SW Metro Real Estate

The housing market in the Twin Cities area is continuing to show improvement. It reached a new milestone in May with pending home sales rising to a level we have not seen in eight years.  The increase is evidence that the market is starting to sway in favor of home sellers.  Homes are selling for a higher price and are selling more quickly than they were a year ago.  Rising home prices in the Twin Cities has more sellers jumping in the market as evident by the fact that listings increased by 26% last month.

The number of home sales in May increased by 13% to  5,363, and pending home sales rose by 19% to 5,872 according to data released by the Minneapolis Area Association of Realtors. Home prices also increased in May with a large increase of 15% to $194,450, the highest level seen in five years.

With increasing home prices more and more home owners are seeing their homes no longer underwater putting them now in a position to sell their home.  18.4% of residential properties with a mortgage were underwater, down from the first quarter of last year according to data recently released from CoreLogic.

“We are still far below peak home price levels, but tight supplies in many areas coupled with continued demand for single-family homes should help us close the gap,” said Anand Nallathambi, CoreLogic’s president and CEO.

If you are looking to buy or sell a home this summer contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

The housing numbers for April are in and home prices across the nation increased by 12.1 percent over last year, posting the biggest gain we have seen in over 7 years.  According to data provider CoreLogic home prices in April increased in 48 states over last year. Home prices also posted a month-over-month gain of 3.2 percent from March to April, which is much higher than the 1.9 percent increase from the previous month. Home prices in April rose in 94 out of the 100 largest U.S.  cities according to CoreLogic.

Home price increases here in Minnesota were not as high as the national average. In the Twin Cities year-over-year price increase was up 7.4 percent.  The number of distressed properties coming on to the market dropped by 30 percent compared to last year in May according to the Minneapolis Area Association of Realtors.  The overall decrease in distressed properties will help boost home prices in the future in the Twin Cities area.

Nevada led the way with home prices increasing 24.6 percent, followed by California posting a gain of 19.4 percent, and Arizona with 17.3 percent. There are more people looking to purchase a home now but the number of homes for sale nationwide is down 14 percent over last year.  The housing supply shortage is working to increase home prices. Rising home prices will help boost the housing recovery.

If you are looking to buy or sell a home this summer contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

Home prices rose once again in April throughout Minnesota. The median price of homes in Minnesota rose by 12 percent to $165,000 last month.  The number of home sales in Minnesota also slightly rose last month by 0.3 percent over this same period of time last year according to the Minnesota Association of Realtors.  The increase in home prices and home sales can be attributed to the decrease in the overall number of foreclosures and short sales, and increased competition for the decreased number of home listings.

“The robust housing market recovery is occurring in spite of tight access to credit and limited inventory,” said Lawrence Yun, NAR’s chief economist. “Without these frictions, existing-home sales easily would be well above the 5-million-unit pace.”

Nationwide home sales were up 9.7 percent over last year to a seasonally adjusted rate of 4.97 million, which is the highest number we have seen since November 2009.  Not only were home sales up nationally but so were home prices. Home prices climbed 11 percent over last year reaching the highest number since 2008.

Mortgage rates near record levels the last few months along with a decreased number of listings have left many sellers seeing numerous offers on their property. The number of new listings in Minnesota was up slightly by only 0.8 percent and the total number of inventory homes dropped by 14 percent. Now is the perfect time to list your home for sale.

If you are looking to buy or sell a home this summer contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

Real estate is local. There are many different reports that are released that show how the housing market is doing as a country, but what it comes down to is how the housing market in your area is. Do not weigh heavily what is in the national reports instead focusing on local market data. Below is the latest on what happened last week in the Twin Cities.

In the Twin Cities region, for the week ending May 11:

• New Listings increased 25.1% to 1,858
• Pending Sales increased 16.2% to 1,305
• Inventory decreased 27.5% to 13,556

For the month of April:

• Median Sales Price increased 12.0% to $182,000
• Days on Market decreased 28.1% to 97
• Percent of Original List Price Received increased 2.7% to 95.9%
• Months Supply of Inventory decreased 36.0% to 3.2

For a more detailed reports and graphs of the current Twin Cities home market condition visit the Minneapolis Area Association of Realtors website.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

The Twin Cities metro area saw more listings added to the real estate market last month as more sellers jumped in . The number of listings increased 7.7 percent, which is the biggest increase in listings we have seen in nearly two years according to a monthly sales report from the Minneapolis Area Association of Realtors. The increase comes at a much needed time when April numbers show that the number of listed homes was down nearly 30 percent over last year.  Decreased housing inventory is resulting in us seeing bidding wars on homes, and sellers getting more of their listing price. Last month sellers in the Twin Cities averaged 95.9 percent of their original home listing price.

Buyers are still out in full force and buying. There were 4,138 home sales, which is a 5.3 percent increase over last year. Not only are home sales up but home sale prices continued to rise too. The median price of homes for closed sales last month was $182,312, which was a 12.2 percent increase.  With the median sale price increasing this makes more and more homeowners in the Twin Cities no longer underwater on their home mortgage.

The economy in the Minnesota and in the Twin Cities is strengthening which is also helping the housing market in the area.  When jobs are plentiful the housing market reacts to it. Minnesota’s unemployment rate is at 5.5 percent, which is below the national average and the number of jobs available in the state has increased.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

Owning your own home in the Twin Cities area is getting more affordable every day.  According to the weekly report from mortgage financier Freddie Mac the 15-year fixed rate mortgage hit a new record low last week. The 15-year fixed rate fell to a new low of 2.61% down from 2.64% the week prior. The previous record of 2.63% was reached the week of November 21^st, 2012.

“The housing market is getting a boost, with mortgage rates hovering at or near record lows,” said Frank Nothaft, Freddie’s chief economist.

30-year fixed-rate mortgages are also still near historic lows reaching 3.4%, which is only 0.09% higher than its record low. Adjustable-rate mortgage loans, the 5/1 ARM, also hit a new low last week of 2.58%.

If you currently own a home you could save substantially by refinancing to a 15-year fixed-rate.  For instance, if you currently have a 30-year loan at 5%, and were to refinance to a 15-year loan at 2.6% you would only pay $21,000 in interest for every $100,000 borrowed compared to the $93,000 per every $100,000 on the 30-year loan.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

The housing market is still on very much in its recovery phase here in the Twin Cities. There are plenty of buyers looking to buy a home in the Minneapolis area but they are having a hard time finding one due to a shortage of inventory homes for sale.

In the Twin Cities region, for the week ending April 13:

• New Listings decreased 2.0% to 1,605
• Pending Sales increased 6.1% to 1,186
• Inventory decreased 28.7% to 13,145

For the month of March:

• Median Sales Price increased 17.8% to $176,650
• Days on Market decreased 24.3% to 109
• Percent of Original List Price Received increased 3.1% to 95.0%
• Months Supply of Inventory decreased 38.0% to 3.1

For a more detailed reports and graphs of the current Twin Cities home market condition visit the Minneapolis Area Association of Realtors website.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

The numbers are in for the real estate market in the Twin Cities for March, and it shows it was very much a seller’s market. The number of home buyers continues to outnumber that of home sellers.  As a result we are seeing double-digit price increases in some areas, and bidding wars are once again becoming popular.

There were 3,632 closings in March, and the median price of homes was at $176,000. The median price rose by 17.4% over last year, and this marked the 13th consecutive month we have seen a gain according to the Minneapolis Area Association of Realtors (MAAR).

Spring is a notorious busy time in the real estate market where we see home sales increase.  Even with the unusually cold temperatures we are seeing so far this spring it has not stopped buyers from entering the market.  The thing holding back sales right now is decreased housing inventory. For the month of March we only saw 6,147 new listings, this is a 5% decline over last year. Housing inventory is at the lowest level in a decade.

There are many would be home sellers in the Twin Cities who are still suffering from owing more for their home than what it is worth.  It also seems that many would be sellers are holding out in hopes that prices will continue to rise, and then they will be able to recoup some of the equity they lost in their home over the past few years.

The good news is that sellers last month received 95% of their asking price, up from 92 % last year. If you are considering selling your Twin Cities home you may be surprised to find that you no longer have a mortgage that is worth more than your home is worth. It is a seller’s market and buyers are looking for homes that are in move in ready condition.

If you are considering selling and want to know what your home is worth contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

Home sales may have slumped slightly in February in the Twin Cities but home prices did not. Home prices were up 14% in February, and there was a slight decline in the number of homes closed on. Statewide there was a 6.6% decline over last year with only 4,708 closings last month.  The decline in home sales over last year does not hold much weight. Last February we experienced an unseasonably warm month which conducive to home buying.

The number of homes listed for sale continues to decline making it harder for would be buyers to find their perfect home. Inventory dropped 13.8% statewide last month which helped increase home prices to a median sales price of $142,754. Nationwide existing home sales were up 0.8% for the month of February which is a 10.2% increase and the 20^th consecutive month of increases according to the National Association of Realtors recent report.

“Job growth in the improving economy and pent-up demand are causing both home sales and rental leasing to rise,” said Lawrence Yun, the NAR’s chief economist. “The only headwinds are limited housing inventory, which varies greatly around the country, and credit conditions that remain too restrictive.”

Another positive indicator of the housing recovery is that the number of days that a home is on the market dropped again in February by 11%, to a total of 101 days.  Sellers in February received 92% of their original asking price; this is an increase of 3% over last year.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065

Spring is here! The housing market is still well under its way with its recovery. New listings are very much needed in the area, and the number of overall inventory homes is still down. There is an increased demand by buyers for quality homes.  Here is this week’s recap:

In the Twin Cities region, for the week ending March 16:

• New Listings increased 4.9% to 1,475

• Pending Sales increased 11.9% to 1,094

• Inventory decreased 30.1% to 12,661

For the month of February:

• Median Sales Price increased 15.5% to $160,000

• Days on Market decreased 22.2% to 112

• Percent of Original List Price Received increased 3.4% to 93.7%

• Months Supply of Inventory decreased 38.8% to 3.0%

For more detailed reports and graphs of the current Twin Cities home market condition visit the Minneapolis Area Association of Realtors website.

If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.

Brace Helgeson Coldwell Banker Burnet

Licensed in Minnesota/Lic # 92065