General Market Pending sales for May 2011 in the 13-county Twin Cities metropolitan area were up 13.2 percent over last year’s post-tax credit market. Sellers introduced 7,021 new properties to the market, a 10.8 percent increase from the year prior. Inventory shrunk 11.8 percent to 25,636 units—the lowest May inventory count since 2005. The overall median sales price declined 12.6% to $152,950 as value-minded consumers continued to shop for bargains.
Prices and sales varied significantly by market segment. Traditional (non-distressed) prices were up 1.4 percent to $200,700. Foreclosure prices were down 16.4 percent to $104,450, and short sale prices were down 5.6 percent to $135,000. Distressed properties made up only 29.8 percent of all new listings—the lowest level since April 2010. The fact that comparatively more homes in financial distress are selling off the market than are entering the market is a positive sign.
On average, it now takes 148 days for a home to sell, marking three consecutive months of declines. Months’ supply of inventory, now at 8.5 months, is down from nearly 12.0 months during the summer of 2008.
Single Family Homes near Rice Lake in Maple Grove: There are 28 active homes on the market today. There was 2 new listings (big homes!), no pending homes and no sold homes this past week.