Ever wonder why people are moving and how far people are moving? Data from the 2010 US Census shows that more than 4 in 10 people move for reasons related to housing– many are looking for a larger and better home. Another 3 in 10 move for family reasons like divorce, a death in the family or change is family size. The remaining 3 in that group of 10 move for work and other various reasons.
For any move, be it down the block or across the country, families have to figure out how to move their belongings and how much it will cost them. With Americans moving at greater distances than ever (almost 1 in 4 moving 500 miles or more) it is becoming increasingly complicated and costly. Take a look at the infographic below from Trulia for some fun statistics.
Twin Cities median home prices in the 13 county metro area in April 2013 were the highest since September 2008! This was the 14th month in a row for price gains. New listings were up 7.7% over April 2012 and purchase agreements were up 16%. Inventory levels continue to decline by 29.3%. Traditional listings made up 77.9% of the market which is the highest level since October 2007! On the average, traditional sale homes sold in 90 days, foreclosures in 94 days and short sales in 178 days. Right now there is only a 3.1 month supply of inventory on the market. If the recovery is going to continue, more sellers will need to enter the market.
The Minneapolis Area Association of Realtors has released the latest market statistics for the week ending April 27, 2013. The housing market is becoming increasingly competitive with the low inventory and rising sales!
In the Twin Cities region, for the week ending April 27:
• New Listings increased 2.9% to 1,519
• Pending Sales increased 17.3% to 1,308
• Inventory decreased 28.8% to 13,291