Home/Mortgages/Home Sales Improve in Minnesota

March 27, 2012 (Shirley Allen)

Monthly and annual sales of existing single-family homes and condominiums improved during February in Minnesota while home prices held steady, remaining virtually unchanged from last month and from last year, according to the latest housing data from the Minnesota Association of Realtors® (MAR).

An estimated total of 4,921 existing single-family homes and condos were sold in the North Star State in February. That was 11.6 percent higher than the 4,411 homes sold in January and 14.7 percent higher than the 4,290 homes sold in February 2011.

The median sales price for an existing home in Minnesota was virtually unchanged in February at $124,900, down from $125,000 in January, but was still 0.8 percent higher than the median price of $123,950 in February of last year.

Of the 13 regions that provide data for the monthly report, ten of the regions reported gains in home sales over the previous year with the North Central Region (+308.8 percent) reporting the largest increase while the South Central Region (-11.2 percent) posted the largest monthly decline in sales.

The Seven Twin Cities Region recorded the most sales for the month with an estimated 2,438 home sales, up from 2,184 the previous month, while the Southeast Region followed with an estimated 622 home sales for the month, up from 528 in January.

Year-over-year, six regions posted an increase in their median prices led by the Headwaters Region (+103.6 percent) with the South Central Region (-13.9 percent) posting the largest decline in prices. Three regions had no change in their home prices from the previous year.

The total number of homes available for sale continued to fell dramatically in February with 59,419 homes actively available. That’s down from 105,432 in January and down from 133,164 in February of 2011.

The dwindling inventory left the state with an average 8.6 months supply of homes available for purchase, down from a 16.9 months supply in January and also down from a 20.7 months supply a year earlier.

Tags: existing homes, condos, sales, median home prices, Minnesota