Brutal weather and a dramatic decline in foreclosure and short sale listings put the brakes on homes sales in the 13-county metro area last month, according to a new report from the Minneapolis Area Association of Realtors. Here are the highlights:
- Median sales price: up 14.4 percent to $183,044 - the 24 straight month of year-over-year median price gains.
- Closings fell 14.0 percent to 2,465 properties.
- Closings (not lender mediated) increased 6.7 percent.
- Closings (foreclosure sales and short sales) fell 33.4 and 61.9 percent, respectively.
- Foreclosures and short sales made up 30.3 percent of all sales compared with 43.9 percent last year.
- New listings declined 5.0 percent to 4,616 overall,.
- New listings (not lender mediated) were up 9.1 percent
- New listings (foreclosures and short sales) fell 34.5 and 54.6 percent, respectively.
- The overall inventory stood at 11,975 properties, a 9.6 percent decline and a 10-year low.
- On average it took 99 days to sell a home last month, down 10.8 percent from last year.
- At the current sale pace, there enough listings on the market to last just 2.8.
The quote that sums it all up: “It was an interesting month,” said Emily Green, president of the Minneapolis Area Association of Realtors. “While the market shifts back toward where it was before the bubble, we expect to see foreclosures and short sales become less prevalent, which can dilute overall numbers. Then you have the weather.”