Talking real estate these days almost always includes the term “foreclosures”. The volume of bank-owned listings our office is handling grows daily, and this will surely continue into 2009.
The Minneapolis Area Association of Realtors® recently released some specific numbers regarding the continued increase of market share foreclosed homes hold in the Greater Twin Cities Area. The information brokedown lender-mediated sales by individual city, both in the month of October and 2008 Year-to-Date.
In the 5-community area we primarily serve (Annandale, South Haven, Maple Lake, Clearwater, and Cokato) the percent of lender-mediated sales thus far in 2008 ranged from 21-36%. In communities just around our corner like Monticello, Buffalo and Big Lake, those percentages climb up to 53% of 2008 sales.
“Reassuring news is that these homes are being bought with the same frequency they’re listed,” the report says. Other good news for traditional home sellers, is that although lender-mediated properties are dragging down the overall median sales price of homes, traditional properties themselves are actually experiencing quieter value declines.
View the full report at www.mplsrealtor.org. Look for the link under In The News.
