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2013 Marketing Plan by Steve Westmark

by Steve Westmark

Click here to see our Marketing Plan

Twin Cities 2012 Annual Report by Steve Westmark

by Steve Westmark

Click here for your personal copy of the Twin Cities 2012 Annual Report

STEVE:  Hi, this is Steve Westmark, Counselor Realty.  Thanks so much for watching my video blog this week.  This is going to be an update of our report that we’ll put online that’s the 2012 Annual Report for the Twin Cities Marketplace.  It’s 26 pages of detail, and I think you’ll find it very, very interesting.  I’m going to go over some of the highlights of the report of the front part with graphs, but what I want to tell you a little bit about is what’s in the back of the report.  They have over 120 communities that you can look in.


So if you live in the community of Tonka Bay or you live in Minnetrista or Waconia or whatever city you live in in the Twin City area, it gives information on what has been the overview in your area.  Then it also has in there 17 counties of the region around the Twin Cities that you can see what’s going on with an overview in the counties.  Then, they also have another area where it shows the over 120 communities of what’s happened in the median sale price over the last five, six years.


So you can look specifically in your community and see what’s going on with the sale prices.  And the same also goes with the counties, all 17 counties.  It gives that type of information also.  A very, very comprehensive report.  But next what I’m going to do is show you some of the graphs of what has generally happened overall in 2012.  The graphs I’m going to show you right now are about six or eight graphs that have gone on over the region and over the vast number of years that they’ve shown here.


So each one of these graphs goes back to 2008, and you can see the trends of what has been going on since 2008.  The first one is the new listing area.  In 2008, we had over 93,000 listings that came on the market, and that’s when our inventory kept growing and growing and growing.  And you’ll see that it’s continued to drop each year both a 9, 10, 11 and now in 2012 right around 66,000 listings coming on the market.


The next graph you’re going to see is the pending sales.  And so you’ll see in 2008 we were at 39,000 sales.  We had a bump up in 2009 because of the tax credit of 46,000 sales.  Then we dropped down again in 2011; 2012 though had an 18% increase in sales to 49,000 sales.  That type of number goes back to the kind of sales we’re seeing in about 2003 and 2004.  The next graph that you’re going to look at is the closed sales.  And once again, it follows the pending sales, but these are the ones that closed and got all the way to closing for the seller and the buyer where they exchanged keys and they moved on.


And you’ll see in 2008 there were 39,600, and now in 2012 it’s 48,641 sales.  That also is about a 17% increase in sales over 2011.  The next one that is huge is the inventory of homes.  As you saw over the years, the amount of listings coming on the market has kept getting smaller and smaller.  And today, we see that our inventory right now at the end of 2012 was under 12,000 listings or 11,875.  In 2008, we were at over 25,000 listings that were on the market at the end of December.


So we have a much lower inventory going into 2013.  The next two graphs I’m going to show you are what has been happening in our pricing.  You’ll see that in 2008 the median sale price in the Twin Cities was at 195,000.  Then we kind of kept dropping down where we bottomed in 2011 to 150,000.  And this year, we finally turned the corner, and you’ll see that we have an 11.9% increase in the median sale price.  In the average sale price, you’ll also see where in 2008 we were at 236,570. 


In fact, if you go back to 2006, we had an average sale price of 275,000.  And now today after bottoming at 193,000 for an average sale price in 2011, we saw a 9% increase in our sales prices of average sale prices to $210,787.  These are all very interesting trends, but probably the two biggest trends that you’ll see is that our prices are beginning to go up by about 10% and that our inventory has dropped to significant levels down to under a 4-month supply or less, which means we are now moving back into what we call a seller’s market and the pricing beginning to increase.


Well, thanks for watching my video blog this week, and be sure to click on our website to see this full 2012 real estate report.  Thanks.


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Photo of The Steve Westmark Team Real Estate
The Steve Westmark Team
RE/MAX Advantage Plus
14451 Highway 7 Suite 100
Minnetonka MN 55345
Fax: 952-241-1600