Foreclosures and Short Sales in the Twin Cities

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1 Foreclosures and in the Twin Cities Click here to view an interactive neighborhood data center tracking foreclosures and short sales. Contents New Listings Pending Sales Closed Sales Median Sales Price Percent of Original List Price Received Days on Market Until Sale Inventory of Homes for Sale Months Supply of Inventory Explanation of Methodology refers to foreclosure properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. refer to unique arrangements where the financial institution and in-default homeowner work together in an attempt to sell the home before it is foreclosed upon. refers to a property listed by a typical seller who is not in either of the prior two categories. The numbers provided in this report are best estimates based upon data from the Regional Multiple Listing Service and may not match other data sources perfectly. See Page 10 for an explanation of methodology Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union

2 New Listings 6,374 4,191 4,594 1,939 1,174 1, , % + 9.6% % % % - 9.8% Historical New Listings 12,000 10,000 8,000 6,000 4,000 2, Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 2

3 Pending Sales 1,639 1,011 1,294 1, % % % % % % Historical Pending Sales 6,000 5,000 4,000 3,000 2,000 1, Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 3

4 Closed Sales 1, , % % % % % % Historical Closed Sales 6,000 5,000 4,000 3,000 2,000 1, Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 4

5 Median Sales Price $223,500 $214,900 $198,000 $149,900 $116,000 $118,513 $175,500 $150,000 $143, % - 7.9% % + 2.2% % - 4.6% Historical Median Sales Price $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100, Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 5

6 Percent of Original List Price Received 100% 95% 90% 85% 92.7% 90.6% 92.7% 85.5% 89.1% 95.4% 87.5% 84.7% 87.1% 80% - 2.4% + 2.4% + 4.2% + 7.2% - 3.1% + 2.8% Historical Percent of Original List Price Received 100% 95% 90% 85% 80% 2009 Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 6

7 Days on Market Until Sale % - 8.5% % % - 9.7% % Historical Days on Market Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 7

8 Inventory of Homes for Sale 23,032 17,241 14,976 5,176 3,260 3,195 4,505 1,950 4, % % % % % - 7.8% Historical Inventory 35,000 30,000 25,000 20,000 15,000 10,000 5, Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 8

9 Months Supply of Inventory % % % % % % Historical Months Supply of Inventory Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 9

10 Postscript: Explanation of Methodology This report relies in part upon the analysis of subjective remarks that REALTORS employ when listing properties in the Twin Cities Regional Multiple Listing Service, and in part upon data fields in this same system called In Foreclosure, Bank-Owned and Short Sale. These fields allow users to mark properties that fit within these legal definitions. A property is a Foreclosure when any of the following rules are met: = Yes One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: bank owned bank-owned bank-owned foreclosure forclosure A property is a Short Sale when any of the following rules are met: Short Sale = Yes One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: short sale shortsale short-sale in foreclosure in forclosure reo hud acquire hud-acquire hud-acquired corporate owned preforeclosure preforclosure bank approv lender approve subject to bank corporate-owned corp owned corp. owned corp-owned corp owner subject to lender redemption subject to corp subj to corp 3rd-party approval third-party approval 3rd party approve subject to third subject to 3rd Note: properties containing these specific phrases in the same remark fields are NOT counted in either category: not a foreclosure not a forclosure no foreclosure no forclosure not foreclosure not forclosure not a short sale not a shortsale not a short-sale not short sale not shortsale not short-sale no short sale no shortsale no short-sale not a bank not bank no bank tired of short sale tired of shortsale tired of short-sale tired of foreclosure tired of forclosure The methodology was developed by Aaron Dickinson, REALTOR with Edina Realty ( and Jeff Allen, MAAR Research Manager ( Minneapolis Area Association of REALTORS, Inc. Sponsored by Royal Credit Union 10