In July 2011, foreclosures and short sales accounted for 45.4% of home sales in the Twin Cities. In July 2013, these same market segments made up only 26% of home sales. As far as new listings, in July 2011, distressed properties made up 41.2% of the market, but in July 2013, only 17.9%.
Traditional sellers are coming back into the market. All new listings were up 24.6%, but the traditional homes on the market were up 55.7%, the highest increase in almost ten years. Inventory is still low, down about 13% from July 2012 which is making this a seller’s market. The average days on market time is now 72 days and sellers are receiving an average of 97.5% of asking price which is the highest ratio in about seven years.
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