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Pederson Realty: Twin Cities Real Estate
The Twin Cites sellers market seems to be starting to make up for some lost time. Inventory is at a 10 year low, below 12,000 homes are available from a high of over 36,000 less than 10 years ago.
More Twin Cities homes are selling, they're selling faster -- and at higher prices. Record low mortgage rates this fall seemed to have helped continue this recovery. The latest Minneapolis Area Association of Realtors data show the number of foreclosures on the market is 30 percent, the lowest level in five years. The overall median sales price was $174,000 in September, 12 percent higher than a year ago.
It seems as though the Twin Cities selling market pace is gaining momentum. A great place to keep up on weekly market trends is a housing market blog called The Skinny. Minneapolis was mentioned in this Forbes magazine article listing surprising U.S. cities that are experiencing housing shortages.
So if you have been thinking of selling, watch for continuations of last year's trends: less inventory, strong buyer activity and firmer prices. Spring is just around the corner, sellers are noticing the changes that have taken place. It's a much less scary time to sell a home.