Annual housing market data for 2012 came in at the end of last week with encouraging news to report.
The number of closed sales was 48,641… the highest since 2005.
Average 2012 sale price was $219,132… still 12% behind the high of $279,151 in 2006 but also 18.4% ahead of last year's $193,450 average 2012 sale price.
New listings in 2012 only numbered 65,914… the lowest since 2000.
The total number of homes available for sale at the end of the year in the entire 13-county Twin Cities metropolitan area was a paltry 11,875… down 31.8% from last year and the lowest number that I could find in records going back to 2004.
It is encouraging that the percentage of traditional home sales is up relative to foreclosures and short sales… with traditional sales accounting for 61.1% of sales in 2012.
What is perhaps the best news for sellers and the biggest challenge for buyers in 2013 is the low supply of inventory… only a 2.9 month supply, well below every month in records going back to 2004!
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.
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Sharlene Hensrud, RE/MAX Results – Email – Minneapolis – St. Paul Real Estate Market
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