Median sales price is good indicator of confidence
November 20, 2013 (Edina) – Homeownership in Minnesota continues to make strides according to the latest report from the Minnesota Association of REALTORS®. Homeowners who were holding back from selling their homes until values inched back up or until they were no longer under water on their mortgages are starting to get back into the market. In October there was an 11.5% increase in new listings over the same time last year statewide. Median sales prices have also continued to increase from $156,000 to $175,000.
“These numbers are encouraging”, said Rod Helm, President of the Minnesota Association of REALTORS®. “Minnesota homeowners are feeling confident in the state of Minnesota’s economy and it’s showing, as we get into the typically slower months of real estate.”
The median sales price is the midpoint between those properties sold at a higher or lower price. With the median sales price in Minnesota at $175,000 in October 2013 over $156,000 in October 2012 – there is confidence in the market. A rise in the median price indicates that buyers feel more confident about their situation and the local market conditions. Sellers recognize that now is a good time to make a move while prices rebound across the state.
Those selling their homes are finding that if priced right they will sell quickly. In October homes were selling in approximately 75 days. This is a 17.6 percent decrease over the same time last year. With quick sales come great offers! Homeowners received 94.2% of the original list price – again a small increase over last year.
“The Minnesota market is continuing its positive trend as we head into the final quarter of 2014,” said Christopher Galler, CEO of the Minnesota Association of REALTORS®. “For those thinking of making a move next year, keep in mind that mortgage interest rates are generally at their lowest point during December, January and February.”
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.