Twelve Consecutive Months of Price Gains

Twin Cities Home Source has learned homes in the Twin Cities sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.
There were 2,736 closed home sales during February 2013, 4.7 percent fewer than February 2012. There were 3,689 pending sales, a 2.0 percent increase over last year. The median sales price rose 15.5 percent to $160,000. Inventory levels declined 31.6 percent to 12,202 active listings, the lowest number for any month going back to January 2003. The number of homes for sale is at a 10-year low.
“We’re watching seller activity almost more than buyer activity,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “Bank listing activity is down while traditional seller activity is up. That’s an encouraging shift.” ~The Skinny