If you’re a buyer in this market, you’ve probably experienced its competitive nature first-hand, especially if you’re shopping for good quality, non-foreclosed homes. Multiple offer situations are becoming the norm among top properties, and buyers who don’t put forth their highest and best offers are finding themselves on the short end of the dream home stick.
While this competition may sound intimidating for buyers, the news couldn’t be better for sellers – and for overall improvement in the market. For the first time since a tax credit driven 2010, the Minneapolis Association of REALTORS® reported an increase in the median sales price in the Twin Cities area – up 6.4 percent from a year ago. It was the final hold-out among the myriad statistics showing improvement in the marketplace, and great news for market optimism overall.
Here’s a snapshot of indicators that illustrate a market on the mend:
- Distressed property sales (foreclosures and short sales) declining
- Traditional sales increasing
- Housing affordability remaining stable
- Days on market declining
- Pending sales increasing
- Median sales price increasing
The only thing needed now: more sellers in the game. Batter-up!
Edina Realty, a subsidiary of HomeServices of America, is one of the nation’s largest real estate companies with approximately 60 real estate offices throughout Minnesota and Western Wisconsin and 2,100 REALTORS®. Edina Realty’s family of companies includes Edina Realty, Edina Realty Title and Edina Realty Mortgage. Edina Realty handled nearly 25,000 transactions and $5.3 billion in sales volume in 2010. For more information, visit www.edinarealty.com or find us on Facebook and Twitter: facebook.com/EdinaRealty and twitter.com/Edina_Realty.