Traditional Sales Going Up…Lender-Owned Sales Going Down

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.

 Fss_2010-01-pending
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.

Fss_2010-01-newlistings
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

  1. St. Paul: Mac/Groveland/River Road – 10.7%
  2. Edina – 12.1%
  3. St. Louis Park – 17.5%
  4. Minneapolis – Central – 17.7%
  5. Minneapolis – Southwest – 18.3%
  6. Victoria – 18.5%
  7. Mendota/Lilydale/Mendota Heights – 19.1%
  8. Minneapolis – Calhoun/Isles – 19.9%
  9. Falcon Heights/Lauderdale/Roseville – 20.6%
  10. Plymouth – 20.7%

2009 Highest Percentage of Lender-Mediated Sale

  1. Sunfish Lake – 100%
  2. Minneapolis – North – 77.5%
  3. Big Lake Township – 74.9%
  4. Isanti County – 70.3%
  5. Bethel – 69.6%
  6. Minneapolis – Phillips – 68.7%
  7. St. Paul – Central – 67.8%
  8. Brooklyn Center – 67.7%
  9. Elk River – 67.5%
  10. 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 - EmailMinneapolis – St. Paul Real Estate Market Information

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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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