Tami and Steve's I-94 Minnesota Real Estate Blog: How did the Housing Market Fare in 2009?

Saint Cloud, MN Real Estate | Tami DeLand and Steve Hansen
Tami & Steve's St. Cloud, MN Real Estate Blog

Featured Homes
Bookmark and Share

Quick Search

Advanced Search

Click Here

Search by Listing #

Search by Street Address
Free Email Updates

Free Relocation Package for moving or transferring to the Saint Cloud and Central Minnesota area

Visit Tami DeLand and Steve Hansen's Facebook profile
Visit Tami DeLand and Steve Hansen's Active Rain profile
Visit Tami DeLand and Steve Hansen's Twitter account

Tami & Steve's St. Cloud, MN Real Estate Blog
Subscribe to Tami & Steve's Central Minnesota Real Estate Blog by Email

Monday, January 18, 2010

How did the Housing Market Fare in 2009?

The 2009 Tax Credit may have been the savior of our local housing market. The early months of 2009 were dominated by foreclosure sales. Bank-owned sales produced a lackluster first half of 2009 in housing sales. Foreclosures accounted for 25% of the Central Minnesota housing market. But the poor performance of the first half quickly regained momentum in the third quarter as a record number of first-time buyers purchased homes and were credited $8,000 for their decision to become new home owners. With foreclosures seemingly under control, the housing market has taken on a new look.

The following four trends of 2009 are defining factors for the 2010 housing market. First, The local inventory, or number of homes for sale, is at a three-year low. The year ended with ten percent fewer homes on the market than in 2008. Fewer homes to compete with is good news for home sellers. Second, although the average sales price is still on the decline-- -2% for non-foreclosure homes compared to -15% for foreclosure sales--this is a motivating factor for buyers. Third, the total number of units sold in 2009 is up 2% over 2008. Our brokerage, Coldwell Banker Burnet, sold 10% more homes in 2009 than in 2008. Fourth, 2009 was a year of adjusting absorption rates. Absorption rate is the number of homes available per buyer. Currently we only have two foreclosed homes available per qualified buyer (seller's market). The overall absorption rate offers seven homes to every active buyer in the market (slight buyer's market). A balanced housing market offers six homes to each buyer, and at that number, theoretically, neither buyer nor seller has an advantage in negotiating the sales price.

These four housing facts, plus the new tax credit for buyers and sellers, should make 2010 an improved market for move-up sellers and offer buyers excellent values. The tax credits end on April 30th, 2010, so act today if a new home is your dream.

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 @ 11:13 AM

And since the new year we have seen an active surge once again in buyer activity. This is again great news for sellers and a great time to put your home on the market. Buyers also have great news as the tax credit along with great rates, and increased affordability makes homeownership possible for many first time buyers.
# posted by Blogger Craig Campeau : 11:47 AM CST
This is not the time to be shy about the market. It is a great time to be active in the real estate market.
# posted by Anonymous Carissa : 1:09 PM CST
Post a Comment

<< Blog Home Page

This page is powered by Blogger. Isn't yours?

Tami DeLand and Steve Hansen Empowered to Exceed Your Expectations.
Coldwell Banker Burnet Direct: .. (320) 267-0076
Office: .. (320) 258-6675
3701 12th St. North, #203 Fax: (320) 258-6715
St. Cloud, MN 56303 Send Email to Tami and Steve
Licensed in the State of Minnesota
Coldwell Banker Burnet, 3701 12th St. North, #203, St. Cloud, MN 56303

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.
Great Real Estate Agent Websites for Realtors - Best Real Estate Web Site Design for Realtors (c)2009 HoopJumper WebSystems, All Rights Reserved (949) 309-2299 - Espanol
Bookmark and Share