According to the Minneapolis Association of Realtors home prices are up in the Twin Cities.  In May, buyers signed 5,130 purchase agreements, 27.3 percent higher than last May, and sellers introduced 6,599 properties to the market, 6.0 percent less than May 2011. This combination of activity drove down the number of homes for sale on the market to 17,262, down 31.1 percent.  The median sales price was up 10.5 percent from last May to $169,000. That’s the third-largest jump since January 2004 and the third consecutive month of year-over-year gains. Prices have risen 22.5 percent since February (from $138,000 to $169,000). Home prices are now at their highest level since October 2010.

According to the Minneapolis Association of Realtors market statistics, prices are bottoming out and starting to rise. Buyer activity is showing year-over-year gains. Homes are selling faster and closer to list price. Multiple offers are becoming commonplace. Inventory levels are leaning toward the seller. (more…)

According to the Minnesota Association of Realtors Minnesota home prices are increasing!  As I have previously mentioned the supply of homes is down and the buyers are out in full force creating a multiple offer situation on many properties.  These factors appear to be leading to a price increase in Minnesota.  Home sales in March 2012 were up 7.5% from March 2011 and median price on closed sales was up 7.1%!  Sales have been rising the past few months but this is the first significant price increase.  We are not out of the woods yet as we are in the spring market which normally has the highest sales and prices have dropped much more than 7% since the housing crisis began but it is a positive sign!

The market report from the Minneapolis Association of Realtors shows that for the week ending March 24,

• New Listings increased 2.2% to 1,414
• Pending Sales increased 30.2% to 1,052
• Inventory decreased 27.3% to 17,193

This shows what I have been writing about the past weeks, sales are up, inventory is decreasing.  It is still a buyers market but not as much as in previous years.  For an overview of all the stats, click here.