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Though new listings rose 8.9 percent compared to June 2013, traditional new listings rose 19.4 percent while foreclosure and short sale new listings fell 40.1 percent and 39.5 percent, respectively. Similarly, though pending sales were only up 0.1 percent, traditional pending sales rose 11.8 percent while foreclosure and short sale pendings fell 43.6 percent and 42.7 percent. And again, overall inventory was up 6.5 percent but traditional inventory was up 23.7 percent as foreclosure inventory fell 33.9 percent and short sale inventory plummeted by 52.3 percent.
With more properties for sale, consumers now have the largest pool of homes for sale since August 2012. Inventory hasn’t shown this many consecutive year-over-year increases since late 2010. Notably, a growing share of that inventory falls into the more desirable traditional segment.
“The gains in inventory combined with declines in foreclosure sales puts us in a unique position,” said Emily Green, President of the Minneapolis Area Association of REALTORS® (MAAR). “With supply up and demand for foreclosures virtually disappearing, price growth may moderate but should remain positive.”
Indeed, the Twin Cities have now had 28 straight months of year-over-year median price gains. Foreclosures and short sales made up only 9.5 percent of all new listings and only 12.6 percent of all closed sales. Those are the lowest figures since May 2007 and September 2007, respectively. Homes are still selling quickly. Days on market was down 6.8 percent to 69 days, on average. Sellers are receiving an average of 97.2 percent of their original list price at sale.
“Monthly job growth is approaching 300,000 nationally, and the Twin Cities in particular has the lowest unemployment rate of any major metro area,” said Mike Hoffman, MAAR President-Elect. “We’re positioned well for continued growth.”
All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from NorthstarMLS. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals
For more information about buying or selling a home, contact the real estate professionals at Hometown Realty in Hutchinson, MN. 320-587-6115.