Twin Cities home prices soar
The Twin Cities metropolitan area, which includes the cities of Minneapolis and St. Paul, continues to see rapid year-over-year home price appreciation as the market experiences a mix of higher listings and more consumers searching for inventory as sellers re-enter the market.
The Minneapolis Area Association of Realtors said Friday the median home price in the Twin Cities 13-county area rose for the 14th consecutive month in April, its highest point in more than four years.
The median home price for the entire market rose 12.2% to $182,312, fueled by a changing mix of sales, solid demand and tighter supply.
In addition, the area's traditional median sales price grew 8.5% in April to $216,000, while the foreclosure median sales price grew 11.7% to $134,000.
The short-sale median price also edged up 5.1% to $135,000.
Twin Cities prices rose as new listings grew 7.7% over year ago levels, with 7,057 listings recorded in April. Signed purchase agreements also went up by 16%, reaching 5,507 listings last month.
MAAR called this the 'highest pending sales count since May 2006' in the region.
The same period brought 4,138 closed sales and inventory levels fell 29.3% to 13,113 active listings.
Traditional, non-distressed properties represented 77.9% of all new listings, the highest level since October 2007 and an indicator that distressed assets are on the decline.
Sellers also returned to the market, with activity on the seller’s side rising 7.7%.