The latest report from Mpls Area Association of Realtors.  Months supply of inventory is quite low at 3.2 months.  At the height, we had approximately an 11 month supply.  Supply is low, Demand is Up & if you remember from Econ 101, that means it is a Seller's Market.

 

You’re busy – planes to catch, open homes to see and little league games to coach. But in less time than it takes to lint roll a favorite set of slacks, you can catch up on the most up-to-date and local housing market trends. Don’t clutter your brain with big data that has muddled together home sales from across the county. Get ahead of the curve by zeroing in on your region’s market and nothing else.   Read on for the good stuff. In the Twin Cities region, for the week ending May 11: • New Listings increased 25.1% to 1,858 • Pending Sales increased 16.2% to 1,305 • Inventory decreased 27.5% to 13,556  For the month of April: • Median Sales Price increased 12.0% to $182,000 • Days on Market decreased 28.1% to 97 • Percent of Original List Price Received increased 2.7% to 95.9% • Months Supply of Inventory decreased 36.0% to 3.2

More good news on the Real Estate front.  This is an article that appeared on CRS Connect Blog, which is Certified Residential Specialist, a professional network of successful real estate agents that I am a member of.

Metro area home prices continued to climb in the first quarter of 2013, with the best year-over-year gain in more than seven years, according to the latest quarterly report by the NATIONAL ASSOCIATION OF REALTORS®. The national median price of an existing single-family home was $176,600 in the first quarter, up 11.3 percent from $158,600 in the first quarter of 2012. The median existing home price rose in 133 of the 150 metro areas surveyed, while 17 areas had price declines. Some of the previously hard-hit markets, like Phoenix, Sacramento and Miami, continue to experience a dramatic turnaround, while markets like Atlanta, Seattle and Minneapolis are beginning to show improvement.
Total existing-home sales edged up 0.8 percent to a seasonally adjusted annual rate of 4.94 million in the first quarter from 4.90 million in the fourth quarter of 2012, and they were 9.8 percent above the 4.50 million homes sold during the first quarter of 2012. An estimated 1.93 million existing homes were available for sale at the end of the first quarter, 16.8 percent below the close of the first quarter of 2012, when 2.32 million homes were on the market. Distressed sales accounted for 23 percent of all first-quarter sales, down from 32 percent a year ago, and they generally sold at a 20-percent discount.
Regionally, existing-home sales in the Northeast rose 4.4 percent in the first quarter and were 9.1 percent above the first quarter of 2012. The median sales price of an existing home in the Northeast rose 2.9 percent to $234,000 in the first quarter.
In the Midwest, existing-home sales increased 1.2 percent in the first quarter and were 15.0 percent higher than a year ago. The median sale price of an existing home in the Midwest was $135,100, an increase of 8.2 percent from the first quarter of 2012.
In the South, existing-home sales edged up 0.7 percent in the first quarter and were 13.3 percent higher than a year ago. The median sale price of an existing home in the South was $156,800 in the first quarter, up 9.3 percent from a year earlier.
Existing-home sales in the West slipped 1.1 percent in the first quarter but were 0.6 percent higher than a year ago. The median sale price of an existing home in the West jumped 24.4 percent to $247,800 compared to the first quarter of 2012.

By Regina Ludes, Friday, 10 May 2013 - 8:00am

The supply is still dwindling.  It's a Great time to sell.  Here's Mpls Area Association of Realtors latest update.

Less supply, more demand and rising prices are being seen in residential markets across the nation.  Although grumpy cats using national data sometimes grouse about the housing recovery's fragility, housing trends have remained positive for well over a year now, and the road ahead looks bright with better lending standards in place.  Ominous headlines may benefit advertisers & search engine optimization, but local consumers informed of local situations are in a better position to leverage the market.

 

In the Twin Cities region, for the week ending April 20:

• New Listings decreased 4.5% to 1,601

• Pending Sales increased 9.7% to 1,337

• Inventory decreased 28.4% to 13,258

Here's the latest scoop from the Mpls Area Association of Realtors.  Despite the weather, there is some good news out there.
 



The unpredictable season of spring is here. Wily snowstorms, thunderous rain and summer-like heat waves strike across the U.S. It's a good thing we can count on at least one thing – a steadily improving housing market. Even the few naysayers left can't ignore the cherry blossom blooms within the market metrics.  So get out your umbrella, sunscreen and snow boots because, no matter the weather, we are watching a burgeoning market take form. With scarf, shorts and galoshes on, let's wade into this week's local housing stats.
 

In the Twin Cities region, for the week ending April 6:

• New Listings increased 22.6% to 1,731

• Pending Sales increased 17.1% to 1,158

• Inventory decreased 30.1% to 12,821

 

For the month of March:

• Median Sales Price increased 18.0% to $176,840

• Days on Market decreased 24.3% to 109

• Percent of Original List Price Received increased 3.1% to 95.0%

• Months Supply of Inventory decreased 38.0% to 3.1

The inventory levels are creeping up a little, but they are still low, especially for a spring market.  Properties are moving fast again, so if you are considering listing, this is the best time to list in probably the last 5 years.  Give me a call. Here's the latest from the Mpls Area Association of Realtors.  Oh, & I thought you might enjoy a little WI greenery from last summer. 

No one knows how accurate that February groundhog is, but by this time of yeareveryone is screaming of cabin fever. The spring market is in full swing, so keep your eyes on the price and your mobile device in hand.  Prepare yourself for seeing even more buyers buying, more sellers selling and lots of attention being given to the need for new inventory.  Will you like what you see?  Well, let's take a look.  Here's the lowdonw on your local market.
 

In the Twin Cities region, for the week ending March 23:

• New Listings increased 2.8% to 1,453

• Pending Sales increased 11.9% to 1,116
• Inventory decreased 29.8% to 12,779

 

More good news.  Check out this Press Release from the Mpls Area Association of Realtors.

Twelve Consecutive Months of Price Gains
Minneapolis, Minnesota (March 12, 2013)
Twin Cities homes sold for a higher median price than during the year prior for the 12th consecutive month. This is a significant milestone demonstrating a real and sustainable recovery. Several patterns continued from 2012: pending purchase activity was up, new and existing supply levels were down, prices were higher and distressed market activity eased.

Continue reading in the following link;  Mpls Realtor; Twelve Consecutive Months of Price Gain

The market is definitely heating up.  3 of my listings sold in the last month - one went into multiple offers.  The key to a successful sale is price & condition.  I have been telling people that I am cautiously optimistic about the real estate market.  Barring no bad economic news, I expect the market to continue on it's recovery.  Inventory in the Metro is way down - it decreased 31% to 12,371. That's unheard of.  If you are on the fence about selling, NOW IS THE TIME!!!