According to August 2014 sales data recently released by the Minneapolis Area Association of Realtors, prices remain strong. Median sale price reached the low range of 'Bubble' years in June. It is encouraging to see it is still there, moving up again this month after a slight drop last month. Median sale price for August was was $219,001, up 5.3% from last year, which was up 16.9% over the year before.
Both closed and pending sales are below last August, but ahead of August 2012… following a normal seasonal curve so no cause for concern. The price range that sold the quickest was the $190,001-$250,000 range.
Days on market before sale continue to hang low at an average of 68 days… and sellers received an average of 96.3% of list price.
New listings were virtually the same as last August after being slightly above last year for most of 2014. They are dropping off in a seasonal curve as is typical at this time of year.
The total number of homes available for sale is up 8.7% over last year, and is even above August 2013… welcome news after being at the lowest inventory levels in history. The lack of inventory has been holding back the recovery because many homeowners are afraid to sell and make a move for fear of being unable to find another home to buy.
Traditional sellers continue to dominate new listings, which continues to fuel the recovery. As inventory continues to improve we should see even more movement from traditional buyers and sellers making a housing change, with more confidence they will find a new home.
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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