Craig and Susan Craig and Susan BlixrudBlixrud
Breakfast Club Craft Talk 2011
2011 RE Market Results2011 RE Market Results
Sales were 37,606 Median Sale Price was $169,900 Average Sale Price was $211,186 Average of 130 days on market 20 consecutive year of over 35,000 Sales $7.94 Billion in sales volume Rentals added to MLS system
2011 Results – 2011 Results – another viewanother view
2010 Sales were 35.6% lower than peak 2010 Avg SP was 24.2% lower than peak Foreclosures/Short sales were 39.9% of
sales Sale price was 92.1% of Original Price Average of 130 days on market up from 38
days in hot market
Falling values: Why?Falling values: Why?
Number of Buyers fell by 25% since 2001
0
50000
100000
150000
200000
250000
300000
2001 2003 2005 2007 2009
Avg Sale Price# of Sales
2011 RE Observations2011 RE Observations
Expiration of the Buyer’s $8,000 credit killed the market in the last half of 2010
Loss of Equity has “trapped” people in their homes-(bought or re-financed since 2002)
Foreclosures and Short Sales drag down Traditional sellers prices
First time buyers now skeptical investors
A look at Foreclosures/REO’sA look at Foreclosures/REO’s
100 homes in Neighborhood
70 are owner occupied 49 have a mortgage 5 are in trouble 2 of the 5 are REO’sIt used to be less than
one in a neighborhood!
Location, Location, Location,LocationLocation,Location
64% of North Mpls sales were distressed, property values have fallen 63% since 2006
13.3% of Edina sales were distressed, property values have fallen 13% since 2006
Employer Assisted HousingEmployer Assisted Housing
Why should an employer consider a housing benefit?– Historically for Relocating employees only– Shorter commutes for better work/life balance– Stable employees/Stable communities– Less work time spent on personal housing
EAH Benefit programsEAH Benefit programs
Homeownership counseling and education Homebuyer Assistance
– Company match down payment savings– Forgivable loans based on length of service– Discount programs on Mortgages/Title services
Rental Assistance Home renovation programs New Construction programs
Fun FactsFun Facts
Highest price home sold in 2011 was $5,000,000 on Lake Minnetonka
260 homes sold over $1 million, 43% less than 2006
Lowest price was $18,000, asking price was $12,000 in North Mpls
255 homes (out of 38,000) were sold at auction in metro area
SummarySummary
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