There is plenty to be thankful for in the Twin Cities housing market
As we near ever closer to Thanksgiving and the holiday season, there is plenty to be thankful for in the Twin Cities real estate market for buyers and sellers alike.
The median sales price was $209,000 in October, up 7.2 percent from last year, according to data from the Minneapolis Area Association of REALTORS®. October marked 32 consecutive months of year-over-year sales price increases.
While overall new listings were down 2.3 percent from last October, traditional home sellers (who are selling homes that are not in short sale or foreclosure) celebrated higher prices and higher market confidence by putting 6.7 percent more new listings on the market. New listings of foreclosure and short sale properties were down 42.2 percent and 31.3 percent, respectively.
Homes are still selling quickly. The average number of days on the market for traditional listings in October was 66 - up slightly from 65 days last year, but down 27.4 percent from October 2012, when the average days on market was 91.
Buyers are thankful for an almost 18 percent increase in traditional listing inventory. This increase gives buyers more to choose from and helps relieve some of the competitive pressure that was felt during the recent seller’s market.
Buyers are also still benefitting from very low mortgage rates and a strengthening job market. According to the Bureau of Labor Statistics, the 3.6 percent unemployment rate in the Twin Cities is the lowest of major metro areas across the country.
While the pace of growth has cooled from the red-hot market increases of 2013, the market still shows signs of steady strengthening. Continued economic recovery and job growth should keep the market moving forward on the right track.
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The Monthly Skinny
"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors
*Edina Realty Appointment Center statistics.
Based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.