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Weekly Minneapolis Area Association of Realtors Report

By Aubray Erhardt on Thursday, September 11th, 2014

Inventory in the 13-county Minneapolis-St. Paul metropolitan area is up 8.7 percent from last year. August was only the sixth month of year-over-year inventory gains. Consumers now have 18,205 homes from which to choose. New listings were flat, increasing just 0.1 percent to 6,958, while market-wide pending sales decreased 7.0 percent to 4,802. Overall closed sales were down 7.3 percent from last year to 5,291 units.

With 4.4 months supply of inventory, the absorption rate is consistent with a transitioning market approaching balanced territory. Sellers are still seeing multiple offers on quality listings but buyers don’t have to compete quite as hard over limited supply. The sales mix continued to favor traditional homes that sell in less time and at higher price points. The median sales price rose 5.3 percent to $219,001. That’s the highest August median sales price since 2007, and the 30th consecutive year-over-year increase.

Ray Klotz, Edina Realty Minnesota
4425 Highway 169 N - Plymouth, MN 55442
Ray Klotz, a licensed real estate agent in Minnesota, specializes in houses, townhouses, condos and foreclosures in Minneapolis and outlying areas.
Copyright 2014 Ray Klotz., All Rights Reserved

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