Twin Cities home prices have appeared to make a little turnaround on a metro wide. 12 straight months of year over year increased pending home sales is definitely a strong sign according to a report by the Minneapolis Association of Realtors.
From press release:
After increasing by $12,000 from April to May, the median sales price in the Twin Cities housing market jumped another $8,500 in June as traditional homes—those excluding foreclosures and short sales—again increased their market share, according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc.
Lender mediated sales also continue to decrease with 41% market share still a lot and going back to yesterday’s posting, it looks like another wave of foreclosures is not far behind.
Inventory is down and anything under $250,000 is extremely competitive if priced right and in good condition. Bargain deals are also to be had on bank owned homes for home buyers wanting to put some work into a distressed property.
If your looking for other information check out the real time market data of Twin Cities home values here. You can get an idea of what is happening on a city level versus metro area as a whole.
It all goes back to location, location, location when it comes to median home prices. Even down to the neighborhood level.
graph used from Minneapolis Association of Realtors press released
