Housing Supply Overview: March 2011

Examining market recovery requires delving in to the details. For the 12-month period spanning April 2010 through March 2011, Pending Sales in the Twin Cities region were down 20.4 percent from the same period one year prior. The largest gain occurred in the $1,000,001 and above range, where they increased 19.8 percent to 290 units.

Motivated sellers are watching market times closely these days. The segment with the largest increase in market times was the $1,000,001 and above range, where they increased 14.7 percent to 234 days. The segment that tended to sell the quickest was the $120,000 and under range at 123 days; the segment that tended to sell the slowest was the $1,000,001 and above range at 234 days.

Prices were down 1.2 percent across the board. Single-Family properties saw the largest price gain, where the Median Sales Price increased 0.6 percent to $182,000. Meanwhile, the property type with the strongest sales was Condos, where inventory levels have decreased 12.8 percent. Single-Family inventory levels, by contrast, have decreased 1.9 percent.

Click on the above chart to enlarge it.

Statistics provided by the Minneapolis Area Association of Realtors.


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