The Minneapolis Area Association of Realtors recently released their Residential Real Estate Activity Report. The information below is taken from this and reflects information for 2009.
Last year, mortgage rates continued to decline and housing prices remained soft. Sales were also higher in the affordable price segments due to the first-time home buyer tax credit and increased lender-mediated sales. Also, total dollar volume was boosted by the increased number of transactions after declining over the last three years.
The average square foot of homes bought in 2009 declined slightly, which makes sense since there was a rise in 'affordable home' sales. The price per square foot of area home sales also declined.
Historical levels of lender-mediated activity are taking place in the Twin Cities housing market which is not surprising. Foreclosures and short sales are more likely to be single-family detached homes than they are townhouses or condos. Builders are waiting until the economy recovers before building new construction, so 2009 was slow for home builders in the Twin Cities.
Carver County had 406 total sales in 2009 and 146 of those were lender mediated. Only 47 of these homes were new construction. The average price of homes sold was $204,675 and the average days on the market until the home sold was 147. In 2008 the average sales price was $240,161 and in 2007 it was $256,979.
If you have any questions about this information, do not hesitate to give me a call.
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