For the 13th consecutive month, homes in the 13-county Twin Cities regional housing market sold at a higher median price than during the year prior, according to data from the Minneapolis Area Association of REALTORS.
In addition to that milestone, the percentage of all new listings that were traditional, non-distressed homes soared to 75%, marking its highest level since May 2008.
Pending sales continued to increase, traditional and distressed inventory fell and prices appreciated, all indicators of a much healthier market.
In March, there were 3,632 closed sales, which remained unchanged from one-year prior. Pending sales reached 4,656, a 6.6% increase over 2012.
Inventory levels dropped a significant 31% from last year to 12,615 active listings — this represents a 10-year low. Driven by high demand, the median price for the Twin Cities metro jumped 17.4% to $176,000.
"Buyers are filling the market pool with the arrival of spring," said MAAR President-Elect Emily Green. "Sellers are starting to dip their toes into the water, but we could use some divers."