The Minneapolis Area Association of REALTORS® (MAAR) announced today that the 13-county regional housing market achieved a major milestone in March 2013. For the 13th consecutive month, homes in the Twin Cities sold at a higher median price than the previous year!
And there’s even more good news. Traditional listings are up and distressed listings - foreclosures and short sales - are decreasing. Traditional listings made up 75% of all sales, it’s highest level since May 2008.
“We closely monitor the mix of homes that sell,” said Andy Fazendin, President of the Minneapolis Area Association of REALTORS®. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”
There is some concern with the lack of supply of homes on the market. The MAAR says that more seller participation in the market will be crucial to ongoing recovery, with many consumers frustrated by the limited supply. “Buyers are filling the market pool with the arrival of spring,” said Emily Green, MAAR President-Elect. “Sellers are starting to dip their toes in the water, but we could use some divers.”
John and Becky Durham are Eastern WI and Minnesota real estate agents with RE/MAX Results and Durham Executive Group. For more information about us, check out our website at www.results.net/john.durham
John Durham - 651-231-2191 john@durhamexecutivegroup.com
Becky Durham - 651-231-2192 becky@durhamexecutivegroup.com
- 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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