This spring, expect signs of recovery to start blossoming around town. But be aware that this won't necessarily be the case for every neighborhood nor every market segment. For the 12-month period spanning April 2011 through March 2012, Pending Sales in the Twin Cities region were up 19.2 percent overall. The price range with the largest gain in sales was the $120,000 and Below range, where they increased 43.4 percent.
The overall Median Sales Price was down 9.1 percent to $150,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 8.0 percent to $166,500. The pricerange that tended to sell the quickest was the $190,001 to $250,000 range at 137 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 292 days.
Market-wide, inventory levels were down 27.5 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 23.3 percent. That amounts to 4.7 months supply for Single-Family Detached homes and 6.1 months supply for Condos.
See the report below for some interesting graphs and charts.