MN Realtors Report 2010 by the numbers
As Mn Realtors for the past decade, we have see the market go up and then lets just say correct itself. For the past several years everyone talks about the potential of a recovery that never seems to come. We have been flooded with foreclosures and the promise of even more distressed sales, regardless of how optimistic we have become.
In our Real Estate practice we have tried to avoid using the word recovery and instead use “reality” as the buzz word for our office. The reality is the market that’s here, is the market we have. Regardless of how everyone wishes prices would go up again, we have all come to realize the show will go on, and people will need shelter aka: housing. Therefore there will be a certain number of real estate transactions each and every year, the question is: how do Realtors position buyers and sellers to make the most of their current situation?
In moving forward through 2011 its vital to look back and see what the data says.
The data is complete for 2010 and the Minneapolis Area Association of Realtors published the following data on their weekly report:
For information on up to the minute market conditions visit www.joeandcindy.com
|2010 BY THE NUMBERS
• 82,127 new homes introduced to the marketplace, down 1.4 percent from 2009 and the lowest level in eight years.
• 37,608 homes sold, down 16.8 percent from 2009 levels and also the lowest level seen in eight years.
• $169,900 median sales price, up 2.3 percent from 2009.
In 2010, the tax credit shifted the typical Twin Cities buying season to spring. There were year-over-year price gains for the first seven months followed by declines in four of the last five months.
The 2.3 percent gain in median sales price was likely the result of two primary factors: strong demand early in the year coupled with more upper-bracket homes selling. Improving oversupply issues also helped the market rebalance itself and stopped the price free-falls we saw in 2008 and 2009.