Archive for November, 2012

Just in: October 2012 Metro Area Real Estate Stats!

The Minneapolis Area Associaiton of Realtors released NorthstarMLS’ October stats this morning, and it was another month of improvement!  The average sales price is up 7.8% over last October to $209,522.  Market t ime is down 24.8%, pending sales are up 34% and closed sales are up 15.1%.  We did see an increase in new listings, up 7.5% from last year, however the inventory continues to drop 29.7%, with only a 3.7 month supply of homes on the market.  What do these numbers mean?  The market is stabilizing.  If you were to put your home on the market now at a reasonable market price you are likely to have more success than you did a year ago.  We have even started seeing more multiple offers again.  For more specific statistics on your neighborhood call your neighborhood Realtor or give me a call anytime!

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Quarter 3 Shows Strong Growth Nationally

Third quarter numbers are out and show that home prices have seen the strongest growth since 2006.  According to the latest figures from the National Association of Realtors the median price for existing single family homes jumped 7.6% from a year ago.  Existing home sales also rose 10.3% in the third quarter.  Year to date in Minneapolis the median sales price is up 17.9%, with sales up 16.3% placing us ahead of the nation.  One factor for the rise in sales price could be our low inventory, down about 30% from last year in Minneapolis.  Nationwide that number is slightly lower at 20% less than last year.  While this is great for sellers and the housing market it is placing a squeeze on first time buyers, making it more difficult for them to get their foot in the door.