November's video Twin Cities real estate market update was just posted this past week on YouTube from the Minneapolis Association of Realtors. It gives a very good snapshot of condition of the Twin Cities real estate market and explanation of where it is today. It is cautiously optimistic about the housing market conditions this fall. Take a look...
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18 Comments on November Video Update on the Twin Cities Real Estate Market
NOV
22
2008
Hi Teri, I loved the video and that your area is counter to the national trend. Good luck with keeping up the good work. Your prices are holding their own.
Gary--I think that the market shows that many homes closed in October but that was probably due to the end of the seller pd financing in September. Not too much activity during the month of October I am guessing so I think the next report will paint a picture trending similar to across the country. I know that other areas had this same blip of activity in the low price points last month too.
Rebecca--I came across these videos being published monthly by one of the local REALTOR associations. They do a pretty good job and so I incorporated as a different type of update.
Terri I have no doubt you are the go to Realtor for the Twin Cities. There are not many Realtors in your area that know how to market like you do online.
Gee, only a 1.4% drop in price on "real" listings - we run 20 to 30% due to our high amount of pressure from bank owned properties, Happy Thanksgiving fro Art and I Karen
TERI, that is great news!! I loved the video he put together. We have pretty much bucked the national trend but took a pretty big hit from Hurricane Ike. We are slowly coming back though.
There are bright lights all over the place! I am cautiously optimistic that we are starting to see some change! I know that things are going to take a while to change -- it took several years to get to the current situation.
Karen--This is an aggregate number for the entire Twin Cities area. There are pockets where prices are flat and others with declines as drastic as in your area. It is a nice overview but for those with homes in specific communities, they need to contact an agent to understand what is happening.
I hope you and Art have a wonderful Thanksgiving too!
Sandra--The Mpls Association is one of five local REALTOR associations in the Twin Cities. I am part of the St Paul Association so I kind of stumbled onto these posts. I think they are a great asset to explain the market stats to those who hate reading charts!
Marchel--I think a lot of the numbers are skewed from the ending of selling funded programs as so much of it was low valued sales. Maybe I am wrong...time will tell as November closings will be out soon. There has been a bit more action out there these last couple of weeks despite the economic news so I will remain hopeful. One thing is for certain...AFFORDABILITY is way up in the Twin Cities!
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Hi Teri, I loved the video and that your area is counter to the national trend. Good luck with keeping up the good work. Your prices are holding their own.