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Old 04-21-2009, 05:56 PM
 
Location: Minneapolis, MN
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I've noticed a couple of things in my neighborhood these past couple of weeks- besides there being less "inventory" on the market in my neighborhood than I've seen in well over a year now (only twenty-something homes on the market currently), I've noticed that in the past two weeks the average listing price in the neighborhood has increased by $25K (first week $10K increase, this week $15K increase). Some of this has to do with a few of the nicer homes in the n'hood coming on the market in recent weeks (am thinking that people were likely holding out until sales started improving and spring rolled around), as well as the fact that a few of the lower-end foreclosure fixers have similarly sold in recent weeks....however, I think that having the lowest amount of inventory and highest average listing price than has been seen here for well over a year now (surpassing Brooklyn Park and neck-and-neck with Crystal and New Hope according to realtor.com) is a fairly promising sign- knock on wood.

Anyone else noticing similar trends in their own neighborhoods?

Last edited by Camden Northsider; 04-21-2009 at 06:16 PM..
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Old 04-22-2009, 07:19 AM
 
Location: Minneapolis
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I havent noticed them coming up here in roseville. there were never a huge amount of them for sale though. Im not sure I saw any forclosures either.

is it possible you are seeing increasing prices due to the nice weather? I know boats and Motorcycles always sell for more in the spring.
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Old 04-22-2009, 08:13 AM
 
Location: Minneapolis, MN
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I haven't noticed any changes in my neighborhood. The Zillow value of my house actually decreased by $1,000 in the last month, not that Zillow can be trusted for accuracy though.
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Old 04-22-2009, 08:37 AM
 
Location: Minneapolis, MN
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Yeah, the zillow value here hasn't gone up at all and if anything has decreased in recent months. Shizzy- yes the warmer weather/ springtime likely has something to do with it, but things look a lot better than at this time last year....I should also note that the 20something homes I mentioned are listed on realtor.com, which is notorious for having already-sold homes listed as for sale on their website (however, whereas the n'hood has consistently had around 38 homes listed for sale on realtor.com, we're now in the midtwenties so the actual number's likely less than that).

The increase in average listing price could all be a fluke and more related to an increase in homes on the parkway coming on to the market, who knows, and it's not like we're anywhere near listing prices a few years back (not to even mention sales prices), but I'm taking it all as a good sign of a potential recovery on the way! (even if it may take us a long time, and some more rides, to get there).
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Old 04-22-2009, 10:07 AM
 
Location: Minneapolis, Minnesota
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Quote:
Originally Posted by Slig View Post
I haven't noticed any changes in my neighborhood. The Zillow value of my house actually decreased by $1,000 in the last month, not that Zillow can be trusted for accuracy though.
Same here.


Honestly, I haven't really noticed a change near us...but I haven't actually tracked or monitored the real estate in our neighborhood thoroughly. Based solely on the one house that's for sale on our block...well, lets just say, it's still there.

I do think (and hope) that we'll start to see positive steps with spring (and warm weather). Not that it's incentive for everyone, but I am confident we'll see quite a few extra people house hunting this spring/summer. The tax credit for 1st time home buyers plus those for energy efficient updates, the programs available to help fund remodels, the warm weather and the sheer buzz about how prices are so low now and about a potential rebound on the horizon (how ever far way the horizon is...) are all reasons it's possible to see more people out and about house shopping.
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Old 04-22-2009, 11:57 AM
 
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Haven't tracked listing prices, but in recent weeks I've noticed a lot more sold signs and quicker sales among houses in Highland and Mac-Groveland.
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Old 04-22-2009, 01:06 PM
 
Location: Mahtomedi, MN
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It seems to me like people are doing everything they can to be optimistic. I really like that.

Might be seeing some effect from the tax credit for first time buyers, which is a good chunk.

This is hard to track for sure. Some areas were hit much harder than others. I suspect recovery will be spotty too.
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Old 04-22-2009, 01:19 PM
 
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The latest I saw showed price decreases for March for foreclosures and owner owned sales. Obviously it is all local though, your particular area could be doing better or worse, but Minnesota on average is seeing price decreases.

Good from my perspective as a first time home buyer, its nice to have the time to save and actually be able to put down 10-20%. Once I own a home, I don't think I will really pay attention to prices at all. It really only matters when you enter and exit the market, in other words when you buy your first home and when you sell your home to go into a retirement home or die. Otherwise its all relative.
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Old 04-22-2009, 02:45 PM
 
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Quote:
Originally Posted by shizzy View Post
I havent noticed them coming up here in roseville. there were never a huge amount of them for sale though. Im not sure I saw any forclosures either.

is it possible you are seeing increasing prices due to the nice weather? I know boats and Motorcycles always sell for more in the spring.
Well I can guarantee you that there have been plenty of foreclosures there. I don't think there is virtually anywhere in the metro that has avoided a rash of foreclosures.
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Old 04-23-2009, 06:11 AM
 
20,793 posts, read 56,606,859 times
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I have been noticing more sold signs as well. If this continues to happen prices will at least level out. A house around the corner from us sold in just a couple weeks. The family that lived there had a job transfer but the house was in perfect condition and a great location-sold for asking price too .
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