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 Twin Cities Real Estate Source
 September 2009

Greetings!
1550 Zarthan front photo
This month I am taking the opportunity to bring you some good news about the real estate market.  Specifically, recent trends indicate that home supply is declining and buyer demand is improving.  Below are some current statistics.
 
The number of active listings in August 2009 as compared to August 2008 is down 27% to 25,407

 1550 Zarthan front photohomes.  The supply of homes was 34,808 in August of 2007.  These numbers indicate that supply has steadily decreased over the past two years.
 
This market is experiencing its 14th consecutive month of higher year over year pended sales, which is a sale where a purchase agreement has been accepted and both parties are waiting to close.  This indicates that buyer demand for homes has been consistently building.
 
The current "months supply of inventory," which is the number of months it would take to sell through the existing inventory based on current sales levels, for all homes and at all price points is 6.9 months.  For comparison, consider the following:
 
Our market is "balanced" when there are five months of inventory.  This does not favor the buyer or the seller.
 
In September 2007, the "month's supply of inventory" had 9.9 months of homes, whereas our market experienced levels of 3-4 months during the fall of 2004!  We are moving in the right direction.
 
We are currently experiencing a strong seller's market for single family detached homes priced under $120,000.  The current supply is 3.1 months.
 
For homes priced between $120,000 and $150,000, the current "month's supply of inventory" is 5 months.  This indicates a balanced market for that segment.
 
For homes priced over a million dollars, the current "months supply of inventory" is 41.7 months! This is a strong buyer's market.
 
So yes, there is some good news in the real estate world.  Even though we continue to be over supplied in the upper price points, in general we are reducing our inventory levels and buyer demand remains strong.

 Sincerely,
 
 Kricket Opheim
KricketandMike.com Inc

 
Toasty Spaces
Perks of Radiant Heating
Leslie Banker, Realtor Magazine On-Line
 
Heated floors for a cold day? To many buyers, that sounds too good to be true. Learn about the benefits of radiant heating and why it's becoming such a sought after amenity.......

Current Market Information
Weekly statistics from Minneapolis Association of Realtors 
 
Now Available...
 
 
 1550 Zarthan front photo
 
 This executive style townhome is located in a fantastic secluded area of Minnetonka.  It is near many trails and parks and minutes to major roads and highways.  Tastefully updated with main level master suite, laundry & family room.   The soaring vaulted ceiling, natural light and great entertainment size deck make this home special.  Selling for $324,900 
 
Mortgage Minute
News from Rita Welton, Burnet Home Loans
 
TIME IS RUNNING OUT on the $8000
1st Time Home Buyer* Government Tax Credit!
 
You only have a few months left to find and close
on a home to take advantage of this offer.
(Homes must close on or before 11.30.09)
Interest rates are great and inventory is high.
 
There is not time to waste and no reason to wait.
 
Take the first step...call me TODAY for your
Free, no obligation mortgage pre-approval!  Or, refer a first time buyer who should take advantage of this program.
 
*A 1st Time Home Buyer is someone that has not owned
a  home in the last 3 years
.  Income limits apply.  The tax
Credit is 10% of the home purchase price up to $8000.
 
 
Rita Welton
Loan Officer
PHH Home Loans
612-925-8423 direct
rita.welton@phhonline.com
 
 
This statement of current rates is not an offer to enter into an agreement for a loan at a specified interest rate or number of discount points or both.  (In Minnesota:  an offer to enter into such an agreement may only be made pursuant to Minnesota statutes section 47.206.) Current interest rates and discount points are subject to change at any time without notice to you.
Kricket's Social Korner
 
Restaurant Suggestions
 
Domacin
 
I spent so many months saying that I would cross the river but never followed through.  While St. Paul was the goal, I did one better by ending up in Stillwater at a lovely wine bar called Domacin.  
 
Domacin comes from the Latin word domicile or home.  The Serbian meaning is "host."  Domacin lived up to its name.  The bistro style restaurant definitely has a warm homey feel and the service was very "hospitable." 
 
Domacin has a wine list to envy with over 300 bottles.  Their selection consists of primarily Italian and Californian wines.  However, they do have several choices of French, Spanish, Australian and other European and American wines.  They offer a wide price range in both the bottle and by the glass selection. 
 
While the atmosphere was comfortable and the service was prompt and friendly, the food was just "ok."  I had a scallop dish that was very creative, in concept, but was not executed well.  I rarely send food back to the kitchen, but this was an exception.  The scallops were so salty that neither I nor my husband could eat them.  I expected the second round to show up "unseasoned" but it was only slightly less salty to my surprise.  The kitchen definitely has a heavy hand with the salt shaker.  My husband had a steak.  He thought it was tasty but nothing too special.
 
You are probably asking yourself whether or not Kricket is recommending Domacin.  I recommend that you go for the wine and atmosphere but keep your expectations in check when it comes to the food.  It's worth a try if you are in Stillwater for the day or evening. 
 
Domicin is located a block west of Main Street at Myrtle and 2nd Street.  They have a parking lot and there was also plenty of off street parking the evening that I was there.
 
On a side note, if you are looking for a neat way to spend a weekend in Stillwater I highly recommend the William Sauntry Bed and Breakfast.  The B&B is located just a few blocks from Domacin and has been lovingly updated by the current owners Tom and Sandy.  This mansion was originally built in the 1800's by the lumbar baron William Sauntry.  They have six rooms to choose from each with their own unique history.  This B&B is a must try if you are looking for a quick, easy romantic get-away in the Twin Cities.  

 

In This Issue
Toasty Spaces, Perks of Radiant Heating
Current Market Information
Featured Listing
Mortgage Minute
Kricket's Social Korner
Contact Information
 
 
 
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KricketandMike.com
 
Coldwell Banker Burnet
3033 Excelsior Boulevard 
Minneapolis, Minnesota 55416
 
612-920-5605 - office
612- 802-5502 - mobile Kricket
952-270-2079 - mobile Mike
 
 

 
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