Prices appreciated and reduced selling time highlight 2013
All key indicators are showing that there is confidence in Minnesota’s economy, which is translating to a positive trend in housing, according to the yearend housing report from the Minnesota Association of REALTORS®.
With the continued addition of employment opportunities coupled with low mortgage rates and a tight rental market, many people made the homeownership choice in 2013. With prices on the rise and inventory low, those homeowners who found themselves underwater a few years ago, can now consider making a move.
- There were 77,820 residential properties sold in 2013, which is a 4.6% increase over 2012.
- The average sales price went over the $200,000 threshold statewide. This is the highest average sales price Minnesota has seen in the last five years. An increase of 11.2% to $209,079 was the average.
- The median sales price, which is the midway point of all houses sold, also showed a 13.0% increase over last year. A rise in the median price can indicate that sellers are responding to local market activity and feel confident asking more for their home. 2013 ended up with a median price of $170,000, again a five year high.
- A decrease of 17.7 percent for days on market is a number that homeowners like to see. At 79 days for 2013, this is a 5 year low we like to see.
- Sellers found that they were selling their homes faster and for more money. Homes on the market received 94.6% of the original list price which is a 2.3% increase over 2012.
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.