For the eighth straight month, the Twin Cities' median home sales price rose as the metro area saw increased sales demand and the distressed market accounting for a smaller part of overall home sales, according to the Minneapolis Area Association of Realtors (MAAR).
In Roseville, home sales mirrored the Twin Cities' trends. The median home sales price in October in the city was $234,850, up a whopping 51.5 percent from the same period a year ago, according to MAAR data posted today (Friday).
"Our sales were very strong," said Brian Thistle, branch manager of Edina Realty's Roseville office. "Listings are still in high demand and good houses, priced right, are selling quickly."
The bottom line for the Twin Cities, including RosevilleE: More homes sold in less time at higher prices and for closer to asking price than last year, MAAR officials said.
The Twin Cities' overall median sales price rose 14.8 percent to $175,000 in October compared with the same month in 2011, MAAR reported. Meanwhile trade group said the traditional median price rose 9.6 percent to $212,500; the foreclosure price climbed 15.2 percent to $123,500; and the short sale price was up 4.2 percent to $131,871, only the second year-over-year gain since June 2008.
“Sellers have been hesitant, but with tightening inventory comes improved prices.” said MAAR president Cari Linn said in a statement.
During October, 4,483 homes in the metro area went under contract, 34 percent higher than October 2011,according to MAAR. There were 4,262 completed home sales in October, a 15.1 percent gain from a year ago.
In Roseville, there were 37 completed home sales in October, one more than a year ago resulting in a 2.8 percent gain, according to MAAR.
Year to date, Roseville has had 355 completed home sales, up 35.5 percent compared with 262 for the same period in 2011. And the city's median sale price for the first 10 months of 2012 was $185,000, up from $155,250 for the same period last year.
In the Twin Cities region, the number of homes for sale fell 29.7 percent to 15,002 active listings—the lowest number since before January 2003.
Meanwhile, the number of homes for sale has dropped for 21 consecutive months and is just above 15,000, the lowest level for any month since January 2003, MAAR said
Another indicator of the housing market's health: The inventory or supply of homes available for sale. The October inventory dropped 41.4 percent to 3.7 months. That figure indicates the market is on the brink of favoring sellers. Generally, any figure below four months supply is typically the hallmarker of a sellers' market, MAAR said.
Meanwhile, sellers saw homes generally selling more quickly in October compared with the same month a year ago. Homes sold in an average of 104 days, 24.8 percent less time than last October. Sellers, on average, received 94.4 percent of their list price, 3.5 percent more than last year.
In the metro, traditional sales accounted for 64.4 percent of all home sales, foreclosures 25.1 percent and short sales 10.5 percent.
“The market is starting to lean away from lender-owned and short sale properties and more toward traditional sellers again,” Andy Fazendin, MAAR president-elect, said in a statement. “We’re optimistic for 2013.”
To keep abreast of Roseville news and information, _please subscribe to our newletter that will be sent to your email account. Also, _like us on Facebook and follow us _on Twitter_