Minnesota’s housing market continues its recovery with twelve straight months of increases in closed sales statewide according to the newest housing report from the Minnesota Association of REALTORS®. Median home sales prices also increased in every region of Minnesota in June.
- Closed sales were up 5.1% statewide in June 2012 compared to June 2011
- Year-to-date closed sales were up 10.1%
- Pending sales were up 11.9% year-to-date
“The increase in closed sales is really helping the market from the standpoint of cutting down on inventory and boosting sales statewide,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “We’re optimistic at seeing a full year of increases in sales since a sustained recovery will take time. REALTORS® are encouraged by what they’re seeing with their listings.”
The latest housing numbers for the state of Minnesota also showed five straight months of increases in median sales prices compared to the same times last year. Plus, every region of the state saw increases in sales prices.
The median sales price in June statewide was $159,900 – an increase of 10.4% from June 2011. The median price is the midpoint, indicating there were as many transactions above as there were below the stated price. Home values continue to be a cause for concern for many homeowners, so the trend of price increases have been encouraging.
Median Sales Price: June 2012 compared to June 2011
- Statewide +10.4%
- 7 County Metro Region +10.7%
- Arrowhead Region +2.0%
- Central Region +8.5%
- East Central Region +16.2%
- Headwaters Region +8.7%
- North Central Region +14.1%
- Northwest Region +15.8%
- South Central Region +18.9%
- Southeast Region +2.8%
- Southwest Central Region +1.9%
- Southwest Region +3.1%
- Upper MN Valley Region +23.0%
- West Central Region +21.2%
“As inventory continues to decrease, prices are going to continue to recover,” said June Wiener, President of the Minnesota Association of REALTORS®. “We are seeing more multiple offers on homes for sale in Minnesota and many buyers are starting to put their offers in very quickly to avoid losing out on a property they love.”
Homes across Minnesota were listed for an average of 94 days in June – that’s down from 110 days last June. This was the fifth straight month that the days on market indicator decreased.
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.