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Weekly Minneapolis Area Association of Realtors Report
July 28, 2014
"Finding the truth behind housing statistics is like debating the best beer for summertime. On the beer side, you might pick an American wheat, Belgian white, shandy, Kolsch, cider or maybe a Coors Light if you’re into the pickup truck and dirt road scene. On the housing side, you might say we’re too heavy toward a seller’s market as prices rise, that another buyer’s market is over the horizon if inventory pushes up or that things are just right for the first time in years. No matter where your submarket sits on the scale, it’s safe to say that MLS data is the best base for a meaningful opinion and that a doppelbock is not a good base for an outdoor barbecue in the middle of July."
In the Twin Cities region, for the week ending July 19:
• New Listings increased 10.4% to 1,913
• Pending Sales decreased 1.0% to 1,145
• Inventory increased 8.9% to 18,011
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
July 21, 2014
"We are within one of the most affordable home-buying environments in history, but prices are up and rates may well go up, too. Rising prices provide empirical evidence of healthy demand. If inventory is able to replenish itself over the course of the next several months, sales could break up the sluggishness seen in some markets. There are those who believe that millennial buyers are being seduced away from homeownership by the agility of urban renting. That doesn’t appear to be the case. Housing is enjoying brisk activity, and people are talking positively about residential real estate again."
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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