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.Read More »
Homes Selling Faster, Median Sales Price on the Rise
September 20, 2013 (Edina) – The story seems to be the same, if you were a home seller in Minnesota, the summer of 2013 was a good year! According to the Minnesota Association of REALTORS® latest housing report, the statistics show it – houses are selling faster and the median sales price continues to increase.
During August, statewide numbers showed a 21.1 percent decrease over the same time last year. Houses that were selling in 90 days last August sold in 71 days this August. Not only did home sellers find a quicker sale of their homes they also received more money. The median sales price in the state jumped 14.3 percent over the same time period from 2013.
The median house price is the midway point of all houses/units sold at market price (or sold amount) over a set period.
Median Sales Price
- Northwest Region 24.4%
- Headwaters Region 14.1%
- Arrowhead Region 17.6%
- West Central Region 10.8%
- North Central Region -8.8%
- Southwest Central Region 2.7%
- Upper Minnesota Valley Region 9.9%
- East Central Region 22.2%
- Central Region 13.3%
- Southwest Region 0.1%
- South Central Region 10.2%
- Southeast Region 4.8%
- 7-County Twin Cities Region 18.1%
“The Minnesota market has made some nice gains over the summer months”, said Jim Cormier, President of the Minnesota Association of REALTORS®. “Not only are homes selling faster and at a higher median price, but there are more homes on the market to choose from as well.”
The current report shows that statewide new listings increased by 12.5 percent over the same time last year. While inventory in certain price ranges still remains low, the increase overall is a good sign.
“Homeowners are gaining confidence in the market and the report shows it”, said Chris Galler, CEO of the Minnesota Association of REALTORS®. “Sellers are putting their homes up for sale and are finding that the market is in their favor.”
Galler pointed out that as we enter autumn real estate activity slows. Things that contribute to a slower activity include children in school, moving during snow season and the Halloween through New Year’s holiday season. He added that so long as the economy continues to improve and interest rates stay low, housing activity will remain above last year’s level.
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.
Homes are selling at fastest rate since 2005.
Shorts, flip-flops and tan lines aren’t the only things trending this summer. The housing market has been heating up since July. Homes are flying off the market, according the latest report from the Minnesota Association of REALTORS®. Homes statewide are selling in 70 days or less. If you’re in the Twin Cities, houses are selling even faster on average in 46 days. This is the fastest homes have sold since 2005.
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Number of new listings continue to rise during the month of May
Despite the gloomy weather, the housing market continues to shine. According to the latest report from the Minnesota Association of REALTORSÒ, numbers are reflecting a positive trend in the market. New listings have risen 2,062 since last May. Closed sales are similarly trending upwards with a 3.8 percent increase with an average of 79 days on the market.
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Homes being purchased at fastest rate since 2007
Sellers are finding themselves with a sold sign on their lawns in less than three months, according to the latest housing report data from the Minnesota Association of REALTORS® (MNAR). Homeowners only required an average of 84 days to sell their home in April of 2013 three weeks less than the same time last year. This is the fastest homes have been selling since 2007.Read More »
Minnesota Housing Market Showing Signs of Continued Recovery
Latest housing report shows increases in median sales prices and closed sales
As Minnesota REALTORS® prepare for a busy summer housing season, Minnesota’s housing market is showing signs of a continued recovery. The newest housing report from the Minnesota Association of REALTORS® shows strong gains in median sales prices and homes on the market for fewer days before being sold.
Statewide median sales prices were up again in March compared to this time last year. The median sales price was up to $135,000 in March 2012. That’s an increase of 7.1% compared to March 2011. Median sales prices are also up more than 3% year-to-date.
Closed sales are another key indicator of how healthy a housing market is. In Minnesota, closed sales were up 7.5% in March 2012 compared to the year before and up 10.8% year-to-date. Ten of the state’s 13 regions saw increases in closed sales in March, compared to 2011.Read More »