Real estate sales data for September 2014 shows the continuing trend of new listings and prices ahead of last year but sales behind last year… resulting in a growing supply of inventory… yay! With interest rates about a half point lower than they were at the beginning of the year, this creates an awesome opportunity for those in the market to buy… more choices, lower rates… that's hard to beat!
Median sales price increased 5.1% over last year to $205,000… however, it also followed the fall trend to fall along with the leaves. Expect prices to continue dropping… hint, hint… good for buyers…
Pending sales were down 1.3% compared to September 2013, again following a seasonal curve.
Days on market before sale are pretty consistent with last year, at 71 days. Sellers received and average of 95.6% of list price.
New listings held pretty steady from last month, up 7.2% compared to last September.
The total number of homes available for sale rose 8.2% over last year… the result of more new listings and fewer sales than last year.
It is encouraging to see the percentage of 'traditional' listings… i.e. not foreclosures or short sales… rising every year. This is a good sign we are on a consistent recovery track.
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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