In 2009, lender-mediated sales accounted for 43.0% of all Minneapolis-St. Paul metro area home sales. The percent of foreclosures improved throughout the year, however, and January continued the trend. Traditional pending sales were 28.0% higher than last year while lender-owned pending sales were down 33.6% compared to 2009. In fact, this year's traditional pending sales reported by the Minneapolis Area Association of Realtors were almost the same as last year's lender-owned sales.
Hopefully this is a sign that we are on a continuing path to market recovery. Also pointing in this direction is the fact that new lender-owned listings dropped 43.6% compared to last year, while new traditional listings showed an increase of 9.6%. Traditional sellers have been holding back the last few years. This may a sign of their return to the market.
Although all Twin Cities area markets have been affected by lender-mediated properties, all real estate is local and some areas have been hit harder than others. Below are the 10 least affected and 10 most affected Minneapolis-St. Paul MLS areas. Click here for a full list (click on it to expand the list if it shrinks).
2009 Lowest Percentage of Lender-Mediated Sales
- St. Paul: Mac/Groveland/River Road – 10.7%
- Edina – 12.1%
- St. Louis Park – 17.5%
- Minneapolis – Central – 17.7%
- Minneapolis – Southwest – 18.3%
- Victoria – 18.5%
- Mendota/Lilydale/Mendota Heights – 19.1%
- Minneapolis – Calhoun/Isles – 19.9%
- Falcon Heights/Lauderdale/Roseville – 20.6%
- Plymouth – 20.7%
2009 Highest Percentage of Lender-Mediated Sale
- Sunfish Lake – 100%
- Minneapolis – North – 77.5%
- Big Lake Township – 74.9%
- Isanti County – 70.3%
- Bethel – 69.6%
- Minneapolis – Phillips – 68.7%
- St. Paul – Central – 67.8%
- Brooklyn Center – 67.7%
- Elk River – 67.5%
- Northern Chisago County – 67.0%
Click here for a full list of 2009 percentages of lender-mediated closed sales. Click here for an interactive list of data for traditional and lender-mediated homes currently for sale by MLS area.
Sharlene Hensrud, RE/MAX Results - Email – Minneapolis – St. Paul Real Estate Market Information
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I referred few investment and realty blogs and can say that it will take start of 2010 to appreciate values again. Thanks for this post.