The Year in Review: Real Estate 2011
Now that 2011 is fully in the books, it’s important to discern which market segments performed well and which encountered additional challenges. This not only sheds light on consumer behavior, but also provides a preliminary look at what 2012 might have in store. For the 12-month period spanning January 2011 through December 2011, Pending Sales in the Twin Cities region were up 10.8 percent overall. The price range with the largest gain in sales was the $120,000 and Below range, where they increased 51.6 percent.
The overall Median Sales Price was down 11.7 percent to $150,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 9.7 percent to $167,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 141 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 292 days.
Market-wide, inventory levels were down 28.6 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 25.9 percent. That amounts to 0.0 months supply for Single- Family homes and 6.3 months supply for Condos.
As reported by the Minneapolis Area Association of Realtors.