The Minneapolis Area Association of Realtors released NorthstarMLS’ October stats this morning, and it was another month of improvement! The average sales price is up 7.8% over last October to $209,522. Market time is down 24.8%, pending sales are up 34%, and closed sales are up 15.1%. We did see an increase in new listings, up 7.5% from last year; however, the inventory continues to drop 29.7%, with only a 3.7-month supply of homes on the market. What do these numbers mean? The market is stabilizing. If you were to put your home on the market now at a reasonable market price, you are likely to have more success than you did a year ago. We have even started seeing more multiple offers again. For more specific statistics on your neighborhood, call your neighborhood Realtor.
Minneapolis Real Estate and Minneapolis Homes and Condos for Sale
