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Minnesota Realtor
FRB: Beige Book - Minneapolis
Markets for existing real estate are also brisk. "It's really a sellers' market," says one St. Paul, Minnesota, suburban residential realtor. Commercial property rental markets also are active. ... [Read More]
FRB: Beige Book--Minneapolis--October 27, 2004
Residential real estate was steady. In Minneapolis-St. Paul, new housing units authorized in September remained roughly flat from a year earlier. A Minneapolis-area realtor noted that residential markets are cooling, with slight price reductions and homes now sitting on the market an average of 50 days, up from 45 days recently and 25 to 30 days a year ago. In Eau Claire, Wis., developers are considering building a 700-unit condominium development. ... [Read More]
FRB: Beige Book--Minneapolis--September 8, 2004
Home building and residential real estate were about even with last year's robust activity. Housing units authorized in district states were level for the three-month period ended in July compared with a year ago. An official in Billings, Mont., described the summer building season as about the same as a year ago. A Realtor in the Minneapolis area reported strong sales; however, home sales were down slightly in July compared with a year ago. In western Montana, a bank director reported solid residential real estate activity, particularly sales of condos. ... [Read More]
FRB: Beige Book - Minneapolis
Home building continues quite strong. District housing units authorized grew by 4 percent for the three-month period ending in October compared to a year earlier. However, there may be signs of slowing in Minneapolis-St. Paul. Home-sale agreements recently softened from their vigorous pace of the past two years, according to a realtor association president. While the median price of closed sales in Minneapolis-St. Paul fell for a third consecutive month in October, it was almost 10 percent above year-earlier levels. ... [Read More]
FRB: Beige Book--Minneapolis--June 15, 2005
Real estate markets were mixed. Home foreclosures through April were up 17.7 percent in the Minneapolis-St. Paul area from the same period a year earlier. A St. Paul Realtor reported market time for selling houses increased slightly, and sellers must often make concessions on their asking prices. However, residential real estate markets in some other district cities, such as Fargo, N.D., and Duluth, Minn., remained strong. The Minneapolis-St. Paul commercial office market continued to recover, and growth in the industrial real estate market remained at a strong pace. ... [Read More]
FRB: Beige Book - Minneapolis
Construction and real estate remain strong across the region. "Two major projects have construction running way ahead of last year's pace," leads a Montana news article on the region's growing construction sector. Real estate has "never seen a better market," said a Twin Cities realtor association spokesman. "Sales prices are up 8.4 percent from year-earlier levels." Housing permits for the district increased 25 percent in February from year-earlier levels. Public works projects are planned across the region with highway construction remaining robust. In addition, construction contract awards in Minnesota and the Dakotas for February are up 12 percent from a year ago, reports a construction trade magazine. Shortages in dry wall, insulation and shingles are increasing building costs, a bank director reports. In addition, skilled and unskilled workers are still in short supply. ... [Read More]
FRB: Beige Book--Minneapolis--April 20, 2005
Real estate activity was brisk. A Fargo, N.D., area Realtor called the market there "hot as a pistol" and said activity was up over last year's strong sales. A study of the Marquette, Mich., area real estate market showed increasing sales and prices and a decrease in selling times, owing to improving regional employment. The office vacancy rate in downtown St. Paul showed signs of improvement, dropping to 24.2 percent from recent highs over 25 percent, with especially strong gains for Class A space. ... [Read More]
FRB: Beige Book--Minneapolis--July 28, 2004
Residential real estate activity grew. Housing units authorized in district states grew 5 percent for the three-month period ending in May compared with a year ago. About 20 percent more home sales closed in June compared with a year ago in the Minneapolis-St. Paul area. However, one realtor noted that sales among lower-priced homes were slower. A bank director described the housing market in Billings, Mont., as tight, with prices and buying activity up. ... [Read More]
FRB: Beige Book - Minneapolis
Home building was up from a year ago. Housing units authorized in District states were up 5 percent for the three-month period ending in November compared with a year ago. In Minneapolis-St. Paul, demand for multifamily buildings has spurred construction, according to a builders association representative. A realtor in Sioux Falls, S.D., noted high levels of refinancing activity and remodeling during 2002 compared with 2001, and he expects fewer families to move during 2003. ... [Read More]
FRB: Beige Book - Minneapolis
Markets for existing real estate are also brisk. "It's really a sellers' market," says one St. Paul suburban residential realtor. Commercial property rental markets also are active. ... [Read More]
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