Homes being purchased at fastest rate since 2007
Sellers are finding themselves with a sold sign on their lawns in less than three months, according to the latest housing report data from the Minnesota Association of Realtors (MNAR).
Homeowners only required an average of 84 days to sell their home in April of 2013 three weeks less than the same time last year. This is the fastest homes have been selling since 2007.
Along with a 20 percent decrease in the time it takes to sell your home, sellers were receiving 94.4 percent of their original list price. A 2.6 percent increase over the same time last year. Sellers are receiving the most return on their investment since 2007.
Days on market
One statistic that continues to trend upward is the median sales price. Statewide the median price is at $165,000, an 11.9 percent increase. Sellers are finding themselves receiving higher offers for their homes as they sell at a faster rate.
"We hope to see an increase in the listing inventory as the summer months approach," said Jim Cormier, president of the Minnesota Association of Realtors. "There are many buyers in the market today, looking for homes in neighborhoods with little inventory to choose from. If you are a seller, it is a great time to list your home."
Pending home sales were also on the rise in April. In 2013, there were 7,646 pending sales, which is a 4.2 percent increase over 2012. There were only 6,363 pending sales in April 2011, a 31.4 percent difference from the same time this year.
"All of the data is trending in a positive direction for the housing market," said Christopher Galler, chief executive officer of the Minnesota Association of Realtors.
The Minnesota Association of Realtors is the largest professional trade association in the state with more than 17,000 members who are active in all aspects of the real estate industry.