Housing prices rise, inventory short, sellers experiencing multiple offers ..........these are the headlines for May home sales.
Okay, we have seen a few blips in prior years but this is the longest sustained increase since the bubble lost it's hot air!
A few high lights to be optimistic about:
- Prices increased almost 11% over May of 2011
- Traditional sales were up 50.1% while foreclosures were down 12.8% (EXTREMELY GOOD NEWS)
- Inventory of homes for sale is down 31.1% (increases demand) and is the lowest since 2004
- Homes sold in 125 days (on average) down 19.6%
- Sellers received 94.5% of their list price up 3.8%
To watch the Monthly Skinny from the Minneapolis Association of Realtors
All information is according to the Minneapolis Area Association of REALTORS® (MAAR) based on data from the Regional Multiple Listing Service of Minnesota, Inc. MAAR is the leading regional advocate and provider of information services and research on the real estate industry for brokers, real estate professionals and the public. MAAR serves the Twin Cities 13-county metro area and western Wisconsin.
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