Across the Twin Cities region, the market recovery continues: In November, according to information released today by the Minneapolis Area Association of Realtors (MAAR), buyer activity outperformed year-ago levels, inventory dropped and, for a ninth consecutive month, home prices rose compared to 2011.
In Plymouth, the median sales price this November was $316,500. Last November the median price hovered around $250,000. This November, houses were on the market for about 87 days, compared to 132 days last November.
Regionally, the median sales price was up 16.9 percent. With prices on the way up, Cari Linn, MAAR’s president, expressed hope that more sellers will step into the market: “Price gains combined with more competition among buyers for less supply should be appealing to homeowners looking to make a move in the near future.”
The dropping number of “distressed sales” (foreclosures and short sales) is playing a big part in the rising market. Overall, new listings were up 0.2 percent. However, traditional new listings were up 27.8 percent while foreclosure and short sale new listings fell 21.1 percent and 45.7 percent, respectively. Thus, a pullback in bank-mediated listings has diluted a significant increase in traditional seller activity.
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