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2010 real estate market report

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  • 1. A free research tool from the Minneapolis Area Association of REALTORS® brought to you by the unique data-sharing traditions of the REALTOR® community September 2010 What to Watch For Contents Although the overall inventory of homes available increased 8.5 percent over last Property Type year, it really only increased in the single-family detatched submarket due to weak Supply Analysis 2 sales activity and actually declined in the townhouse and condo categories. P i Previously-owned i l d inventory was up 10 7 percent while new construction was d t 10.7 t hil t ti down Demand Analysis 3 10.5 percent. Price Analysis 4 Price Range 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 Supply Analysis 5 closings, the number of available homes for sale has grown. For instance, in the Demand Analysis 7 $120,000 and under bracket, the current 5.7 Months Supply of Inventory is a 79.8 Historical Overview 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. Single-Family Detached 9 Townhomes 10 Inventory in the higher price ranges is now dropping as sellers have pulled back on Condominiums 11 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. Under the Microscope Single-Family Detached 12 Home prices are softest in the condominium category, where the average Price Per Townhomes 14 Square Foot has dropped 13.0 percent in the last year. Condominiums 16 © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 1
  • 2. Housing Supply Outlook Property Type Supply Analysis September 2010 Inventory of Homes for Sale 27,563 September 2009 9-2009 9-2010 Change 25,406 September 2010 All 25,406 27,563 + 8.5% Previously Owned 22,899 25,344 + 10.7% New Construction 2,507 2,219 - 11.5% 20,015 Single-Family Detached 17,752 20,015 + 12.7% Previously Owned 16,442 18,581 + 13.0% 17,752 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% + 8.5% + 12.7% - 0.7% - 2.7% Previously Owned 2,086 2,221 + 6.5% New Construction 534 329 - 38.4% 5,034 4,998 *Includes twinhomes 2,620 2,550 All Single-Family Detached Townhomes Condominium Months Supply of Inventory September 2009 9-2009 9-2010 Change September 2010 11.7 All 6.9 8.0 + 15.7% 11.1 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% 8.0 8.0 7.8 7.8 New Construction 8.8 9.9 + 11.8% 6.9 Townhomes* 8.0 7.8 - 2.8% 6.3 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% + 15.7% + 23.7% - 2.8% - 5.0% New Construction 13.0 9.6 - 26.6% *Includes twinhomes All Single-Family Detached Townhouse Condominium © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 2
  • 3. Housing Supply Outlook Property Type Demand Analysis September 2010 Home Sales Last Twelve Months September 2008 through August 2009 9-2008 9-2009 43,888 through through Change September 2009 through August 2010 41,137 8-2009 8-2010 All 43,888 41,137 - 6.3% Previously Owned 40,691 38,098 - 6.4% 33,656 New Construction 3,197 3,039 - 4.9% 30,680 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% - 6.3% - 8.8% + 2.1% + 2.5% Condominiums 2,685 2,752 + 2.5% Previously Owned 2,193 2,339 + 6.7% 7,547 7,705 New Construction 492 413 - 16.1% *Includes twinhomes 2,685 2,752 All Single-Family Detached Townhouse Condominium Pct. of Orig. List Price Received at Sale September 2008 through August 2009 Last Twelve Months September 2009 through August 2010 9-2008 9-2009 through through Change 8-2009 8-2010 93.5% 93.9% 93.2% All 91.6% 93.5% + 2.1% 91.6% 92.0% 90.7% 89.9% 90.0% 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% + 2.1% + 2.1% + 2.8% + 0.1% Previously Owned 88.2% 89.5% + 1.5% New Construction 96.7% 92.7% - 4.1% *Includes twinhomes All Single-Family Detached Townhouse Condominium © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 3
  • 4. Housing Supply Outlook Property Type Price Analysis September 2010 Average Sales Price Last Twelve Months September 2008 through August 2009 9-2008 9-2009 September 2009 through August 2010 $225,492 $218,264 through through Change $206,874 $208,601 8-2009 8-2010 $196,042 All $206,874 $208,601 + 0.8% Previously Owned $196,656 $201,711 + 2.6% $164,93 $160,208 $157,141 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% + 0.8% + 3.3% - 1.9% - 15.9% New Construction $386,732 $289,975 - 25.0% *Includes twinhomes All Single Family Detached Single-Family Townhouse Condominium Average Price Per Square Foot September 2008 through August 2009 Last Twelve Months September 2009 through August 2010 9-2008 9-2009 $156 through through Change $136 8-2009 8-2010 All $106 $106 - 0.2% Previously Owned $102 $103 + 1.0% New Construction $152 $138 - 9.3% $106 $106 $104 $107 Single-Family Detached $104 $107 + 2.1% $96 $93 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% - 0.2% + 2.1% - 2.7% - 13.0% New Construction $259 $205 - 20.7% *Includes twinhomes All Single-Family Detached Townhouse Condominium © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 4
  • 5. Housing Supply Outlook Price Range Supply Analysis (Page 1 of 2) September 2010 Inventory of Homes for Sale All Previously Owned New Construction 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% September 2009 September 2010 4,788 4,844 4,714 4,656 4,257 4,117 4,070 3,699 3,167 2,985 2,645 2,677 2,578 2,191 869 712 + 48.8% + 39.8% + 13.1% + 1.2% - 4.4% - 10.3% - 15.0% - 18.1% $120,000 and below $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,000 $1,000,001 and above © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 5
  • 6. Housing Supply Outlook Price Range Supply Analysis (Page 2 of 2) September 2010 Months Supply of Current Inventory All Previously Owned New Construction Price Range 9-2009 9-2010 Change 9-2009 9-2010 Change 9-2009 9-2010 Change $120,000 and below 3.1 5.7 + 79.8% 3.1 5.7 + 81.0% 5.1 5.4 + 6.8% $120,001 to $150,000 5.0 6.9 + 37.4% 5.0 7.0 + 39.1% 5.9 6.2 + 5.4% $150,001 to $190,000 6.5 7.5 + 15.2% 6.4 7.5 + 17.8% 8.4 7.4 - 10.8% $190,001 to $250,000 7.4 8.1 + 9.3% 7.2 8.0 + 10.8% 9.2 8.9 - 3.6% $250,001 to $350,000 9.2 9.3 + 0.5% 9.2 9.2 + 0.1% 9.4 9.7 + 3.2% $350,001 to $500,000 12.4 10.8 - 12.5% 13.0 11.1 - 14.5% 9.6 9.4 - 1.6% $500,001 to $1,000,000 20.5 16.3 - 20.6% 22.8 17.9 - 21.6% 12.8 9.5 - 26.3% $1,000,001 and above 41.7 31.6 - 24.1% 47.2 33.1 - 29.9% 25.2 24.5 - 2.5% All Price Ranges 6.9 8.0 + 15.7% 6.8 8.0 + 18.2% 9.4 8.8 - 6.9% 41.7 September 2009 September 2010 31.6 20.5 16.3 12.4 10.8 9.2 9.3 7.5 7.4 8.1 6.9 6.5 5.7 5.0 3.1 + 79.8% + 37.4% + 15.2% + 9.3% + 0.5% - 12.5% - 20.6% - 24.1% $120,000 and below $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,000 $1,000,001 and above © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 6
  • 7. Housing Supply Outlook Price Range Demand Analysis (Page 1 of 2) September 2010 Home Sales Last Twelve Months All Previously Owned New Construction September 2008 September 2009 September 2008 September 2009 September 2008 September 2009 through August through August Change through August through August Change through August through August Change Price Range 2009 2010 2009 2010 2009 2010 $120,000 and below 12,068 9,990 - 17.2% 11,950 9,864 - 17.5% 118 126 + 6.8% $120,001 to $150,000 6,295 6,409 + 1.8% 6,010 6,129 + 2.0% 285 280 - 1.8% $150,001 to $190,000 7,547 7,411 - 1.8% 7,004 6,839 - 2.4% 543 572 + 5.3% $190,001 to $250,000 7,798 7,216 - 7.5% 7,147 6,595 - 7.7% 651 621 - 4.6% $250,001 to $350,000 5,532 5,265 - 4.8% 4,828 4,609 - 4.5% 704 656 - 6.8% $350,001 to $500,000 2,892 2,964 + 2.5% 2,402 2,527 + 5.2% 490 437 - 10.8% $500,001 to $1,000,000 1,506 1,612 + 7.0% 1,162 1,310 + 12.7% 344 302 - 12.2% $1,000,001 and above 250 270 + 8.0% 188 225 + 19.7% 62 45 - 27.4% All Price Ranges 43,888 41,137 - 6.3% 40,691 38,098 - 6.4% 3,197 3,039 - 4.9% 12,068 September 2008 through August 2009 September 2009 through August 2010 9,990 7,547 7,798 7,411 7,216 6,295 6,409 5,532 5,265 2,892 2,964 1,506 1,612 + 8.0% + 1.8% - 1.8% - 7.5% - 4.8% + 2.5% + 7.0% 250 270 - 17.2% $120,000 and below $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,000 $1,000,001 and above © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 7
  • 8. Housing Supply Outlook Price Range Demand Analysis (Page 2 of 2) September 2010 Percent of Original List Price Received at Sale Last Twelve Months All Previously Owned New Construction September 2008 September 2009 September 2008 September 2009 September 2008 September 2009 through August through August Change through August through August Change through August through August Change Price Range 2009 2010 2009 2010 2009 2010 $120,000 and below 86.2% 88.3% + 2.4% 86.0% 88.2% + 2.6% 92.8% 89.2% - 3.9% $120,001 to $150,000 89.3% 90.8% + 1.7% 89.1% 90.8% + 1.8% 91.7% 91.0% - 0.8% $150,001 to $190,000 90.6% 90.6% - 0.0% 89.8% 90.3% + 0.5% 93.0% 91.9% - 1.2% $190,001 to $250,000 92.7% 92.0% - 0.7% 92.3% 91.5% - 0.9% 93.4% 93.2% - 0.2% $250,001 to $350,000 92.7% 92.2% - 0.6% 91.1% 91.4% + 0.3% 94.8% 93.4% - 1.5% $350,001 to $500,000 93.4% 92.1% - 1.4% 89.4% 90.7% + 1.5% 97.6% 94.2% - 3.5% $500,001 to $1,000,000 100.6% 91.9% - 8.6% 91.0% 91.6% + 0.7% 104.4% 92.3% - 11.6% $1,000,001 and above 107.3% 94.6% - 11.9% 82.5% 84.8% + 2.8% 112.1% 97.3% - 13.2% All Price Ranges 89.9% 90.0% + 0.1% 88.2% 89.5% + 1.5% 96.7% 92.7% - 4.1% September 2008 through August 2009 September 2009 through August 2010 107.3% 100.6% 93.4% 92.1% 94.6% 92.7% 92.0% 92.7% 92.2% 91.9% 90.8% 90.6% 90.6% 88.3% 89.3% 86.2% + 2.4% + 1.7% - 0.0% - 0.7% - 0.6% - 1.4% - 8.6% - 11.9% $120,000 and below $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,000 $1,000,001 and above © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 8
  • 9. Housing Supply Outlook Historical Overview of Single-Family Detached September 2010 Inventory of Homes for Sale Months Supply of Inventory Single-Family Detached Single-Family Detached 9.8 9.4 24,456 22,292 7.8 20,015 17,752 6.3 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 8.8% - 20.4% + 12.7% - 4.5% - 32.6% + 23.7% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Home Sales Previous Twelve Months Percent. Of Orig. List Price Rec'd. Previous Twelve Months Single-Family Detached Single-Family Detached 95.0% 93.9% 33,656 92.0% 92.0% 29,829 30,680 28,467 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 4.6% + 18.2% - 8.8% - 3.2% - 0.0% + 2.1% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Average Sales Price Previous Twelve Months Avg. Sales Price Per Square Foot Previous Twelve Months Single-Family Detached Single-Family Detached $144 $302,522 $127 $271,714 $218,264 $225,492 $104 $107 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 10.2% - 19.7% + 3.3% - 11.6% - 17.8% + 2.1% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 9
  • 10. Housing Supply Outlook Historical Overview of Townhomes September 2010 Inventory of Homes for Sale Months Supply of Inventory Townhomes Townhomes 11.0 6,937 6,339 9.8 5,034 8.0 7.8 4,998 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 8.6% - 20.6% - 0.7% + 12.3% - 27.0% - 2.8% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Home Sales Previous Twelve Months Percent. Of Orig. List Price Rec'd. Previous Twelve Months Townhomes Townhomes 8,524 95.9% 93.2% 93.2% 7,547 7,705 90.7% 6,938 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 18.6% + 8.8% + 2.1% - 2.9% - 2.7% + 2.8% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Average Sales Price Previous Twelve Months Avg. Sales Price Per Square Foot Previous Twelve Months Townhomes Townhomes $210,183 $127 $198,383 $116 $160,208 $157,141 $96 $93 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 5.6% - 19.2% - 1.9% - 8.4% - 17.6% - 2.7% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 10
  • 11. Housing Supply Outlook Historical Overview of Condominiums September 2010 Inventory of Homes for Sale Months Supply of Inventory Condominiums Condominiums 3,415 12.6 2,959 2,620 2,550 11.7 11.1 10.8 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 13.4% - 11.5% - 2.7% + 16.3% - 7.1% - 5.0% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Home Sales Previous Twelve Months Percent. Of Orig. List Price Rec'd. Previous Twelve Months Condominiums Condominiums 3,782 96.0% 93.4% 89.9% 90.0% 2,817 2,685 2,752 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: - 25.5% - 4.7% + 2.5% - 2.7% - 3.7% + 0.1% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 Average Sales Price Previous Twelve Months Avg. Sales Price Per Square Foot Previous Twelve Months Condominiums Condominiums $181 $182 $217,482 $195,548 $196,042 $156 $164,936 $136 One Year One Year One Year One Year One Year One Year Change: Change: Change: Change: Change: Change: + 11.2% - 9.9% - 15.9% + 0.4% - 14.3% - 13.0% 9-2007 9-2008 9-2009 9-2010 9-2007 9-2008 9-2009 9-2010 © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 11
  • 12. Housing Supply Outlook Under the Microscope: Single-Family Detached (Page 1 of 2) September 2010 Inventory of Homes for Sale 9-2009 9-2010 Change Single-Family Detached Inventory: + 12.7% $120,000 and below 1,629 2,378 + 46.0% Previously Owned: + 13.0% Previously Owned 1,626 2,371 + 45.8% New Construction: + 9.5% New Construction 3 0 - 100.0% 3,898 $120,001 to $150,000 1,256 2,142 + 70.5% 3,556 Previously Owned 1,228 2,085 + 69.8% September 2009 3,379 3,417 New Construction 28 57 + 103.6% 3,231 September 2010 $150,001 to $190,000 2,291 3,231 + 41.0% Previously Owned 2,199 3,061 + 39.2% New Construction 92 170 + 84.8% 2,539 $190,001 to $250,000 3,556 3,898 + 9.6% 2,378 2,291 2,300 2,297 Previously Owned 3,338 3,605 + 8.0% 2,142 1,996 New Construction 218 293 + 34.4% $250,001 to $350,000 3,379 3,417 + 1.1% 1,629 Previously Owned 3,048 3,024 - 0.8% New Construction 331 393 + 18.7% 1,256 $350,001 to $500,000 2,539 2,300 - 9.4% Previously Owned 2,266 2,048 - 9.6% 805 New Construction 273 252 - 7.7% 653 $500,001 to $1,000,000 2,297 1,996 - 13.1% Previously Owned 2,032 1,795 - 11.7% New Construction 265 201 - 24.2% + 46.0% + 70.5% + 41.0% + 9.6% + 1.1% - 9.4% - 13.1% - 18.9% $1,000,001 and above 805 653 - 18.9% Previously Owned 705 592 - 16 0% 16.0% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and New Construction 100 61 - 39.0% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Months Supply of Inventory Single-Family Detached Months Supply: + 23.7% 9-2009 9-2010 Change Previously Owned: + 24.5% 42.6 $120,000 and below 2.3 4.6 + 99.8% New Construction: + 11.8% Previously Owned 2.3 4.6 + 99.5% New Construction 2.0 7.0 + 250.0% September 2009 $120,001 to $150,000 3.7 6.2 + 69.3% September 2010 Previously Owned 3.7 6.2 + 68.7% 31.1 New Construction 4.7 8.9 + 90.4% $150,001 to $190,000 5.0 7.1 + 41.5% Previously Owned 5.0 7.0 + 40.7% New Construction 5.8 8.9 + 51.8% $190,001 to $250,000 6.5 7.8 + 20.2% 20.2 Previously Owned 6.4 7.6 + 19.5% New Construction 8.9 11.1 + 24.7% 16.5 $250,001 to $350,000 8.4 9.0 + 7.1% Previously Owned 8.5 8.9 + 5.5% 11.7 New Construction 8.1 9.8 + 21.2% 10.5 8.4 9.0 $350,001 to $500,000 11.7 10.5 - 10.9% 7.1 6.5 7.8 Previously Owned 12.3 10.8 - 12.8% 6.2 4.6 5.0 New Construction 8.4 8.6 + 2.3% 3.7 2.3 $500,001 to $1,000,000 20.2 16.5 - 18.2% Previously Owned 22.5 17.8 - 20.8% + 99.8% + 69.3% + 41.5% + 20.2% + 7.1% - 10.9% - 18.2% - 26.9% New Construction 11.2 9.9 - 12.0% $1,000,001 and above 42.6 31.1 - 26.9% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 47.3 32.6 - 31.1% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction 25.0 21.5 - 13.9% © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 12
  • 13. Housing Supply Outlook Under the Microscope: Single-Family Detached (Page 2 of 2) September 2010 Home Sales Last Twelve Months 9-2008 9-2009 through through 8- 8-2010 Change Single-Family Detached Sales: - 8.8% September 2008 through August 2009 $120,000 and below 8,527 6,231 - 26.9% Previously Owned: - 9.2% September 2009 through August 2010 Previously Owned 8,509 6,219 - 26.9% New Construction: - 2.1% New Construction 18 12 - 33.3% 8,527 $120,001 to $150,000 4,083 4,113 + 0.7% Previously Owned 4,011 4,036 + 0.6% New Construction 72 77 + 6.9% $150,001 to $190,000 5,484 5,467 - 0.3% 6,559 Previously Owned 5,295 5,237 - 1.1% 6,231 5,981 New Construction 189 230 + 21.7% 5,484 5,467 $190,001 to $250,000 6,559 5,981 - 8.8% Previously Owned 6,265 5,664 - 9.6% 4,815 4,546 New Construction 294 317 + 7.8% 4,083 4,113 $250,001 to $350,000 4,815 4,546 - 5.6% Previously Owned 4,325 4,066 - 6.0% New Construction 490 480 - 2.0% 2,594 2,637 $350,001 to $500,000 2,594 2,637 + 1.7% Previously Owned 2,204 2,285 + 3.7% New Construction 390 352 - 9.7% 1,367 1,453 $500,001 to $1,000,000 1,367 1,453 + 6.3% + 11.0% Previously Owned 1,084 1,209 + 11.5% 227 252 New Construction 283 244 - 13.8% $1,000,001 and above 227 252 + 11.0% - 26.9% + 0.7% - 0.3% - 8.8% - 5.6% + 1.7% + 6.3% Previously Owned 179 218 + 21 8% 21.8% $120,000 and $120 000 $120,001 to $120 001 $150,001 to $150 001 $190,001 to $190 001 $250,001 to $250 001 $350,001 to $350 001 $500,001 to $500 001 $1,000,001 and $1 000 001 New Construction 48 34 - 29.2% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Percent of Original List Price Received at Sale Last Twelve Months 9-2008 9-2009 through Single-Family Detached Percent of OLP Received: + 2.1% September 2008 through August 2009 through 8- 8-2010 Change Previously Owned: + 2.1% September 2009 through August 2010 $120,000 and below 90.0% 95.3% + 5.9% New Construction: + 3.7% Previously Owned 90.0% 95.3% + 5.9% New Construction 88.1% 88.3% + 0.2% 95.3% 94.3% 94.1% 93.6% 94.1% $120,001 to $150,000 92.2% 94.3% + 2.4% 92.2% 93.0% 92.5% 93.6% 91.6% 92.3% Previously Owned 92.2% 94.3% + 2.3% 90.0% 90.3% 90.6% New Construction 91.3% 96.4% + 5.7% 85.3% 84.6% $150,001 to $190,000 93.0% 94.1% + 1.2% Previously Owned 93.0% 94.0% + 1.1% New Construction 92.7% 96.7% + 4.3% $190,001 to $250,000 93.6% 94.1% + 0.6% Previously Owned 93.5% 94.0% + 0.4% New Construction 94.2% 96.9% + 2.9% $250,001 to $350,000 92.5% 93.6% + 1.2% Previously Owned 92.6% 93.3% + 0.7% New Construction 91.8% 96.3% + 4.9% $350,001 to $500,000 91.6% 92.3% + 0.7% Previously Owned 91.4% 91.8% + 0.5% New Construction 92.7% 95.3% + 2.8% $500,001 to $1,000,000 90.3% 90.6% + 0.3% Previously Owned 89.8% 89.9% + 0.1% + 5.9% + 2.4% + 1.2% + 0.6% + 1.2% + 0.7% + 0.3% - 0.8% New Construction 92.2% 94.3% + 2.2% $1,000,001 and above 85.3% 84.6% - 0.8% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 84.1% 84.3% + 0.2% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction 88.8% 86.5% - 2.6% © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 13
  • 14. Housing Supply Outlook Under the Microscope: Townhomes (Page 1 of 2) September 2010 Inventory of Homes for Sale 9-2009 9-2010 Change Townhome Inventory: - 0.7% September 2009 $120,000 and below 759 1,312 + 72.9% Previously Owned: + 3.9% September 2010 Previously Owned 728 1,279 + 75.7% New Construction: - 31.2% New Construction 31 0 - 100.0% $120,001 to $150,000 1,025 1,220 + 19.0% 1,417 Previously Owned 953 1,158 + 21.5% 1,312 New Construction 72 62 - 13.9% 1,220 $150,001 to $190,000 1,417 1,096 - 22.7% Previously Owned 1,232 978 - 20.6% 1,096 1,025 New Construction 185 118 - 36.2% $190,001 to $250,000 851 629 - 26.1% 851 Previously Owned 680 524 - 22.9% New Construction 171 105 - 38.6% 759 $250,001 to $350,000 547 394 - 28.0% 629 Previously Owned 444 322 - 27.5% 547 New Construction 103 72 - 30.1% $350,001 to $500,000 255 223 - 12.5% 394 Previously Owned 206 174 - 15.5% New Construction 49 49 - 0.0% 255 223 $500,001 to $1,000,000 163 107 - 34.4% 163 107 - 0.0% Previously Owned 114 96 - 15.8% New Construction 49 11 - 77.6% + 72.9% + 19.0% - 22.7% - 26.1% - 28.0% - 12.5% - 34.4% 17 17 $1,000,001 and above 17 17 - 0.0% Previously Owned 14 11 - 21 4% 21.4% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and New Construction 3 6 + 100.0% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Months Supply of Inventory Townhome Months Supply: - 2.8% 9-2009 9-2010 Change Previously Owned: + 0.9% 51.0 $120,000 and below 3.8 6.3 + 67.3% New Construction: - 28.0% Previously Owned 3.7 6.4 + 70.9% New Construction 4.8 4.4 - 9.9% September 2009 $120,001 to $150,000 6.7 7.6 + 13.2% Previously Owned 7.0 7.8 + 12.2% September 2010 New Construction 4.6 5.1 + 10.7% $150,001 to $190,000 9.9 8.2 - 17.6% 34.0 Previously Owned 10.2 8.9 - 13.2% New Construction 8.4 5.0 - 40.5% 28.3 $190,001 to $250,000 11.3 8.3 - 26.4% Previously Owned 12.3 8.9 - 27.2% New Construction 8.5 6.1 - 28.2% $250,001 to $350,000 15.0 10.0 - 33.3% 18.4 Previously Owned 15.5 10.0 - 35.4% 15.0 15.9 New Construction 13.1 9.9 - 24.5% 13.2 $350,001 to $500,000 18.4 13.2 - 28.1% 11.3 9.9 10.0 Previously Owned 19.0 12.8 - 32.6% 7.6 8.2 8.3 6.3 6.7 New Construction 16.3 15.1 - 7.7% $500,001 to $1,000,000 28.3 15.9 - 44.1% 3.8 Previously Owned 26.8 19.9 - 26.0% + 13.2% - 17.6% - 26.4% - 33.3% + 67.3% - 28.1% - 44.1% - 33.3% New Construction 32.7 5.7 - 82.4% $1,000,001 and above 51.0 34.0 - 33.3% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 42.0 33.0 - 21.4% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction NA 36.0 NA © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 14
  • 15. Housing Supply Outlook Under the Microscope: Townhomes (Page 2 of 2) September 2010 Home Sales Last Twelve Months 9-2008 9-2009 through through 8- 8-2010 Change Townhome Sales: + 2.1% Previously Owned: + 3.0% September 2008 through August 2009 $120,000 and below 2,416 2,496 + 3.3% Previously Owned 2,339 2,405 + 2.8% New Construction: - 4.5% September 2009 through August 2010 New Construction 77 91 + 18.2% $120,001 to $150,000 1,834 1,928 + 5.1% Previously Owned 1,645 1,781 + 8.3% 2,496 New Construction 189 147 - 22.2% 2,416 $150,001 to $190,000 1,714 1,609 - 6.1% Previously Owned 1,449 1,325 - 8.6% New Construction 265 284 + 7.2% 1,928 1,834 $190,001 to $250,000 906 910 + 0.4% 1,714 Previously Owned 664 703 + 5.9% 1,609 New Construction 242 207 - 14.5% $250,001 to $350,000 438 473 + 8.0% Previously Owned 344 386 + 12.2% New Construction 94 87 - 7.4% 906 910 $350,001 to $500,000 166 202 + 21.7% Previously Owned 130 163 + 25.4% New Construction 36 39 + 8.3% 473 438 $500,001 to $1,000,000 69 81 + 17.4% + 17.4% Previously Owned 51 58 + 13.7% 166 202 + 50.0% New Construction 18 23 + 27.8% 69 81 4 6 $1,000,001 and above 4 6 + 50.0% + 3.3% + 5.1% - 6.1% + 0.4% + 8.0% + 21.7% Previously Owned 4 4 - 0 0% 0.0% $120 000 and $120,000 $120,001 to $120 001 $150,001 to $150 001 $190,001 to $190 001 $250,001 to $250 001 $350,001 to $350 001 $500,001 to $500 001 $1,000,001 and $1 000 001 New Construction 0 2 NA below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Percent of Original List Price Received at Sale Last Twelve Months 9-2008 9-2009 through Townhome Percent of OLP Received: + 2.8% September 2008 through August 2009 through 8- 8-2010 Change September 2009 through August 2010 Previously Owned: + 2.8% $120,000 and below 87.1% 93.1% + 6.9% New Construction: + 3.1% Previously Owned 87.3% 93.1% + 6.7% New Construction 82.7% 92.6% + 11.9% $120,001 to $150,000 91.9% 93.6% + 1.9% 93.1% 93.6% 92.7% 93.8% Previously Owned 91.8% 93.5% + 1.8% 91.9% 91.9% 92.7% 91.6% 92.6% 91.5% 91.9% 92.2% 90.7% New Construction 92.9% 95.2% + 2.4% 88.8% 87.1% $150,001 to $190,000 92.7% 93.8% + 1.2% Previously Owned 92.6% 93.2% + 0.7% New Construction 93.4% 96.8% + 3.7% $190,001 to $250,000 91.9% 92.7% + 0.9% Previously Owned 91.7% 92.1% + 0.4% New Construction 92.4% 94.5% + 2.3% $250,001 to $350,000 91.6% 92.6% + 1.2% Previously Owned 91.7% 92.0% + 0.4% New Construction 91.2% 95.5% + 4.6% $350,001 to $500,000 91.5% 91.9% + 0.4% Previously Owned 90.8% 91.9% + 1.2% New Construction 94.0% 91.6% - 2.5% $500,001 to $1,000,000 90.7% 88.8% - 2.0% Previously Owned 88.7% 88.1% - 0.6% New Construction 97.0% 90.5% - 6.6% + 6.9% + 1.9% + 1.2% + 0.9% + 1.2% + 0.4% - 2.0% - 16.3% $1,000,001 and above 110.2% 92.2% - 16.3% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 90.4% 89.6% - 0.8% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction 122.0% 100.0% - 18.1% © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 15
  • 16. Housing Supply Outlook Under the Microscope: Condominiums (Page 1 of 2) September 2010 Inventory of Homes for Sale 9-2009 9-2010 Change Condominium Inventory: - 2.7% September 2009 September 2010 $120,000 and below 779 1,024 + 31.5% Previously Owned: + 6.5% Previously Owned 763 1,007 + 32.0% New Construction: - 38.4% New Construction 16 0 - 100.0% $120,001 to $150,000 364 337 - 7.4% Previously Owned 324 311 - 4.0% 1,024 New Construction 40 26 - 35.0% $150,001 to $190,000 409 329 - 19.6% Previously Owned 308 262 - 14.9% New Construction 101 67 - 33.7% 779 $190,001 to $250,000 381 317 - 16.8% Previously Owned 270 255 - 5.6% New Construction 111 62 - 44.1% $250,001 to $350,000 331 259 - 21.8% Previously Owned 215 195 - 9.3% 409 New Construction 116 64 - 44.8% 364 381 337 329 331 $350,001 to $500,000 191 154 - 19.4% 317 Previously Owned 122 112 - 8.2% 259 New Construction 69 42 - 39.1% 191 154 - 10.6% $500,001 to $1,000,000 118 88 - 25.4% 118 88 Previously Owned 64 62 - 3.1% 47 42 New Construction 54 26 - 51.9% + 31.5% - 7.4% - 19.6% - 16.8% - 21.8% - 19.4% - 25.4% $1,000,001 and above 47 42 - 10.6% Previously Owned 20 17 - 15 0% 15.0% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and New Construction 27 25 - 7.4% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Months Supply of Inventory Condominium Months Supply: - 5.0% 42.0 9-2009 9-2010 Change Previously Owned: - 0.2% $120,000 and below 8.3 9.7 + 17.1% New Construction: - 26.6% Previously Owned 8.3 9.7 + 17.3% New Construction 8.3 8.9 + 6.3% September 2009 $120,001 to $150,000 11.6 11.0 - 4.9% Previously Owned 11.0 12.0 + 8.9% September 2010 29.7 New Construction 20.0 5.6 - 72.1% $150,001 to $190,000 14.1 11.8 - 16.2% Previously Owned 14.2 11.4 - 20.2% New Construction 13.6 13.9 + 1.8% 20.2 $190,001 to $250,000 13.7 11.7 - 14.7% Previously Owned 14.9 13.4 - 9.7% 17.4 New Construction 11.6 7.7 - 33.8% 14.8 14.1 13.7 14.2 $250,001 to $350,000 14.2 12.6 - 11.3% 12.6 13.5 Previously Owned 16.2 14.9 - 8.1% 11.6 11.0 11.8 11.7 New Construction 11.6 8.6 - 25.6% 9.7 8.3 $350,001 to $500,000 17.4 14.8 - 14.9% Previously Owned 21.5 17.0 - 21.0% New Construction 12.9 11.0 - 15.3% $500,001 to $1,000,000 20.2 13.5 - 33.1% Previously Owned 28.4 17.3 - 39.2% + 17.1% - 4.9% - 16.2% - 14.7% - 11.3% - 14.9% - 33.1% + 41.5% New Construction 15.1 8.9 - 40.8% $1,000,001 and above 29.7 42.0 + 41.5% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 48.0 68.0 + 41.7% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction 23.1 33.3 + 44.0% © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 16
  • 17. Housing Supply Outlook Under the Microscope: Condominiums (Page 2 of 2) September 2010 Home Sales Last Twelve Months 9-2008 9-2009 through through 8- 8-2010 Change Condominium Sales: + 2.5% Previously Owned: + 6.7% September 2008 through August 2009 $120,000 and below 1,125 1,263 + 12.3% Previously Owned 1,102 1,240 + 12.5% New Construction: - 16.1% September 2009 through August 2010 New Construction 23 23 - 0.0% $120,001 to $150,000 378 368 - 2.6% 1,263 Previously Owned 354 312 - 11.9% New Construction 24 56 + 133.3% 1,125 $150,001 to $190,000 349 335 - 4.0% Previously Owned 260 277 + 6.5% New Construction 89 58 - 34.8% $190,001 to $250,000 333 325 - 2.4% Previously Owned 218 228 + 4.6% New Construction 115 97 - 15.7% $250,001 to $350,000 279 246 - 11.8% Previously Owned 159 157 - 1.3% New Construction 120 89 - 25.8% $350,001 to $500,000 132 125 - 5.3% 378 368 349 335 333 325 Previously Owned 68 79 + 16.2% 279 246 New Construction 64 46 - 28.1% $500,001 to $1,000,000 70 78 + 11.4% 132 125 - 36.8% Previously Owned 27 43 + 59.3% 70 78 19 12 New Construction 43 35 - 18.6% + 12.3% - 2.6% - 4.0% - 2.4% - 11.8% - 5.3% + 11.4% $1,000,001 and above 19 12 - 36.8% Previously Owned 5 3 - 40 0% 40.0% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and New Construction 14 9 - 35.7% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above Percent of Original List Price Received at Sale Last Twelve Months 9-2008 9-2009 through Condominium Percent of OLP Received: + 0.1% September 2008 through August 2009 through 8- 8-2010 Change Previously Owned: + 1.5% September 2009 through August 2010 $120,000 and below 86.2% 88.3% + 2.4% New Construction: - 4.1% Previously Owned 86.0% 88.2% + 2.6% New Construction 92.8% 89.2% - 3.9% 107.3% $120,001 to $150,000 89.3% 90.8% + 1.7% Previously Owned 89.1% 90.8% + 1.8% 100.6% New Construction 91.7% 91.0% - 0.8% $150,001 to $190,000 90.6% 90.6% - 0.0% 92.7% 92.0% 92.7% 92.2% 93.4% 92.1% 94.6% Previously Owned 89.8% 90.3% + 0.5% 90.8% 90.6% 90.6% 91.9% 88.3% 89.3% New Construction 93.0% 91.9% - 1.2% 86.2% $190,001 to $250,000 92.7% 92.0% - 0.7% Previously Owned 92.3% 91.5% - 0.9% New Construction 93.4% 93.2% - 0.2% $250,001 to $350,000 92.7% 92.2% - 0.6% Previously Owned 91.1% 91.4% + 0.3% New Construction 94.8% 93.4% - 1.5% $350,001 to $500,000 93.4% 92.1% - 1.4% Previously Owned 89.4% 90.7% + 1.5% New Construction 97.6% 94.2% - 3.5% $500,001 to $1,000,000 100.6% 91.9% - 8.6% Previously Owned 91.0% 91.6% + 0.7% + 2.4% + 1.7% - 0.0% - 0.7% - 0.6% - 1.4% - 8.6% - 11.9% New Construction 104.4% 92.3% - 11.6% $1,000,001 and above 107.3% 94.6% - 11.9% $120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and Previously Owned 82.5% 84.8% + 2.8% below $150,000 $190,000 $250,000 $350,000 $500,000 $1,000,000 above New Construction 112.1% 97.3% - 13.2% © 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 17