Twin Cities prices rise because there are fewer low-priced homes in the sales mix

Positive news about the housing market has permeated the headlines for several months now, and it’s not just a case of less supply and more demand. It’s also a function of product mix. When there is a transition from a 50 percent foreclosure market to a 25 percent foreclosure market, twin cities prices rise because there are fewer low-priced homes in the sales mix. Of course, this is not the case in all submarkets, so here’s what else is happening around town.

 

In the Twin Cities region, for the week ending April 13:

 

• New Listings decreased 2.0% to 1,605

• Pending Sales increased 6.1% to 1,186

• Inventory decreased 28.7% to 13,145

 

For the month of March:

 

• Median Sales Price increased 17.8% to $176,650

• Days on Market decreased 24.3% to 109

• Percent of Original List Price Received increased 3.1% to 95.0%

• Months Supply of Inventory decreased 38.0% to 3.1

The Weekly Market Activity Report is produced by the Minneapolis Area Association of REALTORS® (MAAR) for REALTOR® members and interested parties on a weekly basis. Use it to further your understanding of the Twin Cities 13-county residential real estate marketplace.

Good luck and happy home selling!

Matthew Johnson

www.mattjrealtor.com

The Johnson Real Estate Group serves Woodbury, Oakdale, Cottage Grove, and the entire Twin Cities Area including Western Wisconsin! We are dedicated to providing a superior experience when buying or selling your Twin Cities home! Contact us at www.mattjrealtor.com to find out more.

 

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