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During my 30+ years in the real estate business, I have learned that there are two basic truths relating to the real estate market. 1.) All real estate markets are local. Our market here is unique and is never as bad or good as the Metro area or other national markets at any given time. The primary reason for this is that the supply of properties of all types is relatively limited here and always will be. 2.) The only constant factor relating the local market is change. The market is dynamic; constantly being influenced by numerous factors: local, regional and national. The person best qualified to recognize and advise you on current local market conditions is the experienced, local real estate professional. Whether you are thinking about buying or selling property in our market, please feel free to call me to find out how current market conditions will impact your individual situation. The following information is provided for your consideration:

July metro home sales up 6.2 percent Star Tribune - Jim buchtaa Thursday August 12, 2008 Twin Cities home sales picked up slightly last month, rising 6.2 percent compared with a year ago, according to a monthly report from metro Realtors groups. Part of the increase, however, was because of sales of foreclosed homes and other distressed properties, which again pushed down the median sale price in July. Though pending sales so far this year are still down 7.6 percent compared with the same period last year, it was the first time in 30 months that there's been a year-over-year increase in monthly pending sales, and it was largest such increase in 41 months, according to the Minneapolis Area Association of Realtors. Association leaders said that while the recent increase in sales and a continual decline in the number of new listings on the market is extremely encouraging, the market still faces some challenges. "A one-month upswing is good news, but we'll need to keep our eyes on this," said Kevin Knudsen, the group's president. In a statement issued Tuesday, Knudsen said that the market is getting a boost from buyers who see opportunity in the growing number of lender-mediated houses that are on the market, including many first time and entry-level buyers who couldn't afford to buy two or three years ago when demand was insatiable and prices were out of control. "Lender-mediated" sales include foreclosed homes and homes that lenders allowed to be sold for less than the mortgage amount, called "short sales." While those listings have been a bonus for cash-strapped buyers, they've been a serious drag on the median sale prices of homes sold through the Regional Multiple Listing Service. Last month, the median sale price across the board was down 10.7 percent last month to $208,000. Much of that decline was due to sales of lender-mediated homes, which fell 8.4 percent to $151,000 compared with last year at this time, while the median sale price of traditional home sales fell just 3.8 percent to $229,900.

Dale Lundblad, Associate BrokerB.I.C. Realty
Hwy. 53 and River St.P.O. Box 1165Cook, MN 55723
(218) 666-5352