Minnesota homeowners are selling their homes nearer their list price and faster than a year ago. According to the newest housing report from the Minnesota Association of REALTORS®, sellers are receiving 95% of their original list price and selling their homes on average in 96 days—both positive trends in the Minnesota housing market. However, new listings continue to be hard to come by.
Homes across the state sold after an average of 96 days on the market in September 2012 compared with 117 days a year ago, reflecting a 7.9% decrease in the time it takes to sell a home. Home sellers are also seeing a 7.2% rise in the median sales; the statewide median price is at $150,000 in September 2012 compared to $139,000 at the same time last year.
“The decrease in the days a home is on the market, the increase in median sales price and the higher percent of original list price all give sellers something to be excited about,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Inventory seems to be the bigger issue for home buyers right now and the new listings continue to lag behind last year’s numbers. Potential buyers are needing to act quickly on a home they may be interested in.”
Median Sales Price: September 2012 compared to September 2011
7 County Metro Region +13.6%
Arrowhead Region -2.6%
Central Region +1.8%
East Central Region +13.4%
Headwaters Region -3.4%
North Central Region +4.8%
Northwest Region +7.0%
South Central Region -2.3%
Southeast Region +2.8%
Southwest Central Region +10.0%
Southwest Region +4.6%
Upper MN Valley Region +4.3%
West Central Region -9.7%
Closed sales were down statewide 5.8% from the same time last year and while the average sales price was up 8.0%.
“With mortgage rates being at an all-time low, potential home buyers need to know that their purchasing power is strong right now,” said Jim Cormier, President of the Minnesota Association of REALTORS®. “Great homes are available in neighborhoods across the state.”
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 16,000 members who are active in all aspects of the real estate industry.