2nd Quarter Foreclosure & Short Sale Market Update

Foreclosure and short sale data recently released by the Minneapolis Area Association of Realtors was not surprising, showing that lender mediated properties still command about one quarter of the market. Over the past year, lender-mediated properties for sale have almost doubled while traditional listings have declined by about 16%.

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There also continues to be a distinct separation between foreclosure/short sale prices and prices of traditional sales. While both have fallen, foreclosure/short sale prices have dropped by 11.7% in the last two years while traditional sale prices have declined by only 3.4%.

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The percentage of foreclosure/short sale properties listed for sale varies greatly from area to area.  Below are two "Top 25" lists based on the percentage of bank-mediated inventory. The first list is for the lowest percentage of foreclosure/short sale MLS homes for sale, the second for the highest.

LOWEST PERCENTAGE OF SHORT SALE/FORECLOSURE INVENTORY BY MLS AREA

  1. Victoria – 3.7%
  2. St. Paul-Downtown/Capitol Heights – 4.1%
  3. Edina – 5.3%
  4. St. Paul-MacGroveland/River Road – 5.4%
  5. Hutchinson – 5.5%
  6. Eastern Dakota County – 5.9%
  7. Minneapolis-Calhoun/Isles – 6.3%
  8. Northfield – 6.7%
  9. Goodhue County – 7.2%
  10. Minneapolis-Central – 7.9%
  11. Mendota/Lilydale/Mendota Heights – 7.9%
  12. Plymouth – 9.0%
  13. Arden Hills/Shoreview – 9.1%
  14. Lake Minnetonka – 9.4%
  15. Minneapolis-Southest – 9.6%
  16. Sunfish Lake – 10.0%
  17. Falcon Heights/Lauderdale/Roseville – 10.0%
  18. Golden Valley – 10.2%
  19. Minnetonka – 10.2%
  20. St. Louis Park – 10.2%
  21. Stillwater/Bayport – 10.4%
  22. Chanhassen – 10.6%
  23. North Central Suburban – 10.7%
  24. Bloomington-West – 11.0%
  25. McLeod County – 11.3%

HIGHEST PERCENTAGE OF SHORT SALE/FORECLOSURE INVENTORY BY MLS AREA

  1. Minneapolis-North – 59.3%
  2. Minneapolis-Camden – 54.1%
  3. St. Paul-Central – 51.0%
  4. St. Paul-Phalen – 46.9%
  5. Brooklyn Center – 46.2%
  6. Minneapolis-Powderhorn – 44.8%
  7. St. Paul-Hillcrest/HazelPark/Dayton’s Bluff – 43.5%
  8. St. Paul-Riverview/Cherokee – 42.2%
  9. Brooklyn Park – 41.9%
  10. Minneapolis-University – 38.4%
  11. Hilltop/Columbia Heights – 37.3%
  12. Spring Lake Park – 36.6%
  13. Anoka – 34.7%
  14. Minneapolis-Phillips – 34.2%
  15. South St. Paul – 33.7%
  16. Coon Rapids – 32.4%
  17. Fridley – 32.2%
  18. St. Paul – 32.1%
  19. Elk River – 31.2%
  20. Isanti County – 30.9%
  21. Big Lake Township – 30.6%
  22. Champlin – 30.1%
  23. West St. Paul – 30.1%
  24. Newport/St. Paul Park/Cottage Grove – 29.9%
  25. Crystal – 29.8%

Click here for the full report compiled by the Minneapolis Area Association of Realtors. It includes data both by MLS area and by city.

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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