Wanted to take a moment to hoist up a few posts from Twin Cities real estate blogs that caught our eye (in other news: Pending Home Sales are Down 22% yoy nationally)
Teresa Boardman publishes the tough-to-get-at numbers nobody wants published:
[U]sing data from our RMLS which is deemed reliable but not guaranteed I come up with 2223 single family homes, condos, and town homes currently on the market in St. Paul. Of the 2223, 667, or 30% of them are in some stage of foreclosure.
There is no special category for short sales or foreclosure listings in the MLS…To get the data out of our MLS system I had to read both the agent comments and public comments on every single one of the 2223 listings….
Jeff Allen, research director for MAAR, notes a divergent trend in inventory at certain price points:
If you compare the number of homes for sale today with the same time a year ago, five of the eight price ranges we track actually have less on the market. Only the three price ranges under $190,000 have more on the market now than they did a year ago. Home sellers who are priced at $190,000 or above actually have less competition for buyers this year than they did last year.
Ross Kaplan at the City Lakes Real Estate Blog unpacks the marked decline in newspaper advertising:
My (extremely prominent) ad is the only ad running in the local city section. This despite the fact that there now exactly 364 other residential properties for sale in St. Louis Park.
This is no doubt a commentary on the decline of newspaper advertising; last year, Edina Realty decided — correctly I believe — to drop its Star Trib ad page to focus on its own branded Web site. However, it’s also a testament to the state of the market. Early April is usually the height of the Spring market in the Twin Cities. In previous years, one would have expected to see 15-20 ads, minimum, where my solitary ad appeared.
Clearly, realtors are pulling back on their marketing budgets.