Home Sales Down Again
We had a nice (but small) improvement in real estate sales in January of almost 3.7%, which was the first increase since April 2010, when the federal tax incentives were in play. Unfortunately, the new stats out this week show that pending sales are down again for almost the 12th month in a row. Numbers released by the Minneapolis association of Realtors show that pending sales for the 13 county extended metro area fell 12.6% in February over 2010 (from 3,527 in 2010 to 3,082 in 2011).
Other stats are not looking so great either. In February, the average number of days on the market jumped 16.1% to 157 days, which is the highest number since the data has been kept (2003). In 2010, homes sold on average in 135 days, but in 2005, homes would sell in 30 days.
The news agencies always report the median sales price. I am not really a big fan of that number because it simply says that more or less homes of higher or lower price sold. If the median sales prices goes from the $142,500 last year to the $159,000 this February, it simply tells us that more homes over $159,000 sold this year than last. Not sure how that information is important or actionable.
Surprisingly, foreclosure sales were up 40% from 2010 with increased listings of foreclosures jumping 5.5% year over year. I think that many buyers are seeing the amazing opportunities, even in Lake Minnetonka homes out there and are buying their dream homes.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Subscribe via RSS
Comments
No comments yet.
Sorry, the comment form is closed at this time.