Might not look or feel like spring, but Twin Cities home sellers are feeling some heat. During March, a big decline in listings and an increase in signed purchase agreements caused an impressive increase in home prices.
During March there were 3,632 closed sales with a median sale price of $176,000, according to data released this morning by the Minneapolis and St. Paul Realtor's associations. That was a 17.4-percent increase in the median price and the 13th consecutive month of year-over-year increases.
The big jump in the median is a result of several factors. Demand is strong and listings are scarce, causing multiple offers in many areas. But there's also been a stastical shift in the median because of an increase in sales of upper-bracket houses alongside a decline in foreclosure sales, which skews the median lower. In fact, 75 percent of all new listings last month were NOT foreclosures or short sales - the highest level since May 2008. We're working on a complete story for the Thursday Star Tribune. In the meantime, here are other highlights of the report:
- Pending sales: 4,656 , up 6.6 percent from last year.
- Active listings: 12,615, down 31 percent from last y
- Days on market: 109, down from 144 last year.
- Price per square foot: $105, up from $93 last year