The housing market continues to improve in Brooklyn Park, which was hit hard by foreclosures during the recession.
The median sales price of single-family detached homes was $186,000 in September, 15 percent higher than in September 2012, according to the Minneapolis Area Association of Realtors. By comparison, the median Twin Cities sales price increased 15.4 percent to $206,000, according to the association.
Brooklyn Park’s supply of single-family homes for sale is shrinking, dropping by 22.5 percent in September from the same time last year. There was a 2.8-month supply of homes for sale this September, compared with 3.6 months in September 2012.
The city noted that a six-month supply is considered a healthy housing market. So this low supply translates into a sellers’ market.
The city saw 119 closed sales of single-family homes, condos and townhouses in September, up from 89 the year before.