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St. Louis Park, MN Median Home Prices Remain Steady Through March 2009 YTD
April 16, 2009 By Leave a Comment
St. Louis Park, MN is one of the few cities in the Twin Cities that has remained flat in Q12009.
Maple Grove, MN Median Home Prices Decline by 6.9% YTD Through March 2009
April 16, 2009 By Leave a Comment
Maple Grove, MN median home sales prices declined by 6.9% to $223,500 in Q12009.  Closed sales declined by 16%. Average market time improved by 18% to 107 days on market instead of 131 a year ago.
Plymouth, MN Median Home Prices Decline by 10.5% YTD Through March 2009
April 16, 2009 By Leave a Comment
Plymouth, MN median home prices declined by 10.5% to $229,950 in Q12009. Closed sales are down 25.5%. Days on Market jumped 20% to 144 days.
Medina, MN Median Home Price Declines 4.6% YTD Through March 2009
April 16, 2009 By Leave a Comment
Median sales prices in Medina, MN have fallen to $587,500 for Q12009. I remember when we were consistently running at a $800-$850k. But that was when the upper bracket was selling easily. That’s not true today.
Plymouth, MN 2030 Comprehensive Plan
April 16, 2009 By Leave a Comment
Word has it that the Met Council has approved the City of Plymouth 2030 Comprehensive Plan. This seems like it was so long ago that this was such a big deal…in many ways it was. In fact, when the plan was in the thick of its development the real estate market was still going strong and only starting to slow down.
The Plymouth City Council will still need to approve the plan, but this will be good news for future new developments provided the economy gives us a little wind at our backs.
What is the Comprehensive Plan?  According to the City of Plymouth web site the 2030 Comprehensive Plan does the following:
The Comprehensive Plan lays out long-term plans for land use, housing, transportation, parks, open space, trails, public facilities, surface water, water supply and sanitary sewer.Â
Here’s the link to the City of Plymouth’s 2030 Comprehensive Plan if you’d like to refresh your mind as to what’s in the plan.
Twin Cities Real Estate Market Activity – Week of April 13, 2009
April 16, 2009 By Leave a Comment
The Twin Cities real estate market continues to show signs of improvement. Much of the activity though is found on the lower end of the market, but it’s still helpful to see all the activity.
Here is the link to the full report from the Minneapolis Area Association of Realtors.
Below are some graphs I pulled out that I thought were most important.
Pending home sales continues to rise sharply! Notice the steepness of the curve. It’s much steeper in 2009 than it was in the previous two years. That’s a good thing.
The active listing inventory is down significantly compared to last year. Notice the very sizeable gap between last year and this year in the upper part of the graphic below. It sure looks like listing inventory has peaked for this cycle.
The percentage of list price received at sale showed an increase recently. That is also a good indicator but it also has a lot of moving parts to it. Yes, buyers might be paying up to buy some of these properties today and given the numbers of foreclosures, that’s possible. (Banks are pricing them more aggressively to get rid of them faster). However, it could also be that sellers have become a little more realistic in what they can get for their homes and agents have gotten better at pricing as well. In any event, the uptick is also a healthy sign.
Northern California Real Estate Sales Increase 29% March 2009
April 16, 2009 By Leave a Comment
DataQuick just released the sales data for March 2009 for Northern California. The sales continue to improve significantly over last year but not quite at the pace seen in the Southland. Sales are up about 29% compared to one year ago. Having lived in Northern California for 9 years (San Francisco, Walnut Creek, Pleasanton and Dublin) this is close to my heart. It’s a beautiful part of the country.  Northern California doesn’t have as vast an area as Southern California, but there were certainly areas where builders went crazy and so they are seeing huge numbers of foreclosures there as well.
Here’s a statistics that ought to cause a little concern:
“The use of government-insured FHA loans – a common choice among first-time buyers – represented a record 25.4 percent of all Bay Area purchase loans in March, up from 1.5 percent a year ago” (DataQuick).
The Federal Government, and thus the U.S. taxpayer, is going to end up with a lot of these houses.
Only 2 Homes For Sale in Foxberry Farms, Medina, MN
April 16, 2009 By Leave a Comment
It’s hard to believe, but there are only 2 homes for sale right now in Foxberry Farms located in Medina, MN. There had been 6 or 7 for sale just recently, but a couple of them have closed and 2 have recently gone pending. The homes that are for sale are at the extremes…one is at the highest price in Foxberry at $1,050,000 and the other one is priced at the lowest in Foxberry at $529,900. For full disclosure, this property at $529,900 is my listing. This is the lowest price on a listing in Foxberry Farms in the past several years.  If you’re looking for a bargain, this is it.
To stay up to speed on new listings in Foxberry or if you want to learn what homes have been selling for in the neighborhood, please sign up at www.FoxberryFarmsHomes.com. Â It’s a free service that I offer.
Click on the pictures to enlarge.
     
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