Housing Market Shows No Sign of Slowing Down

Highest amount of closed sales in Minnesota since 2010.

Sold signs have become a popular yard accessory this summer. According to the latest report from the Minnesota Association of REALTORS®, the number of closed sales in June are at 8,125. This is up 351 from the same time last year, a 4.5 percent increase. This recent surge is the highest Minnesota has seen since 2010.

Homebuyers are signing on the dotted line while more are looking to do the same. The number of pending sales has seen an 8.3 percent increase.

Minnesota closed sales by region.

“Thankfully sellers won’t have to wait very long to sell their home,” said Jim Cormier, President of the Minnesota Association of REALTORS®. “In the Twin Cities, we’re seeing homes sell quickly – often with multiple offers.”

Statewide homes are selling in about 73 days, which is an 18.9 percent decrease over the same time last year.  The metro area is seeing an even quicker turnaround of 47 days on the market until sale, a 27.7 percent decrease for the region.

Minnesota closed sales.

 

The positive news on closed and pending sales has carried over to new listings. New listings are on the rise with a 16.1 percent increase statewide. The drought on the housing market is over for buyers as home options are more readily available. However, they’ll also have to pay a little more as median prices statewide have risen from $162,000 one year ago to $185,000 currently.

“With the projection by industry experts that mortgage rates will continue to increase, we encourage potential homebuyers to visit a REALTOR® to see homes that are available,” 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. 

 

 

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