Real Estate Weekly Update for Minnesota’s Twin Cities area by Steven Diadoo at Bridge Realty, LLC in Bloomington, MN
Link to AC Info-graph: Maintaining Air Conditioners
Hey, everyone! It’s Jennifer Diadoo with the Real Estate Weekly Update with research and analysis brought to you by my husband, Steve Diadoo – licensed Realtor with Bridge Realty (the largest independently owned brokerage in Minnesota) with data from North Star MPLS provided by the Minneapolis Area Association of Realtors.
Top Headlines: 84% of Americans think buying a home is a good financial decision – 6 in 10 worry about rising costs of homes and renting.
The summer is here! Days are getting shorter as the sun is getting hotter – recent lack of raining is causing grass and gardens to suffer while the real estate market’s lack of inventory suffers. More so on the lower priced properties as we see the luxury home market actually pickup in activity.
For the week ending July 8th, 2017 – as we saw last week, buyer interest is high and inventory is below the demand. Total sales and new listings still behind last year’s levels.
As you see here, july 7th – new listings down -16.99% relative to this same time last year. June 15 – july 8th an overall drop of 3%.
Pending sales – right about the same number pending – the same as this time last year – just above 1,000 properties in a given month with an accepted offer
Inventory – down nearly 17% as compared to july 8th of 2016.
Days on Market Until Sale – down 16% since last year June 2016
Median sales price – jumping 7% to $259,000
Month’s Supply of Homes for Sale – down 16.7% to 2.5 days.
And finally, percent of original list price received… this is found when dividing a property’s sale price by it’s original list price, then taking the average for all properties sold in a given month – nearly 100% – 99.5%!
It seems to me that I have heard several people lately complaining about their AC going out now that summer has heated up a bit! To end this weekly update, I’ll be sharing another homeowner story that you who are veteran homeowners might be able to relate to, as you have lived in your various homes throughout your life. Or, for new homeowners, or those that are future homeowners, hopefully this can keep you from the same HOT experience that we had to deal with. For all of you, we hope you can have a little laugh with us, as we all go through the joys of homeownership!
Steve and I decided to build our first home. Side note, we did it completely backwards and built first then bought fixer uppers later, when we had full time jobs and kids and full-time lives…anyway, live and learn. So, our house was built in the fall and we moved in in the winter. Fast forward to the first steamy summer day we spent there and we couldn’t get our AC to work. It was unbearably hot and the on off switch was not quite cutting it. We spent the first night in a 90 degree home and decided to call help the next morning. Well, what a couple of 22 year old new home owners didn’t think of was if the breaker was tripped. So, the next day when we called the builder they came out to tell us they don’t switch it on if the move in is in the winter. My tip today, especially for your newer homeowners, is if the AC isn’t working, check the breaker first before calling, as we have had it happen in each of our homes we have lived in. If it is not the breaker, we have an appliance service plan that includes our AC. They tend to go out at very inconvenient times, which is basically any time as it’s never convenient to have house issues! For you veteran home owners, we have included a link at the bottom of the screen, with tips of how to keep your AC up and running smoothly. If you have never had your AC go out, trust me, you want to maintain it properly! The luxury of AC is much appreciated on a hot day!
We hope you found the real estate weekly update informative and entertaining! Have a great week and we’ll see you next week!