Foreclosures and Short Sales in the Twin Cities

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1 Contents New Listings 2 Pending Sales 3 Closed Sales 4 New Listing Market Share 5 Closed Sales Market Share 6 Median Sales Price 7 Percent of Original List Price Received 8 Days on Market Until Sale 9 Inventory of Homes for Sale 10 Months Supply of Inventory 11 Explanation of Methodology 12 Lender-Owned means foreclosure properties in which the financial institution has repossessed the home from the owner due to nonpayment of mortgage obligations. Short Sales means a unique arrangement where the financial institution and in-default homeowner work together to attempt to sell the home before it's foreclosed upon. Traditional 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 NorthstarMLS and may not match other data sources perfectly. See Page 12 for an explanation of methodology. All data from NorthstarMLS. Powered by ShowingTime.

2 New Listings 7,591 7,874 6, % % % % % % Historical New Listings 12,000 10,000 8,000 6,000 4,000 2,000 0 All data from NorthstarMLS. Powered by ShowingTime. 2

3 Pending Sales 5,364 5,503 4, % % % % % % Historical Pending Sales 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 All data from NorthstarMLS. Powered by ShowingTime. 3

4 Closed Sales 3,494 4,132 3, % -8.1% % % % % Historical Closed Sales 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 All data from NorthstarMLS. Powered by ShowingTime. 4

5 New Listing Market Share (share of all new listings by segment) 94.2% 96.5% 97.6% 4.4% 2.7% 1.7% 1.4% 0.8% 0.6% + 2.5% + 1.2% % % % -19.1% Historical New Listings Market Share 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% All data from NorthstarMLS. Powered by ShowingTime. 5

6 Closed Sales Market Share (share of all closed sales by segment) 86.7% 93.5% 95.8% 10.9% 5.3% 3.5% 2.4% 1.2% 0.7% + 7.8% + 2.5% % % -48.3% -41.2% Historical Closed Sales Market Share 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% All data from NorthstarMLS. Powered by ShowingTime. 6

7 Median Sales Price $230,000 $240,000 $261,000 $144,176 $160,300 $177,500 $155,000 $185,400 $214, % + 8.7% % % % % Historical Median Sales Price $275,000 $250,000 $225,000 $200,000 $175,000 $150,000 $125,000 $100,000 $75,000 All data from NorthstarMLS. Powered by ShowingTime. 7

8 Percent of Original List Price Received 97.3% 98.2% 99.2% 97.0% 97.9% 93.9% 92.0% 93.1% 92.3% + 0.9% + 1.0% + 3.3% + 0.9% + 1.2% -0.9% Historical Percent of Original List Price Received 104% 102% 100% 98% 96% 94% 92% 90% 88% 86% 84% 82% All data from NorthstarMLS. Powered by ShowingTime. 8

9 Days on Market Until Sale % % - 8.8% + 1.4% % - 0.0% Historical Days on Market All data from NorthstarMLS. Powered by ShowingTime. 9

10 Inventory of Homes for Sale 11,989 10,611 8, % % % % % % Historical Inventory 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 All data from NorthstarMLS. Powered by ShowingTime. 10

11 Months Supply of Inventory % % % % % % Historical Months Supply of Inventory All data from NorthstarMLS. Powered by ShowingTime. 11

12 Explanation of Methodology These property definitions rely on the analysis of remarks left by REALTORS in NorthstarMLS listings and upon the following selected data fields in NorthstarMLS: In Foreclosure, Bank-Owned, Short Sale. A property is a Lender-Owned Foreclosure when any of the following rules are met: Lender-Owned = Yes One of the following terms are found in Agent Remarks, Public Remarks or Financial Remarks: bank owned reo corporate-owned bank-owned hud acquire corp owned bank-owned hud-acquire corp. owned foreclosure hud-acquired corp-owned forclosure corporate owned corp owner 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 preforeclosure subject to lender third-party approval shortsale preforclosure redemption 3rd party approve short-sale bank approv subject to corp subject to third in foreclosure lender approve subj to corp subject to 3rd in forclosure subject to bank 3rd-party approval Properties containing these specific phrases in the same remark fields are NOT counted in either category: not a foreclosure not a short sale no short sale tired of short sale not a forclosure not a shortsale no shortsale tired of shortsale no foreclosure not a short-sale no short-sale tired of short-sale no forclosure not short sale not a bank tired of foreclosure not foreclosure not shortsale not bank tired of forclosure not forclosure not short-sale no bank Methodology originally developed in part by Aaron Dickinson, REALTOR, All data from NorthstarMLS. Powered by ShowingTime. 12