Twin Cities MN Home Sales Trends

Chart and statistics provided by Minneapolis Area Association of Realtors.

The home sales streak continues….. this is the 13th month that we have seen more sales than there were one year ago.  July was up 16% from last year, with 5174 Twin Cities MN homes for sale seeing purchase agreements.  About 43.6% of these sales were for lender-mediated properties (i.e. foreclosures and short sales.)

The number of Twin Cities MN homes for sale is declining.  This is evidenced by weak numbers for new listings being posted.  July saw only 7,769 new mls listings.  Numbers of Minneapolis real estate listings have dropped dramatically, and Twin Cities inventory levels are down 21.6% from a year ago.  Supply is definitely shrinking.

Median prices have dropped 17.8% from last year, but is up slightly since last quarter.  Median price for Twin Cities homes in July was $171,000.  This means that this is still a great time to buy, but the trends suggest that this window of opportunity might not last forever.

Possibly related posts:

1. Minneapolis Housing Market Report
2. Minneapolis Real Estate Market Report 2009