April market stats show more positive signs that the real estate market is stabilizing. Homes are selling faster and for closer to list price. With busy buyers and the lowest inventory for any month since January 2004 we have a seller's market, with a 4.6 month supply of inventory.  

2012-04-months

Traditional sales were up 58.8% compared to this time last year while foreclosures were down 8.1%, helping the median sale price up to $163,000 and showing the largest year-over-year increase since January 2004.

2012-04-medianprice

2012-04-pendingPending sales, the leading indicator of how the market is doing, have been posting dramatic increases, up 23.9% compared to last April.

Working with buyers reminds me of about 10 years ago, when new listings would be sold before you even had a chance to see them and bidding wars were common. The difference this time around is buyers are more mindful about what they are buying…. unlike the frenetic pace before the bubble burst when buyers would buy less critically just to get into the market, then plan to sell again in a year or two with confidence they would be making money on their sale.

Today's buyers are active, and I can't help but think the pending sales spike would be even more pronounced if there were more homes for sale. Buyers are having a hard time finding what they are looking for, and good properties often sell quickly.

The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.

Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.

  • Click here for local reports on 350+ metro area communities
  • Click here for current interactive market analytics by area, city, county, neighborhood or zip code

Sharlene Hensrud, RE/MAX Results - Email - Minneapolis – St. Paul Real Estate Market

RELATED POSTS

About Sharlene Hensrud

I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

Related Posts

Buying a Short Sale

If you are searching for a home to buy there is a good possibility you have come across some short sale listings. They currently make up nearly 21% of homes available for sale in the Minneapolis-St. Paul metro area… but only about 11% of closed sales.   It is a common misconception to think that a 'short.

Read More

Sold! Sold!! Sold!!!

New listings have been jumping up according to the chart below from the Minneapolis Area Association of Realtors… …and buyers have been snatching them up quickly as soon as they come on the market. That means average days on the market has plummeted… to the delight of home sellers and the frustration of home buyers..

Read More

‘The Thing’ wins 2011 Innovator Award

A subsidiary of the Minneapolis Association of Realtors, 10KResearch.com, which created 'The Thing' online interactive current real estate market data has won a 2011 Innovator Award from Inman News.   If you haven't experienced it yet, check out The Thing, an amazing online tool for live Interactive Market Data… for condos, houses, townhomes, foreclosures, and more… .

Read More