If you are selling or plan to sell your river front home in Stillwater, MN, you know that there’s been plenty of bad news in the housing industry to go around for the past few years. And although we’re not ready to jump up and down and declare the beginning of a huge upswing, it’s good to note the hopeful signs on the housing market horizon.
There were fewer home sales closed in Minnesota in May 2011 than one year ago (down by nearly 17%). However, the number of pending sales was up 13.2%, and the number of new listings was also up 10%. These numbers are good indicators of progress moving forward.
As well, the Minneapolis Area Association of Realtors (MAAR) reported that distressed properties made up 41.8 percent of pending sales during May for the Twin Cities 13-county area. That’s still a high percentage of all homes, but it’s down from January, when distressed homes made up 55.5 percent of all pending home sales. And distressed properties are now at their lowest level since April 2010 for new listings. Brad Fisher, president of MAAR, said “”Both the foreclosure rate and the distressed-sales rate hit seven-month lows in May. It is reassuring to have more traditional product entering the market relative to other segments, as today’s new listings are tomorrow’s closings.”
Consider these numbers:
$200,700 – Traditional homes, median sale price, May 2011
$135,000 – Short sales, median sale price, May 2011
$104,450 – Foreclosures, median sale price, May 2011
We’d obviously like to see all of those numbers come up substantially. But the good news for Stillwater residents is that your home is in a better position right now in the market than it was a month ago, with distressed properties down and pending sale up. We’ll take the little signs of encouragement that come – it’s looking better and better for selling your Stillwater, MN river front home!