Minneapolis - St. Paul May 2012 home sales,
prices experienced a 20 month high
As the Sun rises so do Home Sales and Prices
Unlike the negative real estate trends of other metros, Minneapolis-St. Paul (The Twin Cities) are finding a surge in home sales and home prices. With unemployment around 6%, low interest rates and affordable home prices, buyers are back in the market.
Minneapolis - St. Paul had 5,130 new purchase agreements signed, compared to May last year that is an increase of 27.3% (Minneapolis Area Association of Realtors). At the same time sellers added 6,599 homes onto the market 6% less then the preceding month.
The multiple offers I have experienced maybe the result of a declining inventory, low interest rates and attractive home prices.
Whether this inventory decline is due to the welcomed warm winter allowing buyers to comfortably visit and buy or a genuine and much needed turn in the economy remains to be seen. My buyers stated "they compared the cost to rent / purchase, with the possibility of home prices increases" deciding "now is the time to buy".
With home prices at their highest since October 2010
Minneapolis - St. Paul Home Sales and Prices are Regaining Ground