The latest report from the Minnesota Association of REALTORS® shows that the market is continuing to recover. As we edge into the typically slower winter months, the October 2012 numbers are still trending in the right direction. Statewide, the median sales price continues to creep up to $152,000, an increase of +9.4% from a year ago. Sellers are finding themselves receiving offers that are 92.5% of the original list price in an average of 95 days.
Closed transactions are another positive indicator of a strong housing market. In October 2012, closings were up +8.0% from the same time in 2011. “An increase in closed sales is important because it indicates that buyers are interested in moving forward with homeownership,” said Jim Cormier, President of the Minnesota Association of REALTORS®.
The only number which needs to see some improvement in the coming months is the listing inventory. Last year there were 9,716 new listings as compared to 9,553 in 2012. This is a change of -1.7%. “We need more homes for buyers to consider,” said Cormier.
Median Sales Price: October 2012 compared to October 2011
7 County Twin Cities Region +15.3%
Arrowhead Region +5.7%
Central Region +14.6%
East Central Region +7.4%
Headwaters Region +15.9%
North Central Region -2.0%
Northwest Region -3.1%
South Central Region 0.0%
Southeast Region +0.9%
Southwest Central Region +4.0%
Southwest Region +32.1%
Upper MN Valley Region -22.8%
West Central Region -4.8%
The median sales price is the midpoint, indicating as many transactions above as below the stated price. “With the median sales price also on the rise, we hope homeowners who have been waiting for the housing market to recover will consider listing their homes with a qualified REALTOR®,” said Chris Galler, CEO of the Minnesota Association of REALTORS®.
The Minnesota Association of REALTORS® is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.