All data comes from MAAR and RMLS of MN, Inc. Data deemed reliable but not guaranteed. Not to be reproduced without MAAR’s consent. Minneapolis Area Association of Realtors
About the index:
Numerical rankings were assigned to each community on four metrics, then those rankings were added together to create the final index score. We compared 103 cities that had 100 or more closed sales in 2016, the first year we did this index. Here's how the rankings worked for the four metrics:
1) We calculated the percentage change between the average price per square foot last year and the average across the previous four years. The change between those two numbers was then ranked. A ranking of 1 represented the lowest change, while the highest score was 103.
2) For average days on market, a score of 1 represented the most days on market, while the city with the shortest days on market got the highest score.
3) For the percent of original list price received, the community with the lowest percentage got a score of 1. The highest-scoring communities tended to have an average percentage of list price received at or above 99 percent.
4) The index also factored in the percentage of distressed sales (foreclosures and short sales). In this case, the community received a ranking of 1 if it had the highest percentage of distressed sales. Communities with low percentages of distressed sales got the highest scores.