It’s been awhile since we actively posted here. We have been spending the holidays with family, friends, and clients. While we are not the biggest believers in New Years resolutions, one of the major parts of our 2011 plan is to bring you much more relevant and timely content on this blog. As always, make sure to let us know any of your real estate questions.
Happy New Year! Here’s to the best one yet…
Posted by Don Edam
In the past month, it has amazed me on the number of showings we are on that are potential short sales (where the seller owes more on the mortgage than the home is worth). In my head, it seemed to me that about 1 of every 2 to 3 showings (33%-50%) were turning out to be short sales. I decided to actually take a look at the current percentage of short sale listings to active listings in the communities we have been showing the most homes in over that past couple of months. The results are below:
Data as of 9/7/2010
Bloomington
347 active single family listings
64 active single family listings with a potential short sale situation
18% of all active single family listings are short sales
Chanhassen
149 active single family listings
10 active single family listings with a potential short sale situation
6% of all active single family listings are short sales
Eden Prairie
296 active single family listings
31 active single family listings with a potential short sale situation
10% of all active single family listings are short sales
Edina
315 active single family listings
21 active single family listings with a potential short sale situation
6% of all active single family listings are short sales
Hopkins
58 active single family listings
2 active single family listings with a potential short sale situation
3% of all active single family listings are short sales
Minneapolis (Calhoun-Lake of the Isles)
169 active single family listings
10 active single family listings with a potential short sale situation
6% of all active single family listings are short sales
Minneapolis (Nokomis)
59 active single family listings with a potential short sale situation
359 active single family listings
16% of all active single family listings are short sales
Minneapolis (Southwest)
322 active single family listings
33 active single family listings with a potential short sale situation
10% of all active single family listings are short sales
Minnetonka
258 active single family listings
26 active single family listings with a potential short sale situation
10% of all active single family listings are short sales
Richfield
200 active single family listings
41 active single family listings with a potential short sale situation
20% of all active single family listings are short sales
St. Louis Park
231 active single family listings
27 active single family listings with a potential short sale situation
11% of all active single family listings are short sales
Cottage Grove
203 active single family listings
50 active single family listings with a potential short sale situation
24% of all active single family listings are short sales
The percentages are much lower than I expected in each city. This leads me to believe that the short sales are being priced much more aggressively (which would make sense) and therefore are being chosen to go see much more often than traditional listings. I’m going to delve into the short sale statistics further over the week to make a little more sense of the current short sale economy. Comments and questions are always welcome here or at @donedam on twitter.
Current Edina Housing Activity
There are currently 488 active properties for sale in Edina. 305 of these are single-family homes, 16 are townhomes, 155 are condos, and 12 are twin homes.
The absorption rate in Edina is 7.5 months (amount of inventory divided by the rate of which homes sold over the past month)
Last week we had 9 homes in Edina that accepted an offer and came off the market (6 single family, 1 townhouse, and 2 condos).
We also had 5 homes in Edina that sold and changed ownership last week (2 single family, 1 townhouse, and 2 condos).
There were 31 properties that came on the market last week (26 single family and 5 condos).
If you’d like any specific statistics or information, feel free to contact me.
Hang with us for the next couple days weeks 
as we are in the process of remodeling our website with some great suggestions provided by you. We should be back up and running by Friday.
To contact The Don Edam Group | Owner Options Realty, give us a call at 952-486-7584 or email Don at Don@TheDonEdamGroup.com.
Thanks!
Don
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