Tami and Steve's I-94 Minnesota Real Estate Blog: How is the Housing Market?

Saint Cloud, MN Real Estate | Tami DeLand and Steve Hansen
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Wednesday, December 09, 2009

How is the Housing Market?

The 2009 tax credit was a success and had a remarkable impact on our local housing market. There were twice as many homes sold this November as there were in November 2008. My personal "fav-four" indicators are the real proof that the housing market has stabilized and is moving toward a more favorable position.

  • Inventory: There are 11% fewer homes on the market today than in 2008. November 2009 experienced 30% fewer new listings entering the market than November 2008. Fewer homes to compete with is good news for home sellers.
  • Average Sales Price: Although the average sales price is still on the decline, -2% in November, the foreclosure market is 13 percentage points lower than the overall market.
  • Number of Units Sold: The total number of units sold in 2009 is up 2% over 2008. The tax credit helped this year’s November sales exceed turkey time in 2008 by 100%.
  • Absorption Rate: The benchmark of all market statistics indicates the true health of the market. Absorption rate is the number of homes available per buyer.

Currently we have seven homes per buyer in Central MN. A balanced housing market would offer between five and six homes to every active buyer. In a balanced position, neither buyer nor seller has the upper hand in negotiations and there is a good selection of homes to compete with and to select from.

With two of the indicators in the plus column and the other two moving in a favorable direction, we can presume the bottom has passed and now is the time to prepare for a very vibrant spring housing market. We expect a robust level of buyer activity fueled by the new buyer tax credit. There is strong evidence of pent-up desire to sell by many home owners, motivated by a desire for more space, one-level living, job relocation or a simple lifestyle change. Again, the extra push for home owners is the new seller tax credit. Now is the time to buy, sell or sell and buy!

Tami DeLand and Steve Hansen
Saint Cloud and Central Minnesota REALTORS
Coldwell Banker Burnet
(320) 258-6675
St. Cloud Real Estate, Condos, Homes for Sale
Central Minnesota Real Estate

# posted by Tami DeLand and Steve Hansen @ 1:43 PM

Not only is the inventory 30% lower than the last year, but it has been at least four years since inventory levels have been this low!
# posted by Anonymous Carissa : 2:06 PM CST
This is great news for Central Minnesota for buyers and sellers!!
# posted by Anonymous Sheila : 2:17 PM CST
Yes I know how much the inventory has gone down, Its so hard to find great deals out there, but if you have a great agent, they can tell you all the tips and info to make a great deal...
# posted by Anonymous Craig : 9:50 PM CST
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Saint Cloud, MN Real Estate | Tami DeLand and Steve Hansen
About Tami DeLand and Steve Hansen's Saint Cloud and Central Minnesota, MN Real Estate Website: The www.I-94homes.com web site provides Saint Cloud, Waite Park, Sartell, Sauk Rapids, St. Joseph, Clearwater, Clear Lake, Avon, Albany, St. Augusta, Rockville, Coldspring, Righmond, Becker, Rice, Royalton, Little Falls, Monticello, St. Michael, Albertville, Rogers, Otsego, Maple Grove, Buffalo, Annanndale, Rockford, Corcoran, and Central Minnesota, Minnesota real estate information and resources to guide homeowners, homebuyers and real estate investors through the process of selling and buying a house, condo or other realty property in the Saint Cloud and Central Minnesota area. Tami DeLand and Steve Hansen (sometimes misspelled as Tammy DiLand, Tammi Deeland, Steven Hanson or Stephen Hanson) have services to help you get the best value for your Saint Cloud and Central Minnesota home and this website offers home buyers and home sellers a superior comparative market analysis (CMA), a way to view real estate and MLS IDX listings including virtual tours, prepare your home for sale, and more. Investors looking for real estate investment properties to invest in need look no farther. Anyone selling a home, buying a home or seeking housing can learn more about our realty services, and will appreciate working with   Saint Cloud and Central Minnesota REALTORs who know  the area so well. Through trusted partners, we also provide real estate and financial services to consumers looking for houses for sale or selling their home in Saint Cloud and Central Minnesota, MN, such as mortgages, credit history, new homes, foreclosures and other services. If you've already tried to go the for sale by owner (FSBO) route and find you are needing a partner who you can trust in the sale of your most precious asset, Tami DeLand and Steve Hansen can take care of your special needs. It really doesn't matter if you spell it REALTOR, Realator or Realter, realty, realety or reality, real estate or realestate, Tami and Steve speak  your language.
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