April Home Sales Report, A Housing Recovery In The Making

May 23, 2012

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:
April
2011 2012          Change
New Listings 846 700 -17.30%
Closed Sales 370 378 2.20%
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%

Minneapolis New Listing inventory

 

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
March
2011 2012          Change
New Listings 124 116 -6.50%
Closed Sales 67 70 4.50%
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%

St louis Park  April New Listing Inventory

 

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.