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For aspiring home owners who find their goal stubbornly elusive, newly enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime.

But like so many of the good things in life, time is of the essence for buyers who want to take advantage of this outstanding opportunity. Only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible.

For more information check out federalhousingtaxcredit.com

Supply is leveling off which is usual for the summer market. There are currently 33,247 active homes on the market in the Twin Cities which is DOWN 4.0% from last year at this time. Definitely a good sign for the second month in a row! Inventory in the Twin Cities area is currently at 10.5 months of supply* (up 8.6% from 9.7 months of supply in August 2007). Inventory is holding pretty steady as we cruise in the slower summer market.

There are currently 8.68 homes for sale per buyer DOWN from last August in which this was 9.06 homes per buyer.  Homes on average are taking 146 days to sell which is a 13.3% increase from last year. Pending sales are slighlty UP from last year as well. Selling homes on average are getting about 92.6% of list price. Down from 95.3% last year...sellers are still having to lower prices to get their home sold as more competition creeps into the market.

To see the chart please click on the "Download Statistics" link below. To read last months update click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (6 months is usually considered a balanced market).

These stats will be provided monthly to you via this website. If you have any questions on these numbers or would like any sold data for any home listed in the Twin Cities please contact me.

Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.

Supply is leveling off which is usual for the end of the spring market/beginning of the summer market. There are currently 32,499 active homes on the market in the Twin Cities which is DOWN 0.8% from last year at this time. Definitely a good sign! Inventory in the Twin Cities area is currently at 10.4 months of supply* (up 13.0% from 9.2 months of supply in June 2007). Inventory is holding pretty steady as we enter the slower summer market.

There are currently 8.23 homes for sale per buyer (almost 1 house more per buyer from last month) up from last June in which this was 7.53 homes per buyer.  Homes on average are taking 159 days to sell which is a 27.9% increase from last year. Pending sales are down from last year as well. Selling homes on average are getting about 92.6% of list price. Down from 95% last month...sellers are having to lower prices to get their home sold as more competition creeps into the market.

To see the chart please click on the "Download Statistics" link below. To read last months update click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

These stats will be provided monthly to you via this website. If you have any questions on these numbers or would like any sold data for any home listed in the Twin Cities please contact me.

Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.

Supply is leveling off which is usual for the end of the spring market/beginning of the summer market. There are currently 32,915 active homes on the market in the Twin Cities which is DOWN 3.4% from last year at this time. Definitely a good sign! Inventory in the Twin Cities area is currently at 10.2 months of supply* (up 20.19% from 8.5 months of supply in May 2007). So while inventory is waning a bit, buyers have ticked down as well. 

There are currently 7.53 homes for sale per buyer (almost the same as last month) up from last May in which this was 6.67 homes per buyer.  Homes on average are taking 154 days to sell which is a 16.7% increase from last year. Pending sales are down from last year as well. Selling homes on average are getting about 95% of list price. 

To see the chart please click on the "Download Statistics" link below. To read last months update click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

These stats will be provided monthly to you via this website. If you have any questions on these numbers or would like any sold data for any home listed in the Twin Cities please contact me.

Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.

Foreclosures and Short Sales are having an impact in the Twin Cities real estate market place. Homes that are bank-mediated are currently making up about 20% of the inventory in the Twin Cities. As prices increase, however, the percentage of bank-mediated homes falls dramatically. The hardest hit is under the $120,000 mark at over 50%.

The positive news out of all this is that traditional sales (taking out the foreclosures and short sales) saw only a 3.9% decrease in median sale price from 2007 to 2008. So it seems that once we can get the bank-mediated properties leveled off, sale prices are showing signs of stabilizing!

Please let me know any questions on this or other real estate related issues.

To learn more, check out the new report by the Minneapolis Area Association of Realtors by clicking the "Download" link below.

Supply is ramping up a bit which is usual in a spring market. There are currently 32,448 active homes on the market in the Twin Cities which is up 5.6% from last year at this time. Inventory in the Twin Cities area is currently at 9.6 months of supply* (up 23.9% from 7.7 months of supply in April 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. 

There are currently 7.96 homes for sale per buyer (down slightly from last month) up from last April in which this was 6.5 homes per buyer.  Homes on average are taking 165 days to sell which is a 15.4% increase from last year. Pending sales are down from last year as well. Selling homes on average are getting about 95% of list price. 

To see the chart please click on the "Download Statistics" link below. To read last months update click here.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

These stats will be provided monthly to you via this website. If you have any questions on these numbers or would like any sold data for any home listed in the Twin Cities please contact me.

Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.

Supply is ramping up a bit which is usual in a spring market. There are currently 31,615 active homes on the market in the Twin Cities which is up 3% from last year at this time. Inventory in the Twin Cities area is currently at 9.2 months of supply* (up 56.4% from 7 months of supply in March 2007). This simply means it is taking longer for homes to sell, but that homes are still selling. There are currently 8.16 homes for sale per buyer up from last March in which this was 6.3 homes per buyer.  Homes on average are taking 165 days to sell which is a 15.4% increase from last year. Pending sales are down from last year as well. Selling homes on average are getting about 95% of list price. 

The good news in all of this is if you are a buyer. Buyers have alot more to choose from than in the past and they are buying the homes that are priced well and show the best in the area.  They are getting a great value for their money. As far as sellers go, if you are moving up the % you would "lose" on the selling end you can more than make up for on the buying end. If you are downsizing or leaving the area and have lived in the home 5+ years you have seen 30%-50% gains on your home. Enjoy the extra money!  We may not be at the bottom just yet, but it is a much needed cool down as appreciation was FAR outpacing earning increases. If prices did not level out no one would be able to afford to buy a home!

To see the chart please click on the "Download Statistics" link below.

*The Months of Inventory represents how fast homes are being absorbed by the market. If no more homes were listed, the Months of Inventory would be how long it would take to sell all existing homes. (3-5 months is usually considered a balanced market).

These stats will be provided monthly to you via this website. If you have any questions on these numbers or would like any sold data for any home listed in the Twin Cities please contact me.

Data collected from the Regional Multiple Listing Service, for residential properties in the 13-county region exclusively.

Great news came out from the Department of Housing and Urban Development (HUD). In accordance with the new legislation passed a couple of weeks ago, HUD released the new loan limits for FHA, Fannie Mae, and Freddie Mac. The new minimum for FHA is $271,050 nationally and many Metro Markets received increases. In the Midwest, Minneapolis/St.Paul Metro area FHA limit was raised to $365,000. The Fannie/Freddie minimum remained unchanged at $417,000 throughout the Midwest. It will still take some time for Fannie Mae, Freddie Mac, and FHA to prepare their systems and implement the changes.

 This is great news for first time home buyers and also move-up buyers to be able to get a loan! Please contact me with any questions on this increase.

My new site is launched. Please check out the new search function complete with basic search, advanced search, NEW map search, MLS search, and address search!  Once you find the home of your dreams simply send me an email or give me a call to see it. Not ready to look yet? Sign up for my free auto-email search and save your favorite listings.

Check it out!  FIND ME A HOME!