Two months into 2013, statewide numbers continue to show growth in the housing market in Minnesota, according to the latest report from the Minnesota Association of REALTORS.
The median sales price has increased 14.2% from the same time last year. Homeowners have seen this median value increase from $125,000 in February 2012 to $142,754 in the same period in 2013. Homeowners are receiving 91.9% of their original list price as sales prices trend upward. This is a 2.7% increase from 2012.
Chris Galler, CEO of the Minnesota Association of REALTORS, said "These numbers continue to rise, which is good news for the homeowner who has been waiting to list their home. The low inventory we are experiencing in Minnesota is driving these numbers up as buyers compete for what is available in the marketplace."
The real story right now is that new listings are down 15.2% from the same time last year. Overall, buyers are finding less choices in the marketplace. This is a reflection of the decrease in closed sales as well.
In the 7-County Metro Region, new lisings from February 2012 to February 2013 are down 10.1%. In other parts of the state, we see this as decrease as high as 59.4% (North Central Region of the state.)
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