December housing numbers see seasonal decline in many areas
If you sell real estate in Minnesota, you know our winter weather isn’t always conducive to selling or buying real estate. December 2013 appears to follow that pattern in a number of key areas.
New listings statewide were down 9.0 percent over December 2012. Throughout Minnesota there were fewer than 27,000 properties available, a slight dip when compared to the previous period in 2012. This is the second straight month we’ve seen a decline in new listings which coincides with our winter slowdown.
While buyers had less inventory in December, sellers were watching their values continue to increase; receiving 93.2 percent of their original list price. This is a strong indicator that our market is stabilizing.
Those same sellers are seeing the average sales price remain strong. A 6.8 percent increase over the same time last year is still positive for homeowners looking to sell.
“As inventory decreased, prices went up,” said Rod Helm, President of the Minnesota Association of REALTORS®. “We are seeing more multiple offers on homes for sale in Minnesota and many buyers are starting to put their offers in very quickly to avoid losing out on a property they want to buy.”
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.