Traditional indicators are on the rise
Traditional real estate (homes that are not foreclosures or short sales) is in the midst of a comeback in the Twin Cities metro. After a brutal winter and spring, traditional pending sales were up 11.8 percent in June over last year, according to new data from the Minneapolis Area Association of REALTORS®.
New traditional listings also rose 19.4 percent over June 2013, and traditional inventory was up 23.7 percent, which is music to the ears of buyers who have been competing over limited inventory for much of the past two years.
Conversely, foreclosures and short sales were down. They made up just 12.6 percent of closed sales in June, which is the lowest figure since September of 2007, and just 9.5 percent of new listings, the lowest since May 2007.
The median sales price continues to rise and was up 4.7 percent over last June to $219,900. Homes are also selling fast at an average of 69 days on market.
There has also been plenty of additional good economic news that contributes to a healthier real estate market in Minnesota:
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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.