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.

Twin Cities home sales fell during May, but new listings and prices posted big gains.

Posted by: Jim Buchta under Buying Updated: June 11, 2014 - 11:01 AM

Higher home prices are bringing more sellers into the market. At the same time, with more traditional buyers and fewer investors in the market, demand for move-in ready houses is on the rise. During May there were 8,572 new listings, boosting overall inventory levels 6.1 percent to 16,368 homes for sale. Here's a look at the key market indicators during May, according to data from the Minneapolis Area Association of Realtors.

  • Median sales price: up 8.2 percent to $210,000 – the highest May median sales price since 2007, tied for the highest median price for any month since December 2007 and the 27th consecutive month of year-over-year price gains. 
  • New listings: 8,572, up 3.0 percent Of those, new traditional listings were up 14.1 percent while foreclosure and short sale listings fell 44.0 percent and 47.7 percent, respectively,
  • Overall pending sales: 5,260, down 9.0 percent. Of those, traditional pending sales increased 0.7 percent and foreclosure and short sale pendings fell 39.3 percent and 47.3 percent.
  • Closings: 4,868, down 11.4 percent.
  • Percent of all sales that were foreclosures and short sales: 10.0 percent and 15.0 percent - the fewest since October 2007 and May 2007. 
  • Average days on market: 80 days, down 7 percent.

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