2010 real estate market report

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HSO Stage.xls

September 2010

23

ContentsProperty Type

Supply AnalysisDemand Analysis

A free research tool from the Minneapolis Area Association of REALTORS brought to you by the unique data-sharing traditions of the REALTOR community

What to Watch ForAlthough the overall inventory of homes available increased 8.5 percent over last year, it really only increased in the single-family detatched submarket due to weak sales activity and actually declined in the townhouse and condo categories. P i l d i t 10 7 t hil t ti d

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ContentsProperty Type

Supply AnalysisDemand AnalysisPrice Analysis

Price RangeSupply AnalysisDemand Analysis

Historical OverviewSingle-Family DetachedTownhomesCondominiums

Under the MicroscopeSingle-Family DetachedTownhomesCondominiums

A free research tool from the Minneapolis Area Association of REALTORS brought to you by the unique data-sharing traditions of the REALTOR community

What to Watch ForAlthough the overall inventory of homes available increased 8.5 percent over last year, it really only increased in the single-family detatched submarket due to weak sales activity and actually declined in the townhouse and condo categories. Previously-owned inventory was up 10.7 percent while new construction was down 10.5 percent.

Inventory of homes for sale in the lower price ranges continues to grow dramatically from last year. With the number of new listings in these segments outpacing closings, the number of available homes for sale has grown. For instance, in the $120,000 and under bracket, the current 5.7 Months Supply of Inventory is a 79.8 percent jump from last year at this time. By contrast, the 34.6 Months Supply of Inventory in the $1,000,001 and up range is a 24.1 percent drop.

Inventory in the higher price ranges is now dropping as sellers have pulled back on their new listings and high-end properties are seeing some movement. All price ranges above $250,000 now have fewer homes for sale than they did a year ago.

Home prices are softest in the condominium category, where the average Price Per Square Foot has dropped 13.0 percent in the last year.

2009 Minneapolis Area Association of REALTORS, Inc. | Sponsored by Royal Credit Union www.rcu.org 1

Housing Supply OutlookProperty Type Supply Analysis

9-2009 9-2010 ChangeAll 25,406 27,563 + 8.5%Previously Owned 22,899 25,344 + 10.7%New Construction 2,507 2,219 - 11.5%Single-Family Detached 17,752 20,015 + 12.7%

Previously Owned 16,442 18,581 + 13.0%New Construction 1,310 1,434 + 9.5%

Townhomes* 5,034 4,998 - 0.7%Previously Owned 4,371 4,542 + 3.9%New Construction 663 456 - 31.2%

Condominiums 2,620 2,550 - 2.7%Previously Owned 2,086 2,221 + 6.5%New Construction 534 329 - 38.4%

*Includes twinhomes

September 2010Inventory of Homes for Sale

25,406

17,752

5,034

2,620

27,563

20,015

4,998

2,550

September 2009

September 2010

+ 8.5% + 12.7% - 0.7% - 2.7%

9-2009 9-2010 Change

All 6.9 8.0 + 15.7%Previously Owned 6.8 8.0 + 18.2%New Construction 9.4 8.8 - 6.9%Single-Family Detached 6.3 7.8 + 23.7%

Previously Owned 6.2 7.7 + 24.5%New Construction 8.8 9.9 + 11.8%

Townhomes* 8.0 7.8 - 2.8%Previously Owned 7.9 8.0 + 0.9%New Construction 8.6 6.2 - 28.0%

Condominiums 11.7 11.1 - 5.0%Previously Owned 11.4 11.4 - 0.2%New Construction 13.0 9.6 - 26.6%

*Includes twinhomes

Months Supply of Inventory

25,406

17,752

5,034

2,620

27,563

20,015

4,998

2,550

All Single-Family Detached Townhomes Condominium

September 2009

September 2010

6.96.3

8.0

11.7

8.0 7.8 7.8

11.1

All Single-Family Detached Townhouse Condominium

September 2009

September 2010

+ 8.5% + 12.7% - 0.7% - 2.7%

+ 15.7% + 23.7% - 2.8% - 5.0%

2009 Minneapolis Area Association of REALTORS, Inc. | Sponsored by Royal Credit Union www.rcu.org 2

Housing Supply OutlookProperty Type Demand Analysis

All 43,888 41,137 - 6.3%Previously Owned 40,691 38,098 - 6.4%New Construction 3,197 3,039 - 4.9%Single-Family Detached 33,656 30,680 - 8.8%

Previously Owned 31,872 28,934 - 9.2%New Construction 1,784 1,746 - 2.1%

Townhomes* 7,547 7,705 + 2.1%Previously Owned 6,626 6,825 + 3.0%New Construction 921 880 - 4.5%

Condominiums 2,685 2,752 + 2.5%Previously Owned 2,193 2,339 + 6.7%New Construction 492 413 - 16.1%

*Includes twinhomes

September 2010Home Sales Last Twelve Months

9-2008 through

8-2009

9-2009 through

8-2010Change

43,888

33,656

7,547

2,685

41,137

30,680

7,705

2,752

September 2008 through August 2009

September 2009 through August 2010

- 6.3% - 8.8% + 2.1% + 2.5%

9-2008 through

8-2009

9-2009 through

8-2010Change

All 91.6% 93.5% + 2.1%Previously Owned 91.5% 93.4% + 2.1%New Construction 93.0% 95.2% + 2.3%Single-Family Detached 92.0% 93.9% + 2.1%

Previously Owned 91.9% 93.8% + 2.1%New Construction 92.4% 95.8% + 3.7%

Townhomes* 90.7% 93.2% + 2.8%Previously Owned 90.5% 93.0% + 2.8%New Construction 92.2% 95.1% + 3.1%

Condominiums 89.9% 90.0% + 0.1%Previously Owned 88.2% 89.5% + 1.5%New Construction 96.7% 92.7% - 4.1%

*Includes twinhomes

Pct. of Orig. List Price Received at Sale Last Twelve Months

91.6% 92.0% 90.7% 89.9%93.5% 93.9% 93.2%

90.0%

All Single-Family Detached Townhouse Condominium

September 2008 through August 2009

September 2009 through August 2010

43,888

33,656

7,547

2,685

41,137

30,680

7,705

2,752

All Single-Family Detached Townhouse Condominium

September 2008 through August 2009

September 2009 through August 2010

- 6.3% - 8.8% + 2.1% + 2.5%

+ 2.1% + 2.1% + 2.8% + 0.1%

2009 Minneapolis Area Association of REALTORS, Inc. | Sponsored by Royal Credit Union www.rcu.org 3

Housing Supply OutlookProperty Type Price Analysis

Average Sales Price Last Twelve Months9-2008

through 8-2009

9-2009 through

8-2010Change

All $206,874 $208,601 + 0.8%Previously Owned $196,656 $201,711 + 2.6%New Construction $330,307 $294,394 - 10.9%Single-Family Detached $218,264 $225,492 + 3.3%

Previously Owned $209,044 $218,347 + 4.5%New Construction $380,764 $343,538 - 9.8%

Townhomes* $160,208 $157,141 - 1.9%Previously Owned $153,200 $151,745 - 0.9%New Construction $206,568 $199,174 - 3.6%

Condominiums $196,042 $164,936 - 15.9%Previously Owned $147,654 $141,812 - 4.0%New Construction $386,732 $289,975 - 25.0%

*Includes twinhomes

September 2010

$206,874$218,264

$160,208

$196,042$208,601

$225,492

$157,141$164,93

All Single Family Detached Townhouse Condominium

September 2008 through August 2009

September 2009 through August 2010

+ 0.8% + 3.3% - 1.9% - 15.9%

9-2008 through

8-2009

9-2009 through

8-2010Change

All $106 $106 - 0.2%Previously Owned $102 $103 + 1.0%New Construction $152 $138 - 9.3%Single-Family Detached $104 $107 + 2.1%

Previously Owned $102 $105 + 2.4%New Construction $141 $137 - 3.2%

Townhomes* $96 $93 - 2.7%Previously Owned $94 $91 - 2.4%New Construction $111 $107 - 3.0%

Condominiums $156 $136 - 13.0%Previously Owned $130 $123 - 5.4%New Construction $259 $205 - 20.7%

*Includes twinhomes

Last Twelve MonthsAverage Price Per Square Foot

$206,874$218,264

$160,208

$196,042$208,601

$225,492

$157,141$164,93

All Single-Family Detached Townhouse Condominium

September 2008 through August 2009

September 2009 through August 2010

$106 $104$96

$156

$106 $107

$93

$136

All Single-Family Detached Townhouse Condominium

September 2008 through August 2009

September 2009 through August 2010

+ 0.8% + 3.3% - 1.9% - 15.9%

- 0.2% + 2.1% - 2.7% - 13.0%

2009 Minneapolis Area Association of REALTORS, Inc. | Sponsored by Royal Credit Union www.rcu.org 4

Housing Supply OutlookPrice Range Supply Analysis (Page 1 of 2)

Inventory of Homes for Sale

Price Range 9-2009 9-2010 Change 9-2009 9-2010 Change 9-2009 9-2010 Change$120,000 and below 3,167 4,714 + 48.8% 3,117 4,657 + 49.4% 50 57 + 14.0%

$120,001 to $150,000 2,645 3,699 + 39.8% 2,505 3,554 + 41.9% 140 145 + 3.6%$150,001 to $190,000 4,117 4,656 + 13.1% 3,739 4,301 + 15.0% 378 355 - 6.1%$190,001 to $250,000 4,788 4,844 + 1.2% 4,288 4,384 + 2.2% 500 460 - 8.0%$250,001 to $350,000 4,257 4,070 - 4.4% 3,707 3,541 - 4.5% 550 529 - 3.8%$350,001 to $500,000 2,985 2,677 - 10.3% 2,594 2,334 - 10.0% 391 343 - 12.3%$500,001 to $1,000,000 2,578 2,191 - 15.0% 2,210 1,953 - 11.6% 368 238 - 35.3%$1,000,001 and above 869 712 - 18.1% 739 620 - 16.1% 130 92 - 29.2%

All Price Ranges 25,406 27,563 + 8.5% 22,899 25,344 + 10.7% 2,507 2,219 - 11.5%

Previously Owned New ConstructionAll

September 2010

September 2009

3,167

2,645

4,117

4,788

4,257

2,985

2,578

869

4,714

3,699

4,6564,844

4,070

2,677

2,191

712

$120,000 and below $120,001 to $150,000 $150,001 to $190,000 $

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