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Construction Sees an Unexpected Boost

With 25 permits last month, Maple Grove saw more building permits for residential housing in August than any other locality in the Twin Cities. Woodbury was second with 20 and Blaine was third with 18. In year-to-date rankings, Maple Grove also tops the list with 185 permits, ahead of Blaine, which has 171, and Shakopee with 136. Most of the permits issued have been for developments that have been approved for some time. The economy has created a drought in the number of new plots being sold. Additionally, the amount of standing inventory and the amount of distressed properties under foreclosure or short sales are weighing down the market. Currently, these properties make up about 30% of the Twin Cities market of residences for sale. Construction activity across the nation jumpe
Posted on 23 September 2010

Twin Cities Housing Market Still Buyer-Friendly

The Twin Cities housing market continues to struggle. Both the number of sales and the median sales price of homes in the area dropped in the month of August, according to the Minneapolis Area Association of Realtors. Pending sales in August were down over 30% compared to August 2009. However, that decrease was the smallest it has been in about three months. The median sales price of a home in the Twin Cities was $172,165, down 1.6% from last year. Though foreclosures and short sales drag these numbers down, traditional sellers saw a 9.2% price increase for their homes. There are now more than 27,000 active sales listings for homes in the Twin Cities. Inventory of homes on the market grew by almost 9% during August. That is the biggest increase in inventory since February 2008. As housing inventories increase, Brad Fisher, preside
Posted on 13 September 2010