“Buyers are realizing that the bottom of the market is now behind us, and they’re acting quickly to take advantage of still-favorable conditions,” said Barb Jandric, president of Edina Realty.
Minneapolis, MN (PRWEB) February 14, 2013
The 2013 spring housing market is here and it’s already heating up, according to Edina Realty real estate experts.
In response to the demand, Edina Realty is holding its first spring “Open House Extravaganza” this Sunday, Feb. 17, when hundreds of homes will be held open. To find homes for sale in Minnesota and Wisconsin that will be held open this Sunday, go to Edina Realty's website.
Housing prices are rising and as a result, the window of opportunity is closing for those wanting to buy a home in Minnesota at rock-bottom prices. According to the Minneapolis Area Association of REALTORS® (MAAR), year-over-year median sales prices in the 13-county metro area have been up for the past 11 straight months. The overall median home price is currently $160,000, up 14.3 percent from last January. The median sales price of traditional homes is currently $199,900.
“Buyers are realizing that the bottom of the market is now behind us, and they’re acting quickly to take advantage of still-favorable conditions,” said Barb Jandric, president of Edina Realty. “The market favors home sellers right now, who can be more confident in the pricing of their homes. In fact, homeowners who were ‘underwater’ or who didn’t have much equity in their home may be able to finally make their move,” Jandric said.
As inventory and sales of distressed homes – foreclosures and short sales – continue to drop, traditional home sales have increased. According to MAAR, total closed home sales in January were up 11 percent over last year with traditional closed sales shooting up 41.8 percent. The sale of traditional homes made up 57.1 percent of all closed sales compared to 44.8 percent last year.
The housing inventory is now at a 10-year low and there are currently fewer than 12,000 active listings in the 13-county metro area. This is the lowest number for any month since January 2003. The months' supply of inventory fell 42 percent to 2.9 months, signaling an emerging seller's market.
The low inventory of homes for sale is helping drive prices upward and also creates competition between buyers who can end up in multiple-offer situations for well-priced homes in desirable neighborhoods, according to Jandric. “There is even increased movement in the upper end of the market as well as in new construction, signaling a recovery that is reaching all corners of the housing market,” she said.
“We’re seeing increased confidence by both buyers and sellers, and a huge increase in activity, such as traffic at open houses,” Jandric said. As a result, Edina Realty is expanding its Customer Care hours starting the week of Feb. 18. New hours will be Mon. through Fri., 8 a.m. to 7 p.m., and Sat. and Sun., 9 a.m. to 5 p.m.
“In addition to being the only broker in our market with a local onsite Customer Care Team seven days a week, we have also added a live chat feature to our website to ensure that consumers are able to get prompt one-on-one assistance using whichever method they prefer,” Jandric said.
Edina Realty maintained its leadership position in 2012, and even widened the gap between itself and competitors in both traditional and lender-mediated home sales. Edina Realty leads the market in both traditional and lender-mediated listings, with 19.4 percent market share.
Edina Realty’s website continues to be most popular regional real estate website, with over one million website visitors every month.
For more information on the housing market, the Feb. 17 Open House Extravaganza, or to contact an experienced Edina Realty REALTOR® for a free home value estimate, call Edina Realty at 952-928-5563 or visit http://www.edinarealty.com.