NEWS RELEASE MPLS AREA ASSOCIATION OF REALTORS
After being cooped up for a long, cold winter, homeowners in the 13-county Twin Cities area showed renewed signs of optimism in March.
Seller activity rose 5.5% to 6,492 newly listed homes, a crucial increase toward fueling buyer demand. Inventory levels are still hovering near a 10-year low, but consumers should have more options to choose from this year compared to recent years. Pending sales were 8.4% lower, resulting from a desired shift to less foreclosure and short sale activity. Most indicators continue to suggest ongoing recovery and stabilization. It’s imperative to understand market activity by segment. Buyers are now leaning toward traditional purchases first because they are making up a greater share of the marketplace.
These properties also tend to be in better condition, many come with warranties and traditional sellers tend to be more cooperative than banks. New traditional listings rose 22.1% compared to March 2013, while foreclosure and short sale new listings fell 39.9 and 53.8%, respectively.
On the demand side, pending sales declined 8.4% to 4,141 properties overall, which still reflects less distressed market activity. Once again, traditional pending sales were up 2.6% while pending foreclosure and short sales fell 32.2 and 45.1%, respectively.
Last March, foreclosures and short sales made up 25.2% of all new listings. This March, they made up just 13.3%. For closed sales, the number fell from 37.6 to 26.6%.
