We’re nearly through the spring market, did you blink and miss it? Important changes have taken place, the sort of changes that will set the scene for the coming months and years. For the 12-month period spanning June 2011 through May 2012, Pending Sales in the Twin Cities region were up 26.7 percent overall. The price range with the largest gain in sales was the $120,000 and Below range, where they increased 33.8 percent.
The overall Median Sales Price was down 3.8 percent to $154,000. The property type with the smallest price decline was the Single-Family segment, where prices decreased 3.4 percent to $170,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 131 days; the price range that tended to sell the slowest was the $1,000,001 and Above range at 277 days.
Market-wide, inventory levels were down 31.1 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 27.5 percent. That amounts to 4.6 months supply for Single-Family Detached homes and 5.4 months supply for Condos.
Click on the graph/image below to enlarge.
For additional market statistics, or to discuss buying or selling real estate, contact us. We’d love to be of service and help you reach your goals.
Coldwell Banker Burnet
Minneapolis Lakes Office