Minnesota Housing Report Shows Recovery
Minnesota’s Home Sales Increased in July
The newest housing numbers show Minnesota’s housing market in a sustained recovery and that homes are selling for higher prices and in less time.
Many people selling homes in Minnesota in July sold their homes faster and for more money when compared to the same time last year. The newest housing report from the Minnesota Association of REALTORS® shows Minnesota’s housing market is on a continued road to recovery.
Homes across the state sold after an average of 92 days in July, compared to 112 days in 2011 and 104 days in 2010. This is the sixth-straight month that the number of days on market decreased.
“The increases in days a home is on the market, closed sales and sale prices are all pointing to a market in continued recovery,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Housing is a critical part of our economy, and to see the trends for real estate continuing gives us hope that we’re nearing a turning point in the recovery.”
New listings were down in July, which means there will be fewer homes to choose from and prices are predicted to continue to rise. The newest housing numbers show the median sales price in July was $160,000 statewide and the average sales price was nearly $195,000. That’s an increase of 11.1% compared to July 2011. Home sellers are also receiving more of their asking price. In July, homeowners received 93.5% of their asking price, up 3% from the year before.
Median Sales Price: July 2012 compared to July 2011
- Statewide + 11.1%
- 7 County Metro Region +16.7%
- Arrowhead Region -3.2%
- Central Region +8.0%
- East Central Region +11.9%
- Headwaters Region +7.4%
- North Central Region -7.1%
- Northwest Region +26.8%
- South Central Region +9.6%
- Southeast Region +7.4%
- Southwest Central Region -12.8%
- Southwest Region -23.6%
- Upper MN Valley Region -35.8%
- West Central Region no change
Closed sales were up 4.6% statewide in June 2012 compared to June 2011 and year-to-date closed sales were up 9.5%. Pending sales were up 11.9% year-to-date which signals a continued recovery and future increases in closed sales as fall and winter arrive.
In fact, in July nearly every statewide indicator moved in a positive direction when compared to the same time in 2011 and 2010.
“We are really starting to see the energy in real estate again,” said June Wiener, President of the Minnesota Association of REALTORS®. “Sellers are receiving multiple bids on their homes and young families are looking at putting down roots and creating homes in great neighborhoods all over Minnesota.”
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 19,000 members who are active in all aspects of the real estate industry. REALTORS® are dedicated to home ownership and helping people looking to buy and sell homes in Minnesota.