FROZEN FEBRUARY

NOT THIS HOUSING MARKET

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The mild winter weather has seeped into the housing market as well. February 2016, which is typically a time when homeowners start prepping their homes for spring sales, turned into a early seller’s market in Minnesota.

The pending sales were only up 3.8% to 5,628 units over last year. Closed sales were up 3.3% to 3,868 units over February 2015. This is still some of the surplus from the positive activity we saw in November and December. That number may slow down since the pending sales are running a little softer in the first months of the New Year.

The median sales price jumped 3.3% to $183,000, while the average sales price rose .3% to $220,347. The median sales price is the midpoint, indicating as many transactions above as below the stated price.

Even in the traditionally cold, slow winter real estate market, sellers were able to put a sold sign in their yard in 85 days. This is a 6.6% decrease, down from 91 days last year.

“Minnesota REALTORS® are reporting more market activity than in previous February markets,” said Chris Galler, CEO of the Minnesota REALTORS®. “With inventory still on the decline, sellers are in the driver’s seat right now when it comes to home sales.”

DOWNLOAD THE FEBRUARY 2016 MINNESOTA HOUSING REPORT – HERE

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CarrieCarrie Andersen – Vice President, Member Services

candersen@mnrealtor.com

 

 

Find more articles like this in the MN REALTORS® Monthly RESOURCE

The Minnesota 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.

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