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Wednesday, February 10, 2010December 2009 Andover, MN Housing Update
Taking a look at the Andover MN real estate housing market update, there were a total of 49 new homes listed in the month of December 2009, opposed to 50 new houses listed in December of 2008. This negative 2.0% change is offset by the positive 45.8% increase we saw in sales numbers: December 2008 saw 24 units closed, while December of 2009 had 35 homes that were sold.We also saw a 6.7% positive increase in the area of median sale price. While December 2008 rounded out at $194,000, December of 2009 showed an increase of $13,000, with a total median sales price of $207,000. Unfortunately, we did see a decline in average sales price by a negative 1.2%. A major high point in last years numbers for December versus this years was the average number of days these homes were on the market. We saw positive 16.2% decrease with only 162 days, December of 2009, from December 2008's average of 194 days on the market.
As far as the number of townhouse-condo units sold, the numbers calculate out to a much lower 5.0% decline, with 38 units sold December 2009 compared to 40 in December 2008. With the new December data in we see that 2009 was marked by more housing sales, but with fewer new units being introduced, and a decrease in overall returns on the sales.
Looking at the year to date data, we saw 896 new units listed in 2008 opposed to 798 listings in 2009. This information is a 10.9% overall decrease. Thankfully, we did see an increase in closed sales in 2009, with 412 closed opposed to 2008's 340 closed, a 21.2% increase. Median and average sales suffered in 2009 with median sales dropping to $205,000 from 2008's $226,120; a difference of a negative 9.3%. With an average sales price decrease from 2008's $240,262 to 2009's $219,445, we are left with a negative 8.7% decline in average sales price.
On the other hand, the percentage of the original list price received at sale rose in 2009 by a positive 0.8%, with 92.7% in 2009 to 2008's 92.0%. To close things out, we saw no real change in the average number of days these homes were on the market with an average of 162 days for both years.
That’s a wrap on your 2008-2009 Andover housing market figures. We do have a number of top agents on our team who know the Andover market very well. Please don't hesitate to let us know know how we can help. Posted By: Ryan ONeill @ 6:35:29 PM
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Show All » 2010 » January
Sunday, January 24, 2010Roseville MN Real Estate
Roseville is just minutes north of St. Paul and east of Minneapolis making this first-ring suburb a quick commute. Boasting the greatest number of restaurants per capita in the Twin Cities there's always fun new eateries to explore! Thanks in part to a large amount land that is zoned commercially, property taxes in Roseville are some of the lowest in the metro. Thanks to our friends at the Minneapolis Area Association of Realtors, we're examining the housing numbers for December 2008, December 2009, and year-to-date figures to keep everything into perspective.
The number of single-family homes in December 2008 was 85 homes on market, 24 being new listings. December 2009 saw the total number of homes on the market grow 11.8% to 95. The townhouse and condo inventories saw a 1.7% decrease between December 2008's 59 units and December 2009's 58 units. New market listings in December '09 were down 16.7% to 20 over the previous year. The change of new market listings follows the year-to-date trend: 582 in 2008 down 9.3% in 2009 to 528.
Closed sales for December 2009 declined slightly while closings year-to-date saw a small increase. In December '08 and year-end of 2008, the numbers of closed sales were 17 and 279 respectively. Closed sales for December '09 slipped 23.5% to 13 with the year-to-date at 290 closings, a 3.9% increase over the previous year.
The average sales price for December 2008 to December 2009 decreased from $222,347 to $203,944 in 2009. The average sales price for the year-to-date decreased 9.2% from $239,220 to $217,189 in 2008 and 2009 respectively. The percent of sellers receiving the original list price decreased 0.1% from December 2008's 91.1% to 91.1% in December '09. For the year-to-date in 2009, 92.4% percent of sellers in Roseville received the original listing price (not accounting for previous listing prices), which remained the same from the previous year.
The average number of days a home sat on the market didn't see much of change, decreasing by one day from 153 days in December '08 to 152 days in December '09. The year-to-date average fell by 6.2% from 125 days to 117 days.
While the average sales price hovered around $200K, the median sales price for Roseville decreased 32% in December '09 to $145,000 indicating perhaps that more investors or first time homebuyers are purchasing homes in this dynamic city. If you’re looking to purchase your first home, before you do anything check out the Minnesota Real Estate Team's free mn first time homebuyer seminar. After the class, you may even consider purchasing an investment property to generate some extra income at the end of the month. If so, let the mn investment property team help you find the right property.
Posted By: Ryan ONeill @ 8:16:11 PMTop
Show All » 2010 » January
Monday, January 04, 2010RESPA Changes - 2010
Did you know on Friday, January 1, 2010, the biggest change to home disclosures in over 30 years went into effect?
The change is a complete overhaul of the Good Faith Estimate – a standard disclosure document sent to borrowers – under the Real Estate Settlement Procedure Act (RESPA). RESPA requires that buyers receive disclosures at various times throughout the process of buying a property and outlaws kickbacks that increase the cost of settlement services. RESPA is a Housing and Urban Development (HUD) consumer protection statute designed to help homebuyers be better shoppers in the home buying process and is enforced by the government (HUD).
On the old Good Faith Estimate several fees were classified as undefined line items. Due to poor disclosure on the old forms, borrowers found themselves in financial trouble when their mortgage payments increased exponentially and they didn’t understand why or how that could happen. When borrowers don’t fully understand all the fees associated with the closing process, fear and uncertainty can dictate their buying experience.
The new Good Faith Estimate form defines the rate, whether the rate can change, and the details of the loan terms and costs to provide more transparency on fees associated with closing a loan. The goal is to help eliminate any surprises at the closing table and to give borrowers the confidence necessary to shop around for the best deal to ensure a positive home buying experience.
While some real estate professionals are apprehensive about the change in forms, not us with The Minnesota Real Estate Team! We've been apprised of changes since November 2009! In addition to finding the best real estate for their clients, the team also conducts free seminars for minnesota first time homebuyers. If you’re considering purchasing your first home and have questions about changes on the Good Faith Estimate, our team can help you.
Whether you’re a first-time homebuyer or a seasoned investor, 2010 will be a year that you’re going to need the experience of The Minnesota Real Estate Team. With over 700 homes sold in 2009, The mn real estate team has the experience you deserve.
Posted By: Ryan ONeill @ 5:29:34 PMTop
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