Traditional Market Share Dominates as Sellers Re-enter the Scene

MAAR-October-2013-Stats-News-ReleaseMinneapolis, Minnesota (November 12, 2013) – The Minneapolis-St. Paul metropolitan housing market continued along the path toward recovery in October. While some measures suggest a slowing in the pace of recovery, this
deceleration is primarily the result of a healing distressed segment. Sellers felt more confident as new listings rose 15.1 percent to 6,102, marking the seventh consecutive year-over-year increase in monthly seller activity. Buyers
closed on 4,495 homes, a modest 1.9 percent increase over last October. Consumers have 15,556 properties from which to choose – or just 3.7 percent fewer than last October, but 19.2 percent more than in January 2013.

The market-wide median sales price was unchanged from September 2013 at $195,000, but was up 11.4 percent compared to October 2012. In October 2011, foreclosures and short sales together comprised 46.2 percent of all closed
sales. In October 2013, these two segments made up only 21.5 percent of all sales. For new listings, the same October figure dropped from 42.4 percent in 2011 to 19.5 percent of all new listings in 2013.

“The slight decrease in pending sales activity is entirely attributable to declines in the number of contracts signed on foreclosure and short sale properties,” said Andy Fazendin, President of the Minneapolis Area Association
of REALTORS® (MAAR).

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Market Activity for November 12, 2013

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