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Contact Dan if YOU are ready to move up - Dan@DanRanum.com

Move-Up Buyer Tax Credit

New listings continue to post weak numbers, with July’s total of 7,669 representing the lowest July output since 2002.

As sales have grown and new listings have slowed, the total number of houses available for sale has dropped dramatically in the Twin Cities. As of August 1st, there were 25,862 homes for sale in the region, down 21.6 percent from a year ago.

The overall July median sales price for all properties was $171,000, down 17.8 percent from one year ago, but up 2.1 percent from the second quarter median sales price of $167,500. The median sales price of traditional homes in June was $213,150, down 6.2 percent from a year ago. Lender-mediated homes posted a May figure of $126,000, down 15.4 percent from a year ago.

There appears to be less room for negotiation, as the Percent of Original List Price Received at Sale continues to improve—the July mark of 94.0 is 1.5 percent higher than last July.

Primary Takeaways

1) July’s pending sales were the highest July showing since 2005 and the 13th consecutive month of year-over-year increases.

2) Buyers are active and supply is shrinking.

3) We still have an abnormally high number of foreclosures and short sales, but it’s an improvement from six months ago.

4) We’ve made a lot of progress in the last year, but there’s still more to do before the market returns to balance.

Stats Snapshots

1) July saw 5,174 signed purchase agreements, up 16.0 percent from this time last year.

2) 41.8 percent of pending sales in June were lender-mediated.

3) The overall July median sales price for all properties was $171,000, down 17.8 percent from one year ago, but up 2.1 percent from the second quarter median sales price of $167,500

4) The median sales price of traditional homes in July was $213,150, down 6.2 percent from a year ago.

5) Lender-mediated homes posted a July figure of $126,000, down 15.4 percent from a year ago.

6) The number of properties for sale at the end of June was 25,862, down 21.6 percent from this time last year.

7) There are 7.2 months of supply available, down significantly from the mark of 10.5 seen at this time last year and trending back down towards a balanced market of 5- to 6-months of supply.

Source: Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.

Hidden Lakes

·         Spectacular wooded lot, with seasonal views of Theodore Wirth Golf Course and
downtown Minneapolis

·         Decorative lighting throughout entire home exterior; magnificent at night!

·         Savor the outdoors with a delightful screened-in porch off main level and a patio adjacent to the
lower-level family room

·         Open floor plan featuring great room with gas fireplace and soaring ceilings, plus formal dining room

·         Stunning kitchen features quartz center island, top-of-the-line granite countertop, tumbled marble backsplash, and open glass cabinetry with bar dining

·         Informal eating area in kitchen, adjacent to walk-in pantry and convenient half bath

·         Rich walnut floors accent main level

·         First-floor laundry and handy mudroom

·         Bountiful custom cabinetry and California Closet systems throughout the home

·         Study is accented by built-in desk and shelves; highlighted by recessed lighting

·         Fabulous master suite with gorgeous wooded views, gas fireplace, elegant bath and walk-in closet

·         Sophisticated yet comfortable walk-out level family room; perfect for entertaining

·         Two additional spacious bedrooms and full bath

·         Office adjacent to family room (could be a fourth bedroom)

·         “Artist’s workshop” in lower level

·         Built-in speakers in master suite, family room and great room

·         Home security system with touch pad entry at garage exterior

·         Patio and front sidewalk acid-stained

·         Finished, insulated garage with DuraCoat floor

·         Cat 5 wiring throughout home

·         Located just minutes to downtown Minneapolis, parks, lakes, shopping and more!

7740 Ridgeway Rd, Golden Valley, MN 55442. This home will be open on Sunday, May17th from 1-3pm. Nice location near Lions Park with many updates. See Featured Listings section for more details!

See you Sunday!

Dan Ranum, Coldwell Banker Burnet.