Even though every area and market segment is unique, what we’re seeing in the numbers is definitely reflected out in the community. After being cooped up all winter, people are eager to get out there and find their dream home. ~ Judy Shields, MAAR
Minneapolis, Twin Cities Minnesota (PRWEB) March 13, 2015
The Twin Cities residential real estate market enjoys continued success in the month of February. The latest summary of home sale statistics for the Twin Cities for the month of February shows 36 consecutive months of year-over-year median home sales price gains for metro real estate sellers. Such long-term home appreciation gains are excellent news for the Twin Cities housing market, according to the Minneapolis Area Association of Realtors (MAAR).
"All property types experienced positive absorption. Looking ahead, pent up demand and new home construction will likely improve home sales in the spring. Residential construction activity is anticipated to be robust with projects already in the pipeline," states Jenna Thuening, owner of Home Destination. "With February's upbeat home sales as we head into the spring market, the timing is ideal."
The numbers lead to good reasons why local real estate predictions anticipate a favorable spring housing market in the Twin Cities. Traditional pending home sales as of the end of February are 42,977, which is up 9.1 percent and a strong indicator that the market is healthy. Lender mediated home sales dropped dramatically, which includes: short sales, foreclosures and distressed home sells. With this return to normality, both metro home buyers and sellers will see advantages.
“If February is any indication, this spring is shaping up to be everything that spring markets should be,” said Mike Hoffman, president of MAAR, in a comment articulating the February’s numbers. “The fact that we’re seeing large gains in buyer and seller activity mostly driven by traditional properties bodes quite well for consumer confidence at a critical time.”
Pending Home Sales in the Twin Cities by Type of Real Estate Seller
Northstar MLS housing data for the Minneapolis - St. Paul metropolitan 13 county area for the month of February recorded the following 1 year gains:
- Traditional Pending Home Sales were 42,977 or up +9.1%
- Foreclosure homes were 5,715 or down -39.0%
- Short sales were 1,685 also down by -44.1 percent.
Median Home Sales Price In the Twin Cities by Construction Type
Northstar MLS housing data for the Minneapolis - St. Paul metropolitan 13 county area over the last year records the following gains:
- Newly Built Homes - $372,053, up +8.3%
- Previously Owned Homes - $199,900, up +6.6%
- All Home Construction Types - $208,000, up +6.7%
New levels of home sales in the Twin Cities housing market is the healthiest it has been in over seven years. One thing that could contribute to making it an even stronger comeback: more first-time homebuyers.
About Home Destination - Twin Cities Real Estate:
Home Destination offers a loyal and committed real estate professional service that personally handles all of the details of selling or purchasing homes in the Twin Cities.