According to the 2012 market statistics from the Minneapolis Area Association of Realtors, in the metro area, there were 48,622 sales in 2012, a 17 percent increase over the previous year with the median price of those sales rising 11.9 percent to more than $168,000.
Sales increased in almost all areas of the metro, though prices weren’t up evenly. Most sale and price gains were in Minneapolis, St. Paul and several inner-ring suburbs where supplies are limited and options for new construction are few. In Minneapolis, sales were strongest in the University neighborhood, up nearly 40 percent, and in St. Paul sales were strongest in the Summit Hill neighborhood, up 64 percent.
The real estate market is improving but it still faces challenges such as how long mortgage rates will remain low, the unemployment rate, the number of distressed properties on the market and appraisals that are coming in too low for the current market prices. Despite these challenges, Realtors expect closings to increase 4 to 8 percent in 2013 and that prices will rise 8 to 12 percent.
It’s Cherry time this weekend! I have open houses at both of my listings on Cherry Path in Rosemount – both will be open from 2:30 – 4 pm on Sunday, June 10. Stop by and take a look if you are interested in a nice townhome.
I am also having an open house from 12-1:30pm at my listing www.1891DaytonAvenue.info in St. Paul’s Merriam Park. This is a gorgeous Queen Anne style home that has been renovated from top to bottom.
Hope to see you Sunday and please forward this information if you know anyone looking for homes like these!
This beautiful 5 bedroom Merriam Park home at 1891 Dayton Avenue just came on the market! Fully renovated from top to bottom it is really a home to see.