Evidence of a Real Estate Recovery Beginning

[MineralMan]

I just completed writing 77 web pages full of content for a major local real estate company's web site. Last year, about this time, I wrote another site of about the same size for the same company.

Both websites took a lot of research into the local real estate market, as I wrote profiles of suburbs and neighborhoods, along with informative articles about real estate, etc. I've looked at hundreds of real estate listings, market statistics, and other information about real estate in the Twin Cities of Minnesota and the surrounding areas. Comparing last year's research with this year's research shows that the real estate market is turning around, and in a good way. Here are some of the factors that demonstrate a recovery, or the beginning of one, at least.

The number of foreclosed and lender-owned homes for sale is down by more than half in the current marketplace.

Median home prices in every community in this area are up from same time last year, some as much as 20%

Inventories of existing homes on the market are down over 40%

Numbers of pending and closed sales have increased every month for the past year.

Time on market before sale has gone down over 50% since the same time last year, throughout the area, and even more in some places.

Homes in all price ranges are finding buyers and move-in-ready homes are receiving competing bids again.

Will this continue? I don't know. But, I'll be writing the content for another site for this broker in about six months. I'll know more then.

Just a bit of good news that isn't really making news yet, except among real estate folks. I like it.

[Old and In the Way]

1. Interesting, thanks.

I've had my home on the market for 3 years and haven't had one legit offer...sure hope that changes soon...

[MineralMan]

4. I only have information on my area.

But, the house next door to mine went unsold for three years, too. Now, I have a new neighbor who bought it just a couple of months ago, and at the price that the seller had been asking for over a year. In fact, several houses in my neighborhood have sold this spring, after languishing on the market.

No doubt that recovery will vary from market to market. Conditions always do.

[OnyxCollie]

2. My neighbor paid $112,000 for her house a few years ago.

It had been in foreclosure (among the many others on the street) for a couple months and sold recently for $32,000.

It's a good time to be a slumlord.

[NNN0LHI]

3. Got about another year and a half to pay on this place

Going to try and hold on and live here until I die.

Won't be easy but I think it will be worth the struggle.

Thanks for the update MM.

Don

[MineralMan]

5. Good deal! Can I come to the mortgage-burning party?

[NNN0LHI]

6. You are more than welcome to come over to my house for that or any other time you want to

Standing invitation for you brother.



Don

[shcrane71]

7. I've heard that Minneapolis has the strongest real estate market in the Midwest.

I'm glad it's picking up. Warren Buffet said (maybe six months ago) that the market is definitely going to be picking up as there's pent-up demand. I've heard from other real estate professionals in the Midwest that they foresee that demand will be back to normal by 2015.

For all people who are struggling, I hope that they can hold on until they can get a fair price for their homes.

[MineralMan]

8. It's been depressed, though.

Maybe not as much as in some areas, but a recovery would be great. I hope it continues and spreads.