Real Estate. Economics. Business
The number of distress sales continues to creep up in Plymouth with 79 properties in Plymouth, MN. There are 531 properties for sale so nearly 15% of the properties for sale are distress sales – i.e. bank foreclosures, short sales, corporate owned, as-is sales etc.
Prices range from $60,000 to $700,000.
If you’d like the list of properties, please call or e-mail me.
 
If you’d like to stay up to date with the latest listing activity in Wild Meadows, Medina’s finest and possibly the nicest luxury development in the Western Suburbs of the Twin Cities, then sign up for the new service I’m launching at www.WildMeadowsHomeInfo.com
You will have access to what I have access to as an agent. You’ll be able to see not only what’s for sale, but also all the sold information for the past several years.
Additionally, if you want to keep track and be alerted immediately once a new property is listed or if a price reduction occurs, you can get it at www.WildMeadowsHomeInfo.com.
Here’s this week’s report from the Minneapolis Area Association of Realtors. The association’s commentary is below:
Weekly Market Activity Report
Home sales in the Twin Cities housing market continue to post healthy increases over last year, though the upward movement isn’t as powerful as it was during September. For the week ending October 18, there were 618 signed purchase agreements (pending sales)—an increase of 9.6 percent over the same week last year and the 16th consecutive week of year-over-year upward movement. Foreclosures and short sales continue to comprise a sizable chunk of the market.
New listings for the same time period comparison were 18.1 percent lower, which represents the 30th week of the last 33 to have downward movement in new listing supply. The total inventory of homes for sale sits at 30,343, which is about 3,000 less than at this same time in 2007. Inventory should continue to fall through the remainder of the year but won’t fall as far as previous years given the higher number of foreclosures and short sales, which tend to stay on the market irregardless of snow depth and subzero temperatures.
Key points:
Listing inventory is down 10% compared to last year
Pending sales activity has now been consistently running 10-20% higher than last year lately.
Prices remain lower by 10-15% creating value and bargains for buyers
Money remains available for buyers with good credit – interest rates still around 6% for a 30 year mortgage
The Commerce Department released the latest figures on new homes sales today.  Much to the surprise of many, new home sales rose by 2.7% in September after dropping 12.3% in August. The reason I believe sales are up is prices are down significantly creating enough bargains to get buyers off the sidelines.
Here’s the story from the FT.
Alan Ruskin of RBS Global Banking & Markets in Greenwich, Connecticut is quoted as saying: “There is a sense that home sales may have started September stronger but ended weaker and continued much softer in the current month.”  However, we know that here in the Twin Cities, despite the Wall Street problems, transactions are continuing at a rigorous pace and have not shown a corresponding slowing.
Note: the S&P/Case-Shiller Index will be released tomorrow morning. I will try to get the charts updated before noon.
