Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Janet Moore.

For sale house listings post biggest gain in more than three years

Posted by: Jim Buchta under Buying, Foreclosures Updated: May 12, 2014 - 10:52 AM

It's been a less-than-stellar spring housing market in many parts of the Twin Cities, but the recovery marches on, though at a more moderate pace than last year. Here's a look at what happened during April, according to a monthly sales reports released this morning by the Minneapolis and St. Paul Area Associations of Realtors.

  • The median sales price all closings increased 8.0 percent to $197,000 - the 26 straight month of year-over-year price gains.
  • Closed sales fell 11.9 percent to 3,806.
  • Pending sales declined 3.9 percent to 5,127 properties.
  • While foreclosure sales fell 41.8 percent, traditional sales increased 1.4 percent.
  • New listings rose 10.2 percent to 7,776 newly listed homes, with traditional new listings rising 25.7 percent compared to last year at this time. Of those new listings, foreclosure listings fell 41.6 percent and 49.6 percent, respectively.
  • The inventory of homes for sale now stands at 14,429 properties, a 1.5-percent increase and the largest increase since January 2011.
  • Foreclosures and short sales now make up just 11.4 percent of all new listings compared with 22.4 percent last year.
  • On average, homes spent 89 days on the market, down 8.2 percent from last April and sellers are receiving an average of 95.9 percent of their original list price.

Stay tuned for a full report in the Tuesday paper.

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