Tuesday, May 10, 2005

Another Realtor Bubble In Slower Twin Cities

The Twin Cities don't recieve much RE coverage, so a slowdown is noteworthy. "After a string of record years, houses are taking longer to sell. And while prices continue to rise, they're doing so at a slower clip."

"In March, about 160 fewer deals closed in the Twin Cities than during the same period a year ago, a 4 percent decline."

The realtor bubble is in full swing. "Nearly 33,000 people are licensed to sell property in Minnesota, an all-time high and up nearly 50 percent since 2000. In the Twin Cities, membership in the Minneapolis and St. Paul area Realtor associations has increased at an even sharper rate."

5 Comments:

At 8:03 PM, Anonymous great caesar's ghost said...

Maybe all those newly-minted realtors think they'll be needed to sell the 6500 condos on the drawing board for downtown Minneapolis and over 11,000 planned for the metro area. Of course the resulting glut if these plans come to fruition (I'm guessing less than 1000 total will be built) will mean that they'll practically have to give away some of the less desirable units currently available. Not a lot of commission there

 
At 8:46 PM, Blogger Ben Jones said...

gcg,
The condo thing has taken on a life of its own in several markets. If you ever find a link about Minneapolis condos, please post it.

 
At 5:23 AM, Anonymous great caesar's ghost said...

Ben,

Recent Star-Tribune articles (may need to register)

On condo boom in Minneapolis: http://www.startribune.com/stories/417/5351102.html

Chart showing skyrocketing condo development in 2004 alone:

http://www.startribune.com/stories/1608/5354167.html

The local flipper angle. Don't want this Olson guy to be my pension consultant:

http://www.startribune.com/stories/535/5351132.html

keep up the good work

 
At 6:11 AM, Anonymous great caesar's ghost said...

And from today's Pioneer Press (St. Paul's paper), the other side of the boom--record foreclosure sales: http://www.twincities.com/mld/twincities/11614305.htm

 
At 7:45 AM, Anonymous Anonymous said...

Real estate agents see slight sales dip

http://www.reuters.com/newsArticle.jhtml;jsessionid=RRMHYTBAPPOAQCRBAEOCFEY?type=businessNews&storyID=8429834

Very sunny predictions from NAR.

 

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