The Minneapolis Area Association of Realtors has released the latest housing market statistics for the Twin Cities. The inventory of homes for sale continues to decline, homes priced right are being snapped up by buyers quickly!
In the Twin Cities region, for the week ending February 9:
• New Listings decreased 6.7% to 1,229
• Pending Sales increased 5.3% to 914
• Inventory decreased 31.2% to 12,225
The housing market is continuing its climb in the Twin Cities! September was the 15th month in a row of sales gains! The median sales price in September jumped 12.3% from last September to $174,000 and there was a 4.3% increase in the number of homes sold from September 2011. The number of homes for sale has also dropped for the past 20 consecutive months and is below 16,000 for the first time since December 2003.
The Minneapolis Area Association of Realtors also found that 30.6% of all new listings in September were short sales and foreclosures, the lowest level since June 2008. Prices on distressed properties were also up. Foreclosure prices were up 13.7% and short sales .8%. So the Twin Cities housing market is continuing its climb.