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Market Update
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TWIN CITIES AREA

It’s been a while since the words optimism and housing appeared together in the same sentence, but analysis of the market over the past five-six months has us believing they should.


According to the Minneapolis Area Association of REALTORS® (MAAR), January sales were up 25.5 percent over last year, the highest January sales figure since 2005! Additionally, January saw the lowest inventory of homes for sale since 2003. Another sign of balance in housing is the months’ supply of inventory, which is at a six-year low of 4.6 months. That means it would take fewer than five months for the current inventory of homes to sell at the present rate of sales.


Perhaps some of the most telling metrics are among traditional sales compared to foreclosures and short sales. Traditional sales surged 28.7 percent, and foreclosures and short sales exited the market faster than they entered it. However, distressed sales have continued to influence the median sales price, which saw a modest decline of 3.4 percent.


According to a recent USA Today article about the market, Barb Jandric, president of Edina Realty, says, “It’s beating on its own heartbeat now.” We’re hearing that sentiment echoed throughout the industry, and we expect the pulse to quicken this spring.


 
*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.
February 2012 Monthly Skinny
"The Monthly Skinny" is provided by the Minneapolis Area Association of Realtors

 
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