September 20, 2013 (Edina) – The story seems to be the same, if you were a home seller in Minnesota, the summer of 2013 was a good year! According to the Minnesota Association of REALTORS® latest housing report, the statistics show it – houses are selling faster and the median sales price continues to increase.
During August, statewide numbers showed a 21.1 percent decrease over the same time last year. Houses that were selling in 90 days last August sold in 71 days this August. Not only did home sellers find a quicker sale of their homes they also received more money. The median sales price in the state jumped 14.3 percent over the same time period from 2013.
The median house price is the midway point of all houses/units sold at market price (or sold amount) over a set period.
Median Sales Price
- Northwest Region 24.4%
- Headwaters Region 14.1%
- Arrowhead Region 17.6%
- West Central Region 10.8%
- North Central Region -8.8%
- Southwest Central Region 2.7%
- Upper Minnesota Valley Region 9.9%
- East Central Region 22.2%
- Central Region 13.3%
- Southwest Region 0.1%
- South Central Region 10.2%
- Southeast Region 4.8%
- 7-County Twin Cities Region 18.1%
“The Minnesota market has made some nice gains over the summer months”, said Jim Cormier, President of the Minnesota Association of REALTORS®. “Not only are homes selling faster and at a higher median price, but there are more homes on the market to choose from as well.”
The current report shows that statewide new listings increased by 12.5 percent over the same time last year. While inventory in certain price ranges still remains low, the increase overall is a good sign.
“Homeowners are gaining confidence in the market and the report shows it”, said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Sellers are putting their homes up for sale and are finding that the market is in their favor.”
Galler pointed out that as we enter autumn real estate activity slows. Things that contribute to a slower activity include children in school, moving during snow season and the Halloween through New Year’s holiday season. He added that so long as the economy continues to improve and interest rates stay low, housing activity will remain above last year’s level.
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.