Housing Supply Overview
There was a lot to be thankful for this November. Home buyers can be thankful for ultra-low mortgage rates while sellers can be thankful for rising prices and strong demand. For the twelve-month period spanning December 2011 through November 2012, Pending Sales in the Twin Cities region were up 18.8 percent overall. The price range with the largest gain in sales was the $350,001 to $500,000 range, where they increased 41.7 percent.
The overall Median Sales Price was up 9.3 percent to $165,000. The property type with the largest price gain was the Condo segment, where prices increased 9.4 percent to $105,000. The price range that tended to sell the quickest was the $190,001 to $250,000 range at 109 days; the
price range that tended to sell the slowest was the $1,000,001 and Above range at 234 days.
Market-wide, inventory levels were down 29.4 percent. The property type that lost the least inventory was the Single-Family segment, where it decreased 26.3 percent. That amounts to 3.5 months supply for Single- Family Detached homes.
As reported by the Minneapolis Area Association of Realtors
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Ellen and Kate Walsh
Coldwell Banker Burnet