"Midway through the year, The Twin Cities home sales are beaten by last year’s by almost 10 percent after foul weather dampened the spring housing market season," says Jenna Thuening, owner of Home Destination. "It is quite impressive that as Minneapolis home prices and listings continue to rise, there’s a positive optimism that the second half of the year will be strong."
According to a report from the Minneapolis Area Association of Realtors for the week ending July 5, three sets of housing data show remarkable improvements.
• The number of new real estate listings increased 14.8% to 1,269
• Pending home sales improved 17.4% to 1,045
• Available housing inventory increased 7.7% to 17,587
Additionally, here are 5 Shitfs in the Twin Cites Housing Market according to Home Destination's summary of the two reports.
1. Asking Prices Homes Listed In Twin Cities Real Estate Improve
At the halfway point in July 2014, there were approximately 19,056 single-family residential homes and condo dwellings on the market for sale in Minneapolis Minnesota. The median asking price by sellers for these properties ran near $253,525, according to the report. "Since this time last year, the inventory of homes for sale has increased by 33.4%, and the median price has increased by 7.9%."
2. Uptick in Available Twin Cities Real Estate Listings
June closed with 8,315 new Twin Cities real estate listing added to the market, making it easier for home buyers to find the home they want. If one compares the number of homes available to this time one year ago, housing inventory is up 8.9 percent. With more to choose from, Twin Cities home buyers who hoped to find what they want are pleased. While bidding wars still erupt, buyers have more choices than available in some time.
3. Upswing in Pending Sales of Traditional Homes
New consumer optimism stems from the drop in Twin Cities home foreclosures and short sales, which has weighed down several aspects of the housing market. In June, there was an inspiring up swing of 12 percent in pending sales of traditional homes, which is given credit for helping median home values rise 4.7 percent to $219,000. Overall, however, sales in June were down 2.2 percent to 5,531 sales.
4. Better Clip in the Time It Takes to Successfully Sell a Home
The month of June 2014 saw a drop from 73 days on the housing market till sale in 2013 to 71 days. That is a +2.8% improvement that permits sellers to close the deal and move on to the next home at a better pace. This means that sellers must be prepared to move to another home in less time. This indicator suggests a transition from rapid recovery toward a steady pace that should mean stability.
5. More Homeowners are Above Water With Sufficient Home Equity to Move
Housing data found back in June of 2013 places the median home sale price at $185,000. This June, Twin Cities home sellers' median home price for a sold home was $191,550, a welcome increase of 3.5%. The average home sold for $223,503 in June 2013 and for $237,404 in June this year, a significant change of +6.2%.
“Yes there’s more inventory, but not in all areas or price points,” stated Minneapolis Area Association of Realtors president Emily Green in the June 11 article titled Twin Cities Has Largest Pool of Homes for Sale in Almost a Year. “This market has been supply-constrained for long enough, but the trend is moving in a positive direction.”
"When talking to prospective clients, most home buyers and sellers seem to be more confident about real estate. The steadiness of the Twin Cities housing market climb upwards seems more trustworthy to many than if we had astonishing highs," adds Thuening. "Being rated again as one of the top cities to live in the entire U.S makes Minneapolis residents appreciate what we have more."
Home Destination has been regarded as a competent Twin Cities Realtor for over 15 years. Minneapolis homeowners who are interested in selling a home can call Jenna Thuening for free, no-obligation market analysis at 612-396-7832.
Jenna Thuening, Home Destination: Real Estate, http://www.homedestination.com, +1 612-396-7832, [email protected]