2010 real estate market report

September 2010

23

ContentsProperty Type

Supply AnalysisDemand Analysis

A free research tool from the Minneapolis Area Association of REALTORS® brought to you by the unique data-sharing traditions of the REALTOR® community

What to Watch ForAlthough the overall inventory of homes available increased 8.5 percent over last year, it really only increased in the single-family detatched submarket due to weak sales activity and actually declined in the townhouse and condo categories. P i l d i t 10 7 t hil t ti d

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57

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ContentsProperty Type

Supply AnalysisDemand AnalysisPrice Analysis

Price RangeSupply AnalysisDemand Analysis

Historical OverviewSingle-Family DetachedTownhomesCondominiums

Under the MicroscopeSingle-Family DetachedTownhomesCondominiums

A free research tool from the Minneapolis Area Association of REALTORS® brought to you by the unique data-sharing traditions of the REALTOR® community

What to Watch ForAlthough the overall inventory of homes available increased 8.5 percent over last year, it really only increased in the single-family detatched submarket due to weak sales activity and actually declined in the townhouse and condo categories. Previously-owned inventory was up 10.7 percent while new construction was down 10.5 percent.

Inventory of homes for sale in the lower price ranges continues to grow dramatically from last year. With the number of new listings in these segments outpacing closings, the number of available homes for sale has grown. For instance, in the $120,000 and under bracket, the current 5.7 Months Supply of Inventory is a 79.8 percent jump from last year at this time. By contrast, the 34.6 Months Supply of Inventory in the $1,000,001 and up range is a 24.1 percent drop.

Inventory in the higher price ranges is now dropping as sellers have pulled back on their new listings and high-end properties are seeing some movement. All price ranges above $250,000 now have fewer homes for sale than they did a year ago.

Home prices are softest in the condominium category, where the average Price Per Square Foot has dropped 13.0 percent in the last year.

© 2009 Minneapolis Area Association of REALTORS®, Inc. | Sponsored by Royal Credit Union www.rcu.org 1

Housing Supply OutlookProperty Type Supply Analysis

9-2009 9-2010 ChangeAll 25,406 27,563 + 8.5%Previously Owned 22,899 25,344 + 10.7%New Construction 2,507 2,219 - 11.5%Single-Family Detached 17,752 20,015 + 12.7%Previously Owned 16,442 18,581 + 13.0%New Construction 1,310 1,434 + 9.5%Townhomes* 5,034 4,998 - 0.7%Previously Owned 4,371 4,542 + 3.9%New Construction 663 456 - 31.2%Condominiums 2,620 2,550 - 2.7%Previously Owned 2,086 2,221 + 6.5%New Construction 534 329 - 38.4%*Includes twinhomes

September 2010Inventory of Homes for Sale

25,406

17,752

5,034

2,620

27,563

20,015

4,998

2,550

September 2009

September 2010

+ 8.5% + 12.7% - 0.7% - 2.7%

9-2009 9-2010 Change

All 6.9 8.0 + 15.7%Previously Owned 6.8 8.0 + 18.2%New Construction 9.4 8.8 - 6.9%Single-Family Detached 6.3 7.8 + 23.7%Previously Owned 6.2 7.7 + 24.5%New Construction 8.8 9.9 + 11.8%Townhomes* 8.0 7.8 - 2.8%Previously Owned 7.9 8.0 + 0.9%New Construction 8.6 6.2 - 28.0%Condominiums 11.7 11.1 - 5.0%Previously Owned 11.4 11.4 - 0.2%New Construction 13.0 9.6 - 26.6%*Includes twinhomes

Months Supply of Inventory

25,406

17,752

5,034

2,620

27,563

20,015

4,998

2,550

All Single-Family Detached Townhomes Condominium

September 2009

September 2010

6.96.3

8.0

11.7

8.0 7.8 7.8

11.1

All Single-Family Detached Townhouse Condominium

September 2009

September 2010

+ 8.5% + 12.7% - 0.7% - 2.7%

+ 15.7% + 23.7% - 2.8% - 5.0%


Housing Supply OutlookProperty Type Demand Analysis

All 43,888 41,137 - 6.3%Previously Owned 40,691 38,098 - 6.4%New Construction 3,197 3,039 - 4.9%Single-Family Detached 33,656 30,680 - 8.8%Previously Owned 31,872 28,934 - 9.2%New Construction 1,784 1,746 - 2.1%Townhomes* 7,547 7,705 + 2.1%Previously Owned 6,626 6,825 + 3.0%New Construction 921 880 - 4.5%Condominiums 2,685 2,752 + 2.5%Previously Owned 2,193 2,339 + 6.7%New Construction 492 413 - 16.1%*Includes twinhomes

September 2010Home Sales Last Twelve Months

9-2008 through 8-2009

9-2009 through 8-2010

Change43,888

33,656

7,547

2,685

41,137

30,680

7,705

2,752

September 2008 through August 2009


- 6.3% - 8.8% + 2.1% + 2.5%

9-2008 through 8-2009

9-2009 through 8-2010

Change

All 91.6% 93.5% + 2.1%Previously Owned 91.5% 93.4% + 2.1%New Construction 93.0% 95.2% + 2.3%Single-Family Detached 92.0% 93.9% + 2.1%Previously Owned 91.9% 93.8% + 2.1%New Construction 92.4% 95.8% + 3.7%Townhomes* 90.7% 93.2% + 2.8%Previously Owned 90.5% 93.0% + 2.8%New Construction 92.2% 95.1% + 3.1%Condominiums 89.9% 90.0% + 0.1%Previously Owned 88.2% 89.5% + 1.5%New Construction 96.7% 92.7% - 4.1%*Includes twinhomes

Pct. of Orig. List Price Received at Sale Last Twelve Months

91.6% 92.0% 90.7% 89.9%93.5% 93.9% 93.2%

90.0%




43,888

33,656

7,547

2,685

41,137

30,680

7,705

2,752




- 6.3% - 8.8% + 2.1% + 2.5%

+ 2.1% + 2.1% + 2.8% + 0.1%


Housing Supply OutlookProperty Type Price Analysis

Average Sales Price Last Twelve Months9-2008

through 8-2009

9-2009 through 8-2010

Change

All $206,874 $208,601 + 0.8%Previously Owned $196,656 $201,711 + 2.6%New Construction $330,307 $294,394 - 10.9%Single-Family Detached $218,264 $225,492 + 3.3%Previously Owned $209,044 $218,347 + 4.5%New Construction $380,764 $343,538 - 9.8%Townhomes* $160,208 $157,141 - 1.9%Previously Owned $153,200 $151,745 - 0.9%New Construction $206,568 $199,174 - 3.6%Condominiums $196,042 $164,936 - 15.9%Previously Owned $147,654 $141,812 - 4.0%New Construction $386,732 $289,975 - 25.0%*Includes twinhomes

September 2010

$206,874$218,264

$160,208

$196,042$208,601

$225,492

$157,141$164,93

All Single Family Detached Townhouse Condominium



+ 0.8% + 3.3% - 1.9% - 15.9%

9-2008 through 8-2009

9-2009 through 8-2010

Change

All $106 $106 - 0.2%Previously Owned $102 $103 + 1.0%New Construction $152 $138 - 9.3%Single-Family Detached $104 $107 + 2.1%Previously Owned $102 $105 + 2.4%New Construction $141 $137 - 3.2%Townhomes* $96 $93 - 2.7%Previously Owned $94 $91 - 2.4%New Construction $111 $107 - 3.0%Condominiums $156 $136 - 13.0%Previously Owned $130 $123 - 5.4%New Construction $259 $205 - 20.7%*Includes twinhomes

Last Twelve MonthsAverage Price Per Square Foot

$206,874$218,264

$160,208

$196,042$208,601

$225,492

$157,141$164,93




$106 $104$96

$156

$106 $107

$93

$136




+ 0.8% + 3.3% - 1.9% - 15.9%

- 0.2% + 2.1% - 2.7% - 13.0%


Housing Supply OutlookPrice Range Supply Analysis (Page 1 of 2)

Inventory of Homes for Sale

Price Range 9-2009 9-2010 Change 9-2009 9-2010 Change 9-2009 9-2010 Change$120,000 and below 3,167 4,714 + 48.8% 3,117 4,657 + 49.4% 50 57 + 14.0%$120,001 to $150,000 2,645 3,699 + 39.8% 2,505 3,554 + 41.9% 140 145 + 3.6%$150,001 to $190,000 4,117 4,656 + 13.1% 3,739 4,301 + 15.0% 378 355 - 6.1%$190,001 to $250,000 4,788 4,844 + 1.2% 4,288 4,384 + 2.2% 500 460 - 8.0%$250,001 to $350,000 4,257 4,070 - 4.4% 3,707 3,541 - 4.5% 550 529 - 3.8%$350,001 to $500,000 2,985 2,677 - 10.3% 2,594 2,334 - 10.0% 391 343 - 12.3%$500,001 to $1,000,000 2,578 2,191 - 15.0% 2,210 1,953 - 11.6% 368 238 - 35.3%$1,000,001 and above 869 712 - 18.1% 739 620 - 16.1% 130 92 - 29.2%All Price Ranges 25,406 27,563 + 8.5% 22,899 25,344 + 10.7% 2,507 2,219 - 11.5%

Previously Owned New ConstructionAll

September 2010

September 2009

3,167

2,645

4,117

4,788

4,257

2,985

2,578

869

4,714

3,699

4,6564,844

4,070

2,677

2,191

712

$120,000 and below $120,001 to $150,000 $150,001 to $190,000 $190,001 to $250,000 $250,001 to $350,000 $350,001 to $500,000 $500,001 to $1,000,000 $1,000,001 and above

September 2009

September 2010

+ 48.8% + 39.8% + 13.1% + 1.2% - 4.4% - 10.3% - 15.0% - 18.1%


Housing Supply OutlookPrice Range Supply Analysis (Page 2 of 2)

Months Supply of Current Inventory

Price Range 9-2009 9-2010 Change 9-2009 9-2010 Change 9-2009 9-2010 Change$120,000 and below 3.1 5.7 + 79.8% 3.1 5.7 + 81.0% 5.1 5.4 + 6.8%$120,001 to $150,000 5.0 6.9 + 37.4% 5.0 7.0 + 39.1% 5.9 6.2 + 5.4%$150,001 to $190,000 6.5 7.5 + 15.2% 6.4 7.5 + 17.8% 8.4 7.4 - 10.8%$190,001 to $250,000 7.4 8.1 + 9.3% 7.2 8.0 + 10.8% 9.2 8.9 - 3.6%$250,001 to $350,000 9.2 9.3 + 0.5% 9.2 9.2 + 0.1% 9.4 9.7 + 3.2%$350,001 to $500,000 12.4 10.8 - 12.5% 13.0 11.1 - 14.5% 9.6 9.4 - 1.6%$500,001 to $1,000,000 20.5 16.3 - 20.6% 22.8 17.9 - 21.6% 12.8 9.5 - 26.3%$1,000,001 and above 41.7 31.6 - 24.1% 47.2 33.1 - 29.9% 25.2 24.5 - 2.5%All Price Ranges 6.9 8.0 + 15.7% 6.8 8.0 + 18.2% 9.4 8.8 - 6.9%


September 2010

41.7

3.15.0

6.5 7.49.2

12.4

20.5

41.7

5.76.9 7.5 8.1

9.310.8

16.3

31.6


September 2009 September 2010

+ 79.8% + 37.4% + 15.2% + 9.3% + 0.5% - 12.5% - 20.6% - 24.1%


Housing Supply OutlookPrice Range Demand Analysis (Page 1 of 2)

Price RangeSeptember 2008 through August

2009

September 2009 through August

2010Change


2009


2010Change


2009


2010Change

$120,000 and below 12,068 9,990 - 17.2% 11,950 9,864 - 17.5% 118 126 + 6.8%$120,001 to $150,000 6,295 6,409 + 1.8% 6,010 6,129 + 2.0% 285 280 - 1.8%$150,001 to $190,000 7,547 7,411 - 1.8% 7,004 6,839 - 2.4% 543 572 + 5.3%$190,001 to $250,000 7,798 7,216 - 7.5% 7,147 6,595 - 7.7% 651 621 - 4.6%$250,001 to $350,000 5,532 5,265 - 4.8% 4,828 4,609 - 4.5% 704 656 - 6.8%$350,001 to $500,000 2,892 2,964 + 2.5% 2,402 2,527 + 5.2% 490 437 - 10.8%$500,001 to $1,000,000 1,506 1,612 + 7.0% 1,162 1,310 + 12.7% 344 302 - 12.2%$1,000,001 and above 250 270 + 8.0% 188 225 + 19.7% 62 45 - 27.4%All Price Ranges 43,888 41,137 - 6.3% 40,691 38,098 - 6.4% 3,197 3,039 - 4.9%


September 2010

Home Sales Last Twelve Months

12,068

6,295

7,547 7,798

5,532

2,892

1,506

250

9,990

6,409

7,411 7,216

5,265

2,964

1,612

270




- 17.2% + 1.8% - 1.8% - 7.5% - 4.8% + 2.5% + 7.0%

+ 8.0%


Housing Supply OutlookPrice Range Demand Analysis (Page 2 of 2)

Percent of Original List Price Received at Sale Last Twelve Months

Price RangeSeptember 2008 through August

2009


2010Change


2009


2010Change


2009


2010Change

$120,000 and below 86.2% 88.3% + 2.4% 86.0% 88.2% + 2.6% 92.8% 89.2% - 3.9%$120,001 to $150,000 89.3% 90.8% + 1.7% 89.1% 90.8% + 1.8% 91.7% 91.0% - 0.8%$150,001 to $190,000 90.6% 90.6% - 0.0% 89.8% 90.3% + 0.5% 93.0% 91.9% - 1.2%$190,001 to $250,000 92.7% 92.0% - 0.7% 92.3% 91.5% - 0.9% 93.4% 93.2% - 0.2%$250,001 to $350,000 92.7% 92.2% - 0.6% 91.1% 91.4% + 0.3% 94.8% 93.4% - 1.5%$350,001 to $500,000 93.4% 92.1% - 1.4% 89.4% 90.7% + 1.5% 97.6% 94.2% - 3.5%$500,001 to $1,000,000 100.6% 91.9% - 8.6% 91.0% 91.6% + 0.7% 104.4% 92.3% - 11.6%$1,000,001 and above 107.3% 94.6% - 11.9% 82.5% 84.8% + 2.8% 112.1% 97.3% - 13.2%All Price Ranges 89.9% 90.0% + 0.1% 88.2% 89.5% + 1.5% 96.7% 92.7% - 4.1%


September 2010


86.2%89.3% 90.6%

92.7% 92.7% 93.4%

100.6%

107.3%

88.3%90.8% 90.6% 92.0% 92.2% 92.1% 91.9%

94.6%




+ 2.4% + 1.7% - 0.0% - 0.7% - 0.6% - 1.4% - 8.6% - 11.9%


Housing Supply OutlookHistorical Overview of Single-Family DetachedSeptember 2010

24,45622,292

17,75220,015

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleSingle-Family Detached

9.8 9.4

6.3

7.8

9-2007 9-2008 9-2009 9-2010

Months Supply of InventorySingle-Family Detached

29,829 28,46733,656

30,680

Home Sales Previous Twelve MonthsSingle-Family Detached

95.0%92.0% 92.0% 93.9%

Single-Family Detached

- 8.8%

One Year Change:

- 20.4%

One Year Change:

+ 12.7%

One Year Change:

- 4.5%

One Year Change:

- 32.6%

One Year Change:

+ 23.7%

One Year Change:

Percent. Of Orig. List Price Rec'd. Previous Twelve Months

24,45622,292

17,75220,015

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleSingle-Family Detached

9.8 9.4

6.3

7.8

9-2007 9-2008 9-2009 9-2010

Months Supply of InventorySingle-Family Detached

29,829 28,46733,656

30,680

9-2007 9-2008 9-2009 9-2010

Home Sales Previous Twelve MonthsSingle-Family Detached

95.0%92.0% 92.0% 93.9%

9-2007 9-2008 9-2009 9-2010


$302,522$271,714

$218,264 $225,492

9-2007 9-2008 9-2009 9-2010

Average Sales Price Previous Twelve MonthsSingle-Family Detached $144

$127

$104 $107

9-2007 9-2008 9-2009 9-2010


- 8.8%

One Year Change:

- 20.4%

One Year Change:

+ 12.7%

One Year Change:

- 4.5%

One Year Change:

- 32.6%

One Year Change:

+ 23.7%

One Year Change:

- 4.6%

One Year Change:

+ 18.2%

One Year Change:

- 8.8%

One Year Change:

- 10.2%

One Year Change:

- 19.7%

One Year Change:

+ 3.3%

One Year Change:

- 3.2%

One Year Change:

- 0.0%

One Year Change:

+ 2.1%

One Year Change:

- 11.6%

One Year Change:

- 17.8%

One Year Change:

+ 2.1%

One Year Change:


Avg. Sales Price Per Square Foot Previous Twelve Months


Housing Supply OutlookHistorical Overview of TownhomesSeptember 2010

6,9376,339

5,034 4,998

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleTownhomes

9.811.0

8.0 7.8

9-2007 9-2008 9-2009 9-2010

Months Supply of InventoryTownhomes

8,524

6,9387,547 7,705

Home Sales Previous Twelve MonthsTownhomes

95.9%93.2% 90.7% 93.2%

Townhomes

- 8.6%

One Year Change:

- 20.6%

One Year Change:

- 0.7%

One Year Change:

+ 12.3%

One Year Change:

- 27.0%

One Year Change:

- 2.8%

One Year Change:


6,9376,339

5,034 4,998

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleTownhomes

9.811.0

8.0 7.8

9-2007 9-2008 9-2009 9-2010

Months Supply of InventoryTownhomes

8,524

6,9387,547 7,705

9-2007 9-2008 9-2009 9-2010

Home Sales Previous Twelve MonthsTownhomes

95.9%93.2% 90.7% 93.2%

9-2007 9-2008 9-2009 9-2010

Townhomes

$210,183 $198,383

$160,208 $157,141

9-2007 9-2008 9-2009 9-2010

Average Sales Price Previous Twelve MonthsTownhomes

$127$116

$96 $93

9-2007 9-2008 9-2009 9-2010

Townhomes

- 8.6%

One Year Change:

- 20.6%

One Year Change:

- 0.7%

One Year Change:

+ 12.3%

One Year Change:

- 27.0%

One Year Change:

- 2.8%

One Year Change:

- 18.6%

One Year Change:

+ 8.8%

One Year Change:

+ 2.1%

One Year Change:

- 5.6%

One Year Change:

- 19.2%

One Year Change:

- 1.9%

One Year Change:

- 2.9%

One Year Change:

- 2.7%

One Year Change:

+ 2.8%

One Year Change:

- 8.4%

One Year Change:

- 17.6%

One Year Change:

- 2.7%

One Year Change:




Housing Supply OutlookHistorical Overview of CondominiumsSeptember 2010

3,4152,959

2,620 2,550

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleCondominiums

10.8

12.6

11.7

11.1

9-2007 9-2008 9-2009 9-2010

Months Supply of InventoryCondominiums

3,782

2,817 2,685 2,752

Home Sales Previous Twelve MonthsCondominiums

96.0% 93.4%89.9% 90.0%

Condominiums

- 13.4%

One Year Change:

- 11.5%

One Year Change:

- 2.7%

One Year Change:

+ 16.3%

One Year Change:

- 7.1%

One Year Change:

- 5.0%

One Year Change:


3,4152,959

2,620 2,550

9-2007 9-2008 9-2009 9-2010

Inventory of Homes for SaleCondominiums

10.8

12.6

11.7

11.1

9-2007 9-2008 9-2009 9-2010

Months Supply of InventoryCondominiums

3,782

2,817 2,685 2,752

9-2007 9-2008 9-2009 9-2010

Home Sales Previous Twelve MonthsCondominiums

96.0% 93.4%89.9% 90.0%

9-2007 9-2008 9-2009 9-2010

Condominiums

$195,548

$217,482

$196,042

$164,936

9-2007 9-2008 9-2009 9-2010

Average Sales Price Previous Twelve MonthsCondominiums

$181 $182

$156

$136

9-2007 9-2008 9-2009 9-2010

Condominiums

- 13.4%

One Year Change:

- 11.5%

One Year Change:

- 2.7%

One Year Change:

+ 16.3%

One Year Change:

- 7.1%

One Year Change:

- 5.0%

One Year Change:

- 25.5%

One Year Change:

- 4.7%

One Year Change:

+ 2.5%

One Year Change:

+ 11.2%

One Year Change:

- 9.9%

One Year Change:

- 15.9%

One Year Change:

- 2.7%

One Year Change:

- 3.7%

One Year Change:

+ 0.1%

One Year Change:

+ 0.4%

One Year Change:

- 14.3%

One Year Change:

- 13.0%

One Year Change:




Housing Supply OutlookUnder the Microscope: Single-Family Detached (Page 1 of 2)

9-2009 9-2010 Change$120,000 and below 1,629 2,378 + 46.0%Previously Owned 1,626 2,371 + 45.8%New Construction 3 0 - 100.0%$120,001 to $150,000 1,256 2,142 + 70.5%Previously Owned 1,228 2,085 + 69.8%New Construction 28 57 + 103.6%$150,001 to $190,000 2,291 3,231 + 41.0%Previously Owned 2,199 3,061 + 39.2%New Construction 92 170 + 84.8%$190,001 to $250,000 3,556 3,898 + 9.6%Previously Owned 3,338 3,605 + 8.0%New Construction 218 293 + 34.4%$250,001 to $350,000 3,379 3,417 + 1.1%Previously Owned 3,048 3,024 - 0.8%New Construction 331 393 + 18.7%$350,001 to $500,000 2,539 2,300 - 9.4%Previously Owned 2,266 2,048 - 9.6%New Construction 273 252 - 7.7%$500,001 to $1,000,000 2,297 1,996 - 13.1%Previously Owned 2,032 1,795 - 11.7%New Construction 265 201 - 24.2%$1,000,001 and above 805 653 - 18.9%Previously Owned 705 592 16 0%


1,629

1,256

2,291

3,5563,379

2,5392,297

805

2,3782,142

3,231

3,898

3,417

2,300

1,996

653

$120,000 and $120,001 to $150,001 to $190,001 to $250,001 to $350,001 to $500,001 to $1,000,001 and

September 2009

September 2010

+ 46.0% + 70.5% + 41.0% + 9.6% + 1.1% - 9.4% - 13.1% - 18.9%

Single-Family Detached Inventory: + 12.7%Previously Owned: + 13.0%New Construction: + 9.5%

Previously Owned 705 592 - 16.0%New Construction 100 61 - 39.0%

9-2009 9-2010 Change$120,000 and below 2.3 4.6 + 99.8%Previously Owned 2.3 4.6 + 99.5%New Construction 2.0 7.0 + 250.0%$120,001 to $150,000 3.7 6.2 + 69.3%Previously Owned 3.7 6.2 + 68.7%New Construction 4.7 8.9 + 90.4%$150,001 to $190,000 5.0 7.1 + 41.5%Previously Owned 5.0 7.0 + 40.7%New Construction 5.8 8.9 + 51.8%$190,001 to $250,000 6.5 7.8 + 20.2%Previously Owned 6.4 7.6 + 19.5%New Construction 8.9 11.1 + 24.7%$250,001 to $350,000 8.4 9.0 + 7.1%Previously Owned 8.5 8.9 + 5.5%New Construction 8.1 9.8 + 21.2%$350,001 to $500,000 11.7 10.5 - 10.9%Previously Owned 12.3 10.8 - 12.8%New Construction 8.4 8.6 + 2.3%$500,001 to $1,000,000 20.2 16.5 - 18.2%Previously Owned 22.5 17.8 - 20.8%New Construction 11.2 9.9 - 12.0%$1,000,001 and above 42.6 31.1 - 26.9%Previously Owned 47.3 32.6 - 31.1%New Construction 25.0 21.5 - 13.9%


1,629

1,256

2,291

3,5563,379

2,5392,297

805

2,3782,142

3,231

3,898

3,417

2,300

1,996

653

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000

$1,000,001 and above

September 2009

September 2010

+ 46.0% + 70.5% + 41.0% + 9.6% + 1.1% - 9.4% - 13.1%

2.33.7

5.06.5

8.4

11.7

20.2

42.6

4.66.2 7.1 7.8

9.010.5

16.5

31.1

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2009September 2010

+ 99.8% + 69.3% + 41.5% + 20.2% + 7.1% - 10.9% - 18.2% - 26.9%

- 18.9%

Single-Family Detached Inventory: + 12.7%Previously Owned: + 13.0%New Construction: + 9.5%

Single-Family Detached Months Supply: + 23.7%

New Construction: + 11.8%Previously Owned: + 24.5%


Housing Supply OutlookUnder the Microscope: Single-Family Detached (Page 2 of 2)

9-2008 through 8-

9-2009 through 8-2010 Change

$120,000 and below 8,527 6,231 - 26.9%Previously Owned 8,509 6,219 - 26.9%New Construction 18 12 - 33.3%$120,001 to $150,000 4,083 4,113 + 0.7%Previously Owned 4,011 4,036 + 0.6%New Construction 72 77 + 6.9%$150,001 to $190,000 5,484 5,467 - 0.3%Previously Owned 5,295 5,237 - 1.1%New Construction 189 230 + 21.7%$190,001 to $250,000 6,559 5,981 - 8.8%Previously Owned 6,265 5,664 - 9.6%New Construction 294 317 + 7.8%$250,001 to $350,000 4,815 4,546 - 5.6%Previously Owned 4,325 4,066 - 6.0%New Construction 490 480 - 2.0%$350,001 to $500,000 2,594 2,637 + 1.7%Previously Owned 2,204 2,285 + 3.7%New Construction 390 352 - 9.7%$500,001 to $1,000,000 1,367 1,453 + 6.3%Previously Owned 1,084 1,209 + 11.5%New Construction 283 244 - 13.8%$1,000,001 and above 227 252 + 11.0%Previously Owned 179 218 + 21 8%


8,527

4,083

5,484

6,559

4,815

2,594

1,367

227

6,231

4,113

5,4675,981

4,546

2,637

1,453

252

$120 000 and $120 001 to $150 001 to $190 001 to $250 001 to $350 001 to $500 001 to $1 000 001 and



- 26.9% + 0.7% - 0.3% - 8.8% - 5.6% + 1.7% + 6.3%

+ 11.0%

Single-Family Detached Sales: - 8.8%

New Construction: - 2.1%Previously Owned: - 9.2%

Previously Owned 179 218 + 21.8%New Construction 48 34 - 29.2%

9-2008 through 8-


$120,000 and below 90.0% 95.3% + 5.9%Previously Owned 90.0% 95.3% + 5.9%New Construction 88.1% 88.3% + 0.2%$120,001 to $150,000 92.2% 94.3% + 2.4%Previously Owned 92.2% 94.3% + 2.3%New Construction 91.3% 96.4% + 5.7%$150,001 to $190,000 93.0% 94.1% + 1.2%Previously Owned 93.0% 94.0% + 1.1%New Construction 92.7% 96.7% + 4.3%$190,001 to $250,000 93.6% 94.1% + 0.6%Previously Owned 93.5% 94.0% + 0.4%New Construction 94.2% 96.9% + 2.9%$250,001 to $350,000 92.5% 93.6% + 1.2%Previously Owned 92.6% 93.3% + 0.7%New Construction 91.8% 96.3% + 4.9%$350,001 to $500,000 91.6% 92.3% + 0.7%Previously Owned 91.4% 91.8% + 0.5%New Construction 92.7% 95.3% + 2.8%$500,001 to $1,000,000 90.3% 90.6% + 0.3%Previously Owned 89.8% 89.9% + 0.1%New Construction 92.2% 94.3% + 2.2%$1,000,001 and above 85.3% 84.6% - 0.8%Previously Owned 84.1% 84.3% + 0.2%New Construction 88.8% 86.5% - 2.6%


8,527

4,083

5,484

6,559

4,815

2,594

1,367

227

6,231

4,113

5,4675,981

4,546

2,637

1,453

252

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000




- 26.9% + 0.7% - 0.3% - 8.8% - 5.6% + 1.7% + 6.3%

90.0%92.2% 93.0% 93.6% 92.5% 91.6% 90.3%

85.3%

95.3% 94.3% 94.1% 94.1% 93.6% 92.3%90.6%

84.6%

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000




+ 5.9% + 2.4% + 1.2% + 0.6% + 1.2% + 0.7% + 0.3% - 0.8%

+ 11.0%

Single-Family Detached Sales: - 8.8%


Single-Family Detached Percent of OLP Received: + 2.1%



Housing Supply OutlookUnder the Microscope: Townhomes (Page 1 of 2)

9-2009 9-2010 Change$120,000 and below 759 1,312 + 72.9%Previously Owned 728 1,279 + 75.7%New Construction 31 0 - 100.0%$120,001 to $150,000 1,025 1,220 + 19.0%Previously Owned 953 1,158 + 21.5%New Construction 72 62 - 13.9%$150,001 to $190,000 1,417 1,096 - 22.7%Previously Owned 1,232 978 - 20.6%New Construction 185 118 - 36.2%$190,001 to $250,000 851 629 - 26.1%Previously Owned 680 524 - 22.9%New Construction 171 105 - 38.6%$250,001 to $350,000 547 394 - 28.0%Previously Owned 444 322 - 27.5%New Construction 103 72 - 30.1%$350,001 to $500,000 255 223 - 12.5%Previously Owned 206 174 - 15.5%New Construction 49 49 - 0.0%$500,001 to $1,000,000 163 107 - 34.4%Previously Owned 114 96 - 15.8%New Construction 49 11 - 77.6%$1,000,001 and above 17 17 - 0.0%Previously Owned 14 11 21 4%


759

1,025

1,417

851

547

255163

17

1,3121,220

1,096

629

394

223

10717


September 2009

September 2010

+ 72.9% + 19.0% - 22.7% - 26.1% - 28.0% - 12.5% - 34.4%- 0.0%

Townhome Inventory: - 0.7%Previously Owned: + 3.9%New Construction: - 31.2%

Previously Owned 14 11 - 21.4%New Construction 3 6 + 100.0%

9-2009 9-2010 Change$120,000 and below 3.8 6.3 + 67.3%Previously Owned 3.7 6.4 + 70.9%New Construction 4.8 4.4 - 9.9%$120,001 to $150,000 6.7 7.6 + 13.2%Previously Owned 7.0 7.8 + 12.2%New Construction 4.6 5.1 + 10.7%$150,001 to $190,000 9.9 8.2 - 17.6%Previously Owned 10.2 8.9 - 13.2%New Construction 8.4 5.0 - 40.5%$190,001 to $250,000 11.3 8.3 - 26.4%Previously Owned 12.3 8.9 - 27.2%New Construction 8.5 6.1 - 28.2%$250,001 to $350,000 15.0 10.0 - 33.3%Previously Owned 15.5 10.0 - 35.4%New Construction 13.1 9.9 - 24.5%$350,001 to $500,000 18.4 13.2 - 28.1%Previously Owned 19.0 12.8 - 32.6%New Construction 16.3 15.1 - 7.7%$500,001 to $1,000,000 28.3 15.9 - 44.1%Previously Owned 26.8 19.9 - 26.0%New Construction 32.7 5.7 - 82.4%$1,000,001 and above 51.0 34.0 - 33.3%Previously Owned 42.0 33.0 - 21.4%New Construction NA 36.0 NA


759

1,025

1,417

851

547

255163

17

1,3121,220

1,096

629

394

223

10717

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2009

September 2010

+ 72.9% + 19.0% - 22.7% - 26.1% - 28.0% - 12.5% - 34.4%

3.86.7

9.9 11.3

15.018.4

28.3

51.0

6.3 7.6 8.2 8.310.0

13.215.9

34.0

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2009

September 2010

+ 67.3% + 13.2% - 17.6% - 26.4% - 33.3% - 28.1% - 44.1% - 33.3%

- 0.0%

Townhome Inventory: - 0.7%Previously Owned: + 3.9%New Construction: - 31.2%

Townhome Months Supply: - 2.8%

New Construction: - 28.0%Previously Owned: + 0.9%


Housing Supply OutlookUnder the Microscope: Townhomes (Page 2 of 2)

9-2008 through 8-


$120,000 and below 2,416 2,496 + 3.3%Previously Owned 2,339 2,405 + 2.8%New Construction 77 91 + 18.2%$120,001 to $150,000 1,834 1,928 + 5.1%Previously Owned 1,645 1,781 + 8.3%New Construction 189 147 - 22.2%$150,001 to $190,000 1,714 1,609 - 6.1%Previously Owned 1,449 1,325 - 8.6%New Construction 265 284 + 7.2%$190,001 to $250,000 906 910 + 0.4%Previously Owned 664 703 + 5.9%New Construction 242 207 - 14.5%$250,001 to $350,000 438 473 + 8.0%Previously Owned 344 386 + 12.2%New Construction 94 87 - 7.4%$350,001 to $500,000 166 202 + 21.7%Previously Owned 130 163 + 25.4%New Construction 36 39 + 8.3%$500,001 to $1,000,000 69 81 + 17.4%Previously Owned 51 58 + 13.7%New Construction 18 23 + 27.8%$1,000,001 and above 4 6 + 50.0%Previously Owned 4 4 - 0 0%


2,416

1,8341,714

906

438

16669 4

2,496

1,928

1,609

910

473

20281 6

$120 000 and $120 001 to $150 001 to $190 001 to $250 001 to $350 001 to $500 001 to $1 000 001 and



+ 3.3% + 5.1% - 6.1% + 0.4% + 8.0% + 21.7%

+ 17.4% + 50.0%

Townhome Sales: + 2.1%


Previously Owned 4 4 - 0.0%New Construction 0 2 NA

9-2008 through 8-


$120,000 and below 87.1% 93.1% + 6.9%Previously Owned 87.3% 93.1% + 6.7%New Construction 82.7% 92.6% + 11.9%$120,001 to $150,000 91.9% 93.6% + 1.9%Previously Owned 91.8% 93.5% + 1.8%New Construction 92.9% 95.2% + 2.4%$150,001 to $190,000 92.7% 93.8% + 1.2%Previously Owned 92.6% 93.2% + 0.7%New Construction 93.4% 96.8% + 3.7%$190,001 to $250,000 91.9% 92.7% + 0.9%Previously Owned 91.7% 92.1% + 0.4%New Construction 92.4% 94.5% + 2.3%$250,001 to $350,000 91.6% 92.6% + 1.2%Previously Owned 91.7% 92.0% + 0.4%New Construction 91.2% 95.5% + 4.6%$350,001 to $500,000 91.5% 91.9% + 0.4%Previously Owned 90.8% 91.9% + 1.2%New Construction 94.0% 91.6% - 2.5%$500,001 to $1,000,000 90.7% 88.8% - 2.0%Previously Owned 88.7% 88.1% - 0.6%New Construction 97.0% 90.5% - 6.6%$1,000,001 and above 110.2% 92.2% - 16.3%Previously Owned 90.4% 89.6% - 0.8%New Construction 122.0% 100.0% - 18.1%


2,416

1,8341,714

906

438

16669 4

2,496

1,928

1,609

910

473

20281 6

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000




+ 3.3% + 5.1% - 6.1% + 0.4% + 8.0% + 21.7%

+ 17.4%

87.1%

91.9% 92.7% 91.9% 91.6% 91.5% 90.7%93.1% 93.6% 93.8% 92.7% 92.6% 91.9%

88.8%92.2%

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2008 through August 2009September 2009 through August 2010

+ 6.9% + 1.9% + 1.2% + 0.9% + 1.2% + 0.4% - 2.0% - 16.3%

+ 50.0%

Townhome Sales: + 2.1%


Townhome Percent of OLP Received: + 2.8%



Housing Supply OutlookUnder the Microscope: Condominiums (Page 1 of 2)

9-2009 9-2010 Change$120,000 and below 779 1,024 + 31.5%Previously Owned 763 1,007 + 32.0%New Construction 16 0 - 100.0%$120,001 to $150,000 364 337 - 7.4%Previously Owned 324 311 - 4.0%New Construction 40 26 - 35.0%$150,001 to $190,000 409 329 - 19.6%Previously Owned 308 262 - 14.9%New Construction 101 67 - 33.7%$190,001 to $250,000 381 317 - 16.8%Previously Owned 270 255 - 5.6%New Construction 111 62 - 44.1%$250,001 to $350,000 331 259 - 21.8%Previously Owned 215 195 - 9.3%New Construction 116 64 - 44.8%$350,001 to $500,000 191 154 - 19.4%Previously Owned 122 112 - 8.2%New Construction 69 42 - 39.1%$500,001 to $1,000,000 118 88 - 25.4%Previously Owned 64 62 - 3.1%New Construction 54 26 - 51.9%$1,000,001 and above 47 42 - 10.6%Previously Owned 20 17 15 0%


779

364409 381

331

191118

47

1,024

337 329 317259

15488

42



+ 31.5% - 7.4% - 19.6% - 16.8% - 21.8% - 19.4% - 25.4%

- 10.6%

Condominium Inventory: - 2.7%Previously Owned: + 6.5%New Construction: - 38.4%


9-2009 9-2010 Change$120,000 and below 8.3 9.7 + 17.1%Previously Owned 8.3 9.7 + 17.3%New Construction 8.3 8.9 + 6.3%$120,001 to $150,000 11.6 11.0 - 4.9%Previously Owned 11.0 12.0 + 8.9%New Construction 20.0 5.6 - 72.1%$150,001 to $190,000 14.1 11.8 - 16.2%Previously Owned 14.2 11.4 - 20.2%New Construction 13.6 13.9 + 1.8%$190,001 to $250,000 13.7 11.7 - 14.7%Previously Owned 14.9 13.4 - 9.7%New Construction 11.6 7.7 - 33.8%$250,001 to $350,000 14.2 12.6 - 11.3%Previously Owned 16.2 14.9 - 8.1%New Construction 11.6 8.6 - 25.6%$350,001 to $500,000 17.4 14.8 - 14.9%Previously Owned 21.5 17.0 - 21.0%New Construction 12.9 11.0 - 15.3%$500,001 to $1,000,000 20.2 13.5 - 33.1%Previously Owned 28.4 17.3 - 39.2%New Construction 15.1 8.9 - 40.8%$1,000,001 and above 29.7 42.0 + 41.5%Previously Owned 48.0 68.0 + 41.7%New Construction 23.1 33.3 + 44.0%


779

364409 381

331

191118

47

1,024

337 329 317259

15488

42

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000



+ 31.5% - 7.4% - 19.6% - 16.8% - 21.8% - 19.4% - 25.4%

8.3

11.614.1 13.7 14.2

17.4

20.2

29.7

9.711.0 11.8 11.7 12.6

14.813.5

42.0

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2009September 2010

+ 17.1% - 4.9% - 16.2% - 14.7% - 11.3% - 14.9% - 33.1% + 41.5%

- 10.6%

Condominium Inventory: - 2.7%Previously Owned: + 6.5%New Construction: - 38.4%

Condominium Months Supply: - 5.0%



Housing Supply OutlookUnder the Microscope: Condominiums (Page 2 of 2)

9-2008 through 8-


$120,000 and below 1,125 1,263 + 12.3%Previously Owned 1,102 1,240 + 12.5%New Construction 23 23 - 0.0%$120,001 to $150,000 378 368 - 2.6%Previously Owned 354 312 - 11.9%New Construction 24 56 + 133.3%$150,001 to $190,000 349 335 - 4.0%Previously Owned 260 277 + 6.5%New Construction 89 58 - 34.8%$190,001 to $250,000 333 325 - 2.4%Previously Owned 218 228 + 4.6%New Construction 115 97 - 15.7%$250,001 to $350,000 279 246 - 11.8%Previously Owned 159 157 - 1.3%New Construction 120 89 - 25.8%$350,001 to $500,000 132 125 - 5.3%Previously Owned 68 79 + 16.2%New Construction 64 46 - 28.1%$500,001 to $1,000,000 70 78 + 11.4%Previously Owned 27 43 + 59.3%New Construction 43 35 - 18.6%$1,000,001 and above 19 12 - 36.8%Previously Owned 5 3 - 40 0%


1,125

378 349 333279

13270

19

1,263

368 335 325246

12578

12




+ 12.3% - 2.6% - 4.0% - 2.4% - 11.8% - 5.3% + 11.4%

- 36.8%

Condominium Sales: + 2.5%



9-2008 through 8-


$120,000 and below 86.2% 88.3% + 2.4%Previously Owned 86.0% 88.2% + 2.6%New Construction 92.8% 89.2% - 3.9%$120,001 to $150,000 89.3% 90.8% + 1.7%Previously Owned 89.1% 90.8% + 1.8%New Construction 91.7% 91.0% - 0.8%$150,001 to $190,000 90.6% 90.6% - 0.0%Previously Owned 89.8% 90.3% + 0.5%New Construction 93.0% 91.9% - 1.2%$190,001 to $250,000 92.7% 92.0% - 0.7%Previously Owned 92.3% 91.5% - 0.9%New Construction 93.4% 93.2% - 0.2%$250,001 to $350,000 92.7% 92.2% - 0.6%Previously Owned 91.1% 91.4% + 0.3%New Construction 94.8% 93.4% - 1.5%$350,001 to $500,000 93.4% 92.1% - 1.4%Previously Owned 89.4% 90.7% + 1.5%New Construction 97.6% 94.2% - 3.5%$500,001 to $1,000,000 100.6% 91.9% - 8.6%Previously Owned 91.0% 91.6% + 0.7%New Construction 104.4% 92.3% - 11.6%$1,000,001 and above 107.3% 94.6% - 11.9%Previously Owned 82.5% 84.8% + 2.8%New Construction 112.1% 97.3% - 13.2%


1,125

378 349 333279

13270

19

1,263

368 335 325246

12578

12

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000




+ 12.3% - 2.6% - 4.0% - 2.4% - 11.8% - 5.3% + 11.4%

86.2%89.3% 90.6%

92.7% 92.7% 93.4%

100.6%

107.3%

88.3%90.8% 90.6% 92.0% 92.2% 92.1% 91.9%

94.6%

$120,000 and below

$120,001 to $150,000

$150,001 to $190,000

$190,001 to $250,000

$250,001 to $350,000

$350,001 to $500,000

$500,001 to $1,000,000


September 2008 through August 2009September 2009 through August 2010

+ 2.4% + 1.7% - 0.0% - 0.7% - 0.6% - 1.4% - 8.6% - 11.9%

- 36.8%

Condominium Sales: + 2.5%


Condominium Percent of OLP Received: + 0.1%



Documents

2010 real estate market report