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Weekly Minneapolis Area Association of Realtors Report
July 14, 2014
"Pending sales are back and ready to rumble along with their trusty comrade, inventory. After a slower start to the year, the numbers are rallying for a comeback. However, one number not rising is the number of people filing for unemployment. According to the U.S. Department of Labor, jobless applications continued their downward trend. This could help families pad downpayment funds. With more inventory to choose from, there aren’t any cheap shots in this boxing match.
In the Twin Cities region, for the week ending July 5:
• New Listings increased 14.8% to 1,269
• Pending Sales increased 17.4% to 1,045
• Inventory increased 7.7% to 17,587
For the month of June:
• Median Sales Price increased 4.7% to $219,900
• Days on Market decreased 6.8% to 69
• Percent of Original List Price Received decreased 0.3% to 97.2%
• Months Supply of Inventory increased 10.5% to 4.2"
"In June, for a fourth month in a row, homeowners in the 13-county Minneapolis-St. Paul metropolitan area listed more properties for sale than the same month the year prior. New listings rose 8.9 percent to 8,315 homes. That’s uptempo music to the ears of buyers eager to find a property that suits their needs. Pending sales were mostly flat with last June – up just 0.1 percent to 5,295 newly signed purchase agreements. Closed sales were down just 2.2 percent compared to last June.
As a result of this mix of activity, inventory levels also posted a year-over-year increase for a fourth consecutive month. The number of homes for sale rose 6.5 percent to 17,436. Further inventory gains are likely to continue, and there should soon be more options to choose from than in the recent past."
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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