The Twin Cities metro area saw more listings added to the real estate market last month as more sellers jumped in . The number of listings increased 7.7 percent, which is the biggest increase in listings we have seen in nearly two years according to a monthly sales report from the Minneapolis Area Association of Realtors. The increase comes at a much needed time when April numbers show that the number of listed homes was down nearly 30 percent over last year. Decreased housing inventory is resulting in us seeing bidding wars on homes, and sellers getting more of their listing price. Last month sellers in the Twin Cities averaged 95.9 percent of their original home listing price.
Buyers are still out in full force and buying. There were 4,138 home sales, which is a 5.3 percent increase over last year. Not only are home sales up but home sale prices continued to rise too. The median price of homes for closed sales last month was $182,312, which was a 12.2 percent increase. With the median sale price increasing this makes more and more homeowners in the Twin Cities no longer underwater on their home mortgage.
The economy in the Minnesota and in the Twin Cities is strengthening which is also helping the housing market in the area. When jobs are plentiful the housing market reacts to it. Minnesota’s unemployment rate is at 5.5 percent, which is below the national average and the number of jobs available in the state has increased.
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