We are seeing more and more good news from the housing market in Minneapolis, St Louis Park and the surrounding cities in MN. The number of home resales and median sales price rose. The first is a function of an improving Minneapolis Real Estate Market and the latter is a function of the actual homes being sold here locally.
Existing home sales are up 10% since last year. The National Association of REALTORS® reports a total of 4.62 million homes sold on an annualized basis. This would come in as the second highest reading since may of 2010 just one month after the expiring home buyers tax credit we saw. Since late 2011 we have slowly seen the housing market make improvements and it is continuing on this trend.
In Minneapolis we have seen the following real estate statistics April 2012 compared to April of 2011:
|Minneapolis Real Estate:|
|Median Sales Price||$131,000||$159,900||22.10%|
|Percent of Original List Price||89.90%||94.40%||5.00%|
|Days On Market Until Sale||157||125||-20.10%|
|Inventory Of Homes for Sale||2546||1676||-34.20%|
|Months Supply of Inventory||7.8||4.2||-46.10%|
Just take a look at median sales price alone, a full 22% increase! Supply of homes being down 34% combined with an increase demand has risen this median price of a home.
In St Louis Park real estate we see the following statistics April 2012 compared to April of 2011:
|St Louis Park Real Estate|
|Median Sales Price||$193,000||$171,000||-11.40%|
|Percent of Original List Price||91.40%||94.10%||3.00%|
|Days On Market Until Sale||138||131||-4.80%|
|Inventory Of Homes for Sale||350||253||-27.70%|
|Months Supply of Inventory||8.4||4.2||-49.80%|
We didn’t see the statistics in St Louis Park like we saw in Minneapolis in terms of median price increase however we do see that days on market have gone down and the inventory of St Louis Park homes for sale has significantly gone down while demand has stayed stagnant.