In reviewing the February data released this month by the Minneapolis Area Association of Realtors, it seems like February was an eery re-run of January. Although up a tiny bit, total number of closed sales was virtually the same, compared to both this year and last year. Lender-mediated sales continue to command a large percentage of total sales. January's pending sales were 59.9% and February's pending sales were a whopping 60.5% foreclosures or short sales.
New listings continue to lag behind the last two years, and February's new listings were also down from January.
Like closed sales, pending sales also continue to be up compared to the previous year…for the ninth consecutive month. That is a likely indicator that next month's closed sales will also be ahead of last year.
Average sale price continues its long decline, moderating a bit last month. Prices are usually stronger in the spring and summer months…it will be interesting to see how it plays out this year. The high percentage of foreclosures and short sales has significantly impacted average sale price. If more traditional homes with no lender involvement come on the market, as usually happens in the spring, we could see a rise in average sale price.
The figures above are for the combined 13-county Twin Cities metropolitan area. Click here for links to the full February combined report as well as local reports for 125 metro communities.
Sharlene Hensrud, Realtor – Twin Cities Market Info – shensrud@homesmsp.com
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