WEEKLY MARKET ACTIVITY REPORT

News and Updates

Weekly Market Activity Report

The end of the first-time home buyers tax credit looms just 30 days beyond a Halloween horizon, and home sales remain strong in the lead-up to tricks and treats and the impending tax credit DEADline. For the week ending October 17, there were 954 signed purchase agreements, howling up 54.4 percent from a year ago. Almost two-thirds of these pending sales were priced below $190,000—evidence that first-time buyers are carrying a heavy share of the activity.

The strong sales we’ve seen over the last 15 months mean that our inventory of available homes has shrunk like the heads in a witches’ brew. The 23,896 homes on the market right now represents a 21.2 percent decrease from the decidedly more scary market of 2008, and it is the lowest mark at this point in the year since 2004.

Expect home sales to begin dropping as tax credit qualifiers finish their mad rush to the closing table, but unlike those camp counselors at Crystal Lake, we’ll all make it out of this market alive.

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Monthly Skinny Video – October 2009

Monthly Skinny – October 2009

Weekly Market Activity Report

The fall Twin Cities housing market has been full of wild things, mostly first-time home buyers stampeding to take advantage of the federal tax credit before it expires on November 30. The week ending October 10 was no different than others we’ve seen this fall. There were 947 signed purchase agreements for the week, a 37.6 percent increase over the same week last year.

At 1,543 new listings we’re down 4.4 percent from the same week a year ago. The trend continues: New listings haven’t been keeping up with the amount of sales, bringing total housing supply down dramatically in the Twin Cities. There are currently 24,901 homes on the market, 21.0 percent less than a year ago.

The rumpus is likely to subside as we near the November 30 tax credit deadline, silencing the sales activity of the market’s most active buyers.

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Check out my listings at www.EDeHaven.com

Weekly Market Activity Report

Weekly Market Activity Report

Fall is officially on in the Twin Cities, but it hasn’t slowed the housing market as much as usual. After the school year begins, we typically see a drop in buyer activity, but the 2009 fall market is remaining robust due in large part to the final weeks of the tax credit for first-time home buyers. There were 1,056 pending sales for the week ending September 26, up 41 percent from the same week last year.

As a direct result, inventory is dropping like a stone. There are approximately 24,500 homes for sale in the 13-county metro area, down more than 20 percent from a year ago.

The October 2009 Supply-Demand Ratio (SDR) comes in at 6.88 houses per buyer, down 22.5 percent from last year. The SDR has shown year-over-year drops of 30 percent or more for the past few months, but we’re projecting that the year-over-year decline for October will be smaller because pending sales are likely to be significantly lower if the federal tax credit for first-time buyers is not extended. If the credit goes *poof*, it will remove buyers from the market.

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FALL WATERFRONT TOUR – OCT 4, 2009

Fall Waterfront Tour

Sunday, October 4, 2009

1:00 p.m. – 5:00 p.m.

 WAYZATA BAY LAKESHORE ON LAKE MINNETONKA
980 Shady Lane East
Wayzata, MN
$3,995,000

Historic, long admired estate. Walk to Wayzata. 6 bedrooms plus a 2 bedroom carriage house. Charming and authentic Colonial. A rare opportunity. Approximately 120 feet of southwest facing lakeshore on Wayzata Bay.

 

WAYZATA BAY LAKESHORE ON LAKE MINNETONKA
908 Shady Lane East
Wayzata, MN
$2,695,000

Rare Shady Lane opportunity! Delightful, existing home with upgrades or a great building site. Dramatic views on Main Lower Lake from level lakeshore. Approximately 100 feet of southwest
facing lakeshore on Wayzata Bay.

 

GIDEONS BAY ACCESS ON LAKE MINNETONKA
45 Gideons Point Road
Tonka Bay, MN
$1,295,000

Prime Gideons Point Road “cottage style” home with deeded dock! Timeless and charming! Value Price!

 

GRAYS BAY LAKESHORE ON LAKE MINNETONKA
16922 Grays Bay Blvd
Minnetonka, MN
$799,000

Welcome to Grays Bay on the eastern edge of Lake Minnetonka. Lake living with close proximity to downtown Wayzata and Minneapolis. Simplify your lake life with an easy to maintain lot and newly updated home including granite countertops and generous open floor plan.

 Click the following URL to see the listings:
Matrix.northstarmls.com – View Ellen’s Listings

 To view the full Fall Waterfront Home tour please click the following link:

CBB Fall Waterfront Home Tour