The Minneapolis Area Association has released the current market statistics for the week ending March 2, 2013 and for the month of February 2013. The number of buyers is still on the rise and the number of properties for sale continues to decline which is really becoming a problem.
In the Twin Cities region, for the week ending March 2:
• New Listings increased 0.9% to 1,422
• Pending Sales increased 12.0% to 1,001
• Inventory decreased 31.0% to 12,371
For the month of February:
• Median Sales Price increased 15.5% to $160,000
• Days on Market decreased 22.2% to 112
• Percent of Original List Price Received increased 3.4% to 93.7%
• Months Supply of Inventory decreased 40.8% to 2.9
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
Residential vacancy rates are low. According to Reuters, US residential vacancies were at 1.9% in the third quarter this year which is that lowest level in the last 7 years. Most real estate advocates see this as positive news for the housing market.
In the Twin Cities region, for the week ending October 27:
• New Listings decreased 3.0% to 1,037
• Pending Sales increased 11.1% to 914
• Inventory decreased 28.8% to 15,700
In the Twin Cities region, for the week ending October 20:
• New Listings increased 0.6% to 1,110
• Pending Sales increased 33.3% to 1,012
• Inventory decreased 28.5% to 15,903