For the first time since 'the bust', median sale price reached pre-bust levels. How long it stays in that range remains to be seen, but it is encouraging to see the steady climb upward in the 'recovery' zone. June 2014 median sale price was $219,900, compared to $210,000 last year.
Part of the reason for this increase is the growing share of traditional listings vs distressed properties. Over 90% of new listings in June were traditional listings by people selling simply because it was time for a change of some sort. People are no longer selling only because they must.
The chart of traditional, lender-owned and short sales below from the Minneapolis Area Association of Realtors clearly illustrates how our market is continuing to return to normal levels before the recession.
Total homes for sale is clearly above last year's levels for the second month in a row, although at a 4.1 month supply it is still a moderate seller's market.
Closed sales climbed closer to last year's sales in June, with an average 69 days on market until sale. Sellers received an average 97.2% of list price at time of sale.
Pending sales held steady, close to last June's pending sales.
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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