Nearly half of closed sales in the years 2009-2011 were either foreclosures or short sales, keeping many traditional sellers out of the market unless they needed to sell. As market conditions have improved, traditional sellers are coming back, representing 78.3% of June sales. It's so nice to be working with 'real people' again!
This increase in traditional sales is contributing to the upward trends throughout the market including strong growth in median sale price.
This in turn has been encouraging more sellers to get into the marketplace, finally showing modest growth in the number of homes for sale. I am hopeful that this year this metric may finally rise above last year.
Sellers were thrilled to see percent of list price received up to an average of 97.5% metrowide in June... levels not seen since 2006.
As we move past the July 4th holiday season the market will likely be heating up again as buyers see the lowest interest rates in history start to slip away along with the summer.
The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors, with the historical chart coming directly from them.
Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.
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