According to the Minneapolis Area Association of Realtors the market for January 2013 was better than January 2012. This is really no surprise as it was expected. Closings on homes were up 11% and pending sales were up 13.3% in January 2013 over January 2012. The inventory also continued its decline down 32.2% over January 2012 which is also the lowest inventory of homes in the Twin Cities for any month of the year since January 2003!
Traditional sellers are coming back as well. In January 2013, traditional homes were 65.9% of the market up from 56.3% in January 2012 and the closed traditional sales were also up to 57.1% from 44.8% in January 2012.
According to the Minneapolis Area Association of Realtors for 2013, a few things seem likely. Expect interest rates to remain low and rents to rise, which will continue to drive buyer activity. Sellers should return to the marketplace in light of the improvements. Prices should remain firm and show moderate to strong gains. Foreclosure activity and job growth remain wildcards, but momentum is heading in the right direction.
In the Twin Cities region, for the week ending December 29:
• New Listings decreased 40.1% to 358
• Pending Sales decreased 12.6% to 442
• Inventory decreased 30.0% to 12,916
As the year draws to a close we can truly be thankful for the positive changes in the real estate market this year. Recovery is happening slowly as there are still foreclosures, short sales and all but there are also lower days on the market and higher prices. We are on the right track and all the signs point to the momentum continuing into 2013 and beyond! Take a look at the latest market statistics for the Twin Cities from the Minneapolis Area Association of Realtors.
In the Twin Cities region, for the week ending December 15:
• New Listings decreased 3.6% to 773
• Pending Sales increased 10.1% to 762
• Inventory decreased 28.9% to 13,630
The Minneapolis Area Association of Realtors has released the market statistics for the week ending December 1, and for the month of November. All signs continue to be positive and they are optimistic that this trend will continue into 2013.
In the Twin Cities region, for the week ending December 1:
∙ New Listings increased 0.7% to 1,019
∙ Pending Sales increased 18.6% to 977
∙ Inventory decreased 29.0% to 14,260
For the month of November:
∙ Median Sales Price increased 16.9% to $173,000
∙ Days on Market decreased 25.9% to 103
∙ Percent of Original List Price Received increased 3.7% to 94.3%
∙ Months Supply of Inventory decreased 40.6% to 3.4