Housing market still strong, says report
The housing market – both statewide and locally – continues to show improvement, according to a new report.
As kids across Minnesota went back to school in September, the housing market didn’t seem to lose any steam, based on the most recent report from the Minnesota Association of Realtors (MAR).
Minnesota residents continued to feel confident enough in Minnesota’s economy to put their homes on the market, noted MAR leaders.
During September, statewide numbers showed a 14 percent increase in new listings over the same time period in 2012.
“We generally see a drop in listings this time of the year primarily due to the absence of school year influenced sellers and the reduction of discretionary sellers,” said Rod Helm, MAR president. “This year-to-year increase is really representative of more sellers looking to take part in the current housing recovery.”
Not only are new listings continuing to come on to the market, homes are continuing to close as well. The closed sales for September were up 13.3 percent, an increase of 836 closings over last year.
In Douglas County’s region of the state, the west central zone, closed sales were up 23.7 percent.
As the reports have shown for the last several months, sellers are still receiving 96.6 percent of their list price statewide. The amount of time a home is on the market is also still trending down to 48 days. This equates to a 22.6 percent decrease since last year at the same time.
Many home owners considering listing their homes are willing to take the plunge with the thought of actually selling it within a month and a half, and at a price close to what they listed it at, according to real estate agents.
“Minnesota has really made some strides this year on our recovery of the housing market,” said Chris Galler, CEO of MAR.
However, with mortgage rates slowly ticking up and such uncertainty with our federal government, we could definitely see the pace slow down.”