While potential homebuyers had fewer choices in November, sellers saw increases in both the average and median sales prices which is contributing to Minnesota’s market recovery.
New listings statewide were down 9.1 percent or 566 units over November 2012. However, there are still over 31,000 homes for sale throughout the state – a 2.9% increase over last year’s listings.
While buyers had less inventory in November, sellers were watching their values continue to recover; receiving 93.8 percent of their original list price.
Those same sellers are seeing the average sales price rising month after month. The average sales price increased to $212,097 a 10.5 percent change. The average sales price has increased each month over the last 12 month period.
“This continual increase in home values is positive news for those sellers who were previously underwater in their homes and unable to sell”, said Rod Helm, President of the Minnesota Association of REALTORS®. “While winter in Minnesota is not when most people consider a move; with mortgage rates and prices on the rise potential buyers may want not want to wait until the Spring 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.