Twin Cities Housing Market on Track for Spring
The housing market in the Twin Cities is continuing to recover with February housing numbers rising. Even through a cold and snowy winter home sales rose by 1.3 percent last month, the largest gain since October 2013. An increase in home sales last month is a strong indicator that the Twin Cities housing market is on track for the spring season.
With spring officially beginning this week we can anticipate more homes popping up for sale and more home buyers entering the market. "If February is any indication, this spring is shaping up to be everything that spring markets should be,” said Mike Hoffman, president of the Minneapolis Area Association of Realtors (MAR).
According to MAR there were 2,557 closed home sales in the Twin Cities metro region resulting in a median sales price of $202,000. This is an increase of 10.4 percent, and the 36th straight month we have seen a year-over-year increase.
Pending home sales in February jumped by 21.8 percent over last year, and is an indication of future home sales. The number of available homes on the market has been lower than desired. In February there were 5,690 new listings on the market, an increase over 23.2 percent over last year.
Foreclosure and short sales were down by nearly 30 percent. Here in the Twin Cities and across the nation the foreclosure crisis is continuing to decrease. In 2013 the number of homes in Minnesota that ended in foreclosures dropped to the lowest levels we have seen since 2005 according to the Minnesota Homeownership Center.
If you are looking to buy or sell a home this spring contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065