In Minneapolis in February 2013, there were 2,736 closed home sales, down 4.7% from a year earlier. The number of homes for sale dropped 31.6% to 12,202 active listings. This represents the lowest number since January 2003.
Listings of traditional sales is up and distressed properties is down which is great for the market. Traditional sales jumped 21.5% year-over-year, while foreclosures and short sales dropped 23.5% and 28.5%, respectively.
Buyers are out in force this spring and they are motivated, now we just need the sellers to get their homes on the market so there is something for these buyers to purchase!