Spring is officially days away and Realtors in Minneapolis are eager to put this winter behind them.
The jury is still out on the impact of the unusually harsh winter on the housing economy. Some national statistics are noting a muted effect, with major metros brushing off the cold.
Realtors in the Minneapolis/St. Paul region could not disagree more.
According to the Minneapolis Area Association of Realtors, the 13-county metropolitan area housing market was negatively affected by the extreme winter.
On the demand side, closed sales were down 14% percent to 2,465 properties overall, "which speaks to the low number of weather-impeded purchase agreements entered into during January," the association said in a statement.
Traditional closed sales were up 6.7% while foreclosure sales and short sales fell 33.4% and 61.9%, respectively.
The 11,975 properties currently on the market are 9.6% less than February 2013.
“It was an interesting month,” said Emily Green, President of the Minneapolis Area Association of Realtors. “While the market shifts back toward where it was before the bubble, we expect to see foreclosures and short sales become less prevalent, which can dilute overall numbers."
"Then you have the weather,” she added.
Realtors are hoping spring will help improve the Twin Cities housing market.
Although new listings declined 5.0% to 4,616 overall, seller activity is likely to pick up during the spring and summer months, the association notes.