Home Prices and Sales Increasing As Minnesota Housing Market Continues To Recover
Sales prices and pending sales up statewide according to newest housing report
Minnesota’s housing market continued its trend of recovery in April, according to the newest housing report from the Minnesota Association of REALTORS®. The latest report shows double digit increases in median sales prices and pending sales compared to this time last year.
Sales prices have been one of the last indicators to show improvement since the housing crisis began – but that is beginning to change in Minnesota. In April 2012, statewide median sales prices were up 11.5% compared to the same time last year and up 5.1% year-to-date. The median sales price statewide was $145,000 last month. This is the third straight month of price increases in Minnesota.
“Near-record low interest rates and a variety of inventory make this a great time to purchase a home. The newest housing numbers show the market is trending in the right direction,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “We are encouraged by prices trending upward – although there is still room for improvement.”
Median Sales Price: April 2012 compared to April 2011
Statewide + 11.5%
7 County Metro Region +8.1%
Arrowhead Region +11.4%
Central Region +14.3%
East Central Region +6.5%
Headwaters Region -25.4%
North Central Region +2.7%
Northwest Region +2.9%
South Central Region +5.6%
Southeast Region +7%
Southwest Central Region -11.9%
Southwest Region +15%
Upper MN Valley Region -12.1%
West Central Region -11.6%
“We’re starting to see things really pick up and homes in good shape that are priced right are selling quickly,” said June Wiener, President of the Minnesota Association of REALTORS®. “In the field, REALTORS® are also seeing cases of multiple offers being made on properties, helping boost prices. If buyers see a property they’re interested in they’ll want to make an offer quickly.”
Home sellers in Minnesota saw their homes sell faster last month. In April, houses statewide were on the market for an average of 108 days. That’s down nearly 7% from April 2011.
Pending sales were up 14% last month compared to April 2011 and pending sales were up 15.3% year-to-date.
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 in Minnesota.