The month of April was not as expected when it came to the housing market in the Twin Cities. A recent report released by the Minneapolis Area Association of Realtors showed that pending home sales in the 12-county Twin Cities area fell 25.8 percent to 4,289 compared with April of 2010 in the Twin Cities. However, it is hard to compare sales from April of 2010 to April of 2011. During April of 2010 the government was still offering their $8000 for first-time buyers which drove up home sales. Pending home sales for March were down 17.6 percent.
The majority of homes purchased during the month were homes that were foreclosures, and that paired with the decrease in demand for homes caused the median sale price of homes to fall nearly 15 percent to $145,000. 47 percent of all pending home sales last month were foreclosures and short sales for the month of April.
The number of new home listings seen on the market was alsodown 26 percent compared with this same time last year. The decrease seen in the amount of homes listed means that the overall inventory level is now 16 percent. Numbers like this were last seen in 2005. The current number of days a home remains on the market also increased for the 8th consecutive month. The average days on market are now 152 days, which is 26 more days then April of 2010.
If you are looking to buy or sell a home contact me. Our group specializes in Eden Prairie Real Estate, Chanhassen Real Estate, Chaska Real Estate, Lake Minnetonka Real Estate, Edina Real Estate and West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065