Homes are selling at fastest rate since 2005.
Shorts, flip-flops and tan lines aren’t the only things trending this summer. The housing market has been heating up since July. Homes are flying off the market, according the latest report from the Minnesota Association of REALTORS®. Homes statewide are selling in 70 days or less. If you’re in the Twin Cities, houses are selling even faster on average in 46 days. This is the fastest homes have sold since 2005.
This is an indicator of more positive signs for the housing market as closed sales have seen a jump of 13.4 percent while pending sales race closely behind with an 8.3 percent increase. As home buying continues to trend upward, buyers should be prepared to pay the price while homeowners reap the benefits. Statewide the median sales price has increased 13.3 percent from $162,000 from last July to $183,500, with sellers receiving 96.1 percent of the original price.
“July is a peak summer sales month for Minnesota,” said Jim Cormier, President of the Minnesota Association of REALTORS®. “We tend to see buyers and sellers with families wanting to get settled before the school year starts. This July report reflects people making that commitment to homeownership and communities.”
Previous inventory levels have been low, increasing the difficulty of finding a home for Minnesotans in the market. Thankfully homes for sale have seen a statewide increase of 1.2 percent. New listings reflect this positive change as listings have increased from 9,735 to 11,733, a 20.5 percent change from last year.
“While inventory is slowly ticking up, Minnesotans still find themselves with less options while searching for a home,” said Chris Galler, CEO of the Minnesota Association of REALTORS®. “This low inventory is the reason that so many homes are selling quickly. Buyers need to make decisions quicker since they are competing for fewer homes on the market.”
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.