs is the cheapest way to go. If you’re able to spend $4,000 to $6,000 on the project, hire a refacing company to replace the doors and drawerfronts.
Refinish the appliances. For a few hundred dollars, an appliance refinisher will re-enamel your stove, refrigerator and dishwasher door in the color of your choice, including a stainless steel look-alike.
Update the backsplash. Replace the space between your cabinets and the countertop with fashionable stone or inexpensive wallpaper.

Open Houses - Sunday, June 24, 2007

Time: 12:00 PM to 2:00 PM - Sunday, June 24, 2007
Address: 4870 Woods court
Location: Greenwood, MN 55331

Time: 12:00 PM to 2:00 PM - Sunday, June 24, 2007
Address: 2221 Lukewood Drive
Location: Chanhassen, MN 55317

Time: 1:00 PM to 3:00 PM - Sunday, June 24, 2007
Address: 17652 Cascade Drive
Location: Eden Prarie, MN 55347

Weekly Market Activity Report

June is traditionally a busy time for the real estate community and the most recent reporting week is no exception, as Total Active Listings for the 13 County Metro area continues at a record level. While buyer and seller activity accelerated as compared to recent weeks, the Twin Cities market continues at a lackluster pace in comparison to previous years. Weekly Single Family New Listings are down 1.2% and Pending Sales are 17.8% below the same week in 2006.

Open Houses - Sunday, June 3, 2007

Time: 2:00 PM to 4:00 PM - Sunday, June 3, 2007
Address: 10 Hill Street
Location: Chanhassen, MN 55317

Time: 1:00 PM to 3:00 PM - Sunday, June 3, 2007
Address: 2221 Lukewood Drive
Location: Chanhassen, MN 55317

Time: 12:00 PM to 2:00 PM - Sunday, May 20, 2007
Address: 2500 Clover Field Drive
Location: Chaska, MN 55318

Go to http://www.staffordfamilyrealtors.com/ for more information. For questions, call Sharla Stafford at 612-282-6895.

Weekly Market Activity Report

I remain very optimistic about the market - it seems there are pockets that are selling quickly - coming back to location, location, location. So, please read the following info with the understanding this is across the Twin Cities - not necessarily specific at all to the West Metro. It's good information as this is what the general public reads/believes so does influence the market. Please call or email me if you have any questions. Here's the update:

The song remains the same from week to week in the spring Twin Cities housing market; new listings are flat relative to the previous year while buyer activity declines further. New listings for the week ending May 19 were 0.7 percent behind this time in 2006, posting 2,656 new units. Of these new listings, only 301 were new construction, bringing the new construction share of our total current inventory to 16.1 percent compared to 19.7 percent one year ago. Newly signed purchase agreements (pending sales) were down 21.5 percent from the same week last year, continuing the trend of significant declines seen in recent weeks.

The residential market discord reflects a period of widespread recalibration of home values, lending standards, housing affordability, supply-demand dynamics, and construction activity; and the climax of this is depressed consumer confidence relative to real estate. The frenzied boom we saw from 1998 to 2005 was so extreme that it necessitates the market correction currently underway. The uncertainty surrounding our shifting market causes angst for both consumers and REALTORS® alike, but the adjustments now taking place will inevitably lead to long-term health and stability to our market.

Weekly Market Activity Report

Buyer activity in the Twin Cities housing market remains low compared to the past several years, with newly signed purchase agreements (pending sales) for the week ending May 12 falling 21.8 percent behind the same week in 2006. Seller activity posted an increase of 4.7 percent for the same year-over-year comparison—the first annualized increase in four weeks.

Inventory continues to grow as the summer selling season approaches. There are approximately 34,000 single-family housing units for sale in the metro area, 11.6 percent more than were available at this time last year. New construction homes comprise 16.5 percent—roughly 5,550 units—of total inventory.

Open Houses - Sunday, May 20, 2007

Time: 1:00 PM to 4:00 PM - Sunday, May 20, 2007
Address: 10 Hill Street
Location: Chanhassen, MN 55317

Time: 1:00 PM to 4:00 PM - Sunday, May 20, 2007
Address: 2221 Lukewood Drive
Location: Chanhassen, MN 55317

Time: 12:00 PM to 2:00 PM - Sunday, May 20, 2007
Address: 2500 Clover Field Drive
Location: Chaska, MN 55318

Go to http://www.staffordfamilyrealtors.com/ for more information. For questions, call Sharla Stafford at 612-282-6895.

Weekly Market Activity Report

Buyers and sellers in the Twin Cities housing market continue to exercise restraint. There were just over 2,800 new listings for the week ending May 5—down 5.2 percent from the same week in 2006. Newly signed purchase agreements (pending sales) were 13 percent behind for the same time period. The total inventory of homes on the market continues its gradual spring growth, rising above 33,000 single-family units—up 11.8 percent from this time last year.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for Mortgage Rates, the Housing Affordability Index (HAI) and the Housing Supply Outlook (HSO). Interest rates in May continue to hold steady at 6.1 percent. Despite no movement in these historically low borrowing costs from last month, the HAI dipped one point to 139 due to a slight increase in median home prices. The HSO increased to 8.5 months, which means it will take the current inventory of homes on the market 8.5 months to be absorbed by buyer activity.

Weekly Market Activity Report

As we approach the summer selling season, buyer activity remains relatively subdued when compared to previous years. Pending sales for the week ending April 28 were down 11.3 percent compared to the same time last year, while new listings were 1.8 percent behind using the same year-over-year comparison. The total inventory of homes on the market is growing as we near summer but not at the same pace as 2006 thanks to a needed curtailing of new listings by builders and sellers. Only 16.8 percent of the region's available housing stock is new construction, down from a 22 percent share in December of 2006.

This week's edition of the MAAR Weekly Market Activity Report features updated figures for both the Percent of Original List Price Received at Sale and the Supply-Demand Ratio (SDR). The April 2006 Percent of Original List Price Received at Sale was 95.9 percent, up slightly from the previous month. The SDR for May 2006 is 6.64, which means there are approximately 6.64 homes on the market for every buyer. The SDR should rise through the rest of 2007, as buyer activity will taper off in the second half while more homes continue to come on the market.

Weekly Market Activity Report

The key word in explaining the current state of the Twin Cities housing market is caution. There is a renewed sense of caution in the lending industry following the subprime mortgage market fallout, with lenders tightening restrictions on loan qualification. And buyers are showing continued restraint despite a market with improving affordability and a wealth of housing stock to choose from, possibly wary from the slew of anxiety-invoking media pieces on the housing market.
The effects of this caution can be seen in our spring activity, which is growing at a slower pace in 2007 than it did in 2006. Newly signed purchase agreements were 15.6 percent behind the same week last year and new listings were 7.1 percent behind for the same time comparison. Growth should remain gradual and measured in the coming months as we enter the summer selling season.

For more information on your city, click here:
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Chaska
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Minnetonka
Victoria
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Open Houses - Sunday, April 29, 2007

Time: 12:00 PM to 3:00 PM - Sunday, April 29, 2007
Address: 10 Hill Street
Location: Chanhassen, MN 55317


Time: 12:00 PM to 2:00 PM - Sunday, April 29, 2007
Address: 2500 Clover Field Drive
Location: Chaska, MN 55318

Go to www.StaffordFamilyRealtors.com for more information. For questions, call Sharla Stafford at 612-282-6895.

2500 Clover Field Drive, Chaska, MN 55318 - $400,000

Only relocation makes this home possible – totally turnkey and immaculate! This is a wonderful family home that shows like a Model with a price that beats new construction. Situated on a premier lot in the Clover Ridge Neighborhood – a family friendly community with private parks, tot lots and walking trails. The fully-fenced backyard is perfect for play – with plenty of room to run. The views are magnificent – with mature trees and a huge pond that is home to wildlife and waterfowl. With an Open and Spacious Floor Plan and a welcoming and elegant 2 Story Foyer, a Gourmet Kitchen with a Breakfast Bar, Granite Countertops, Stainless Steel Appliances and large Walk-in Pantry. The Kitchen opens to the Great Room with a Gas Fireplace surrounded by built-in bookshelves and cabinets for storage. There is a “lifestyle” room that can be used as Formal Dining Room, a Main Floor Office or an Away Room. There is also a main floor Laundry Room with loads of cabinets and large Mudroom. The upstairs has a spacious Master Suite with extra large Walk-in Closet, His/Her sinks, Jacuzzi Tub and Separate Shower. Three additional Bedrooms share a Family Bathroom with Double Sinks. There is plenty of storage with large closets in all the Bedrooms and a Linen Closet in the Bathroom. The Lower Level is unfinished – finish to your liking and build equity in this wonderful home! Conveniently located to schools, shops, restaurants, trails and parks – just minutes to the new HWY 212 with no negative noise impact.

10 Hill Street, Chanhassen, MN 55317 - $700,000

Enjoy this beautifully remodeled walkout rambler on Prime Lotus Lakeshore! 50 Feet of flat, sandy shoreline on 1+ Acres situated on a park-like setting. This walkout rambler has been completely remodeled and is turnkey - it is truly “like new” down to the framing. With an open, Great Room Floor plan, the design makes great use of space and reflects the character of an older home with wood floors, arches and right-sized rooms. Sunlight pours through the west facing wall of windows flooding the home with warmth and light all year long. The all new white enameled kitchen has a large center island with Corian countertops. It looks out to a hearth room with lake views and a wood-burning fireplace. The Lower Level has been finished for fun with a Billiards are, Full Bar, and Family Room. Walkout and enjoy Lotus Lake year round! Oversized 2 car Garage and 1 Car Tuckunder. Panoramic Lake views from nearly every room of this exceptional home.

Simple Ways to Boost Curb Appeal

The outside of a home can be just as important as the inside in attracting buyers. Maureen Gilmer with the DIY Network offers the following five cheap and easy ways to improve curb appeal:

1. Edge it. Make the distinction crisp between lawn and flowerbed or sidewalk. Replace old edging materials with tumbled concrete payers — the heavier they are the better they stay in place.

2. Mulch it. Cover bare ground with two inches of attractive mulch.

3. Stain it. Old concrete walks, steps, and planters crack, stain, and discolor. Cover them with new colored concrete stains. The result unifies paving and mimics more expensive stone.

4. Color it. Worn out fences can give the property a black eye. Stain them with muted colors like warm gray, soft green, antique gold, or subtle blue.

5. Plant it. Buy whole flats of six packs of single color annuals.

Record Setting Foreclosures

Foreclosures slipped 4 percent in February from the month earlier, but were 12 percent higher than the same time in 2006."Based on our numbers for the first two months of 2007, foreclosure activity is running at a rate that would project to a 33 percent increase over 2006," said James J. Saccacio, chief executive officer of RealtyTrac.States with the highest foreclosure rates in February were Nevada, Colorado and Florida. Nevada had one foreclosure filing for every 278 households. Colorado reported one foreclosure for every 345 households, and Florida had one foreclosure filing for every 382 households. Nationwide, there was one foreclosure for every 884 households.

We're seeing several homes that are facing foreclosure coming on market in the West Metro and Twin Cities. If you're interested in learning more, please contact Eric or Sharla Stafford at 952.474.2525.