Business & Tech

Roseville Home Sales, Median Price Up in March

City's results mirror gains for the Twin Cities' region.

 

The Great Real Estate Downturn may be nearing an end.

Area Realtors reported last week that residential real estate prices across the Twin Cities region are on the rebound; the median price of homes sold in March was up 6.4 percent from the same month last year—the first such year-over-year increase since October 2010.

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The news was equally good for Roseville where the median sales price was $167,000 in March, up 6 percent compared with the same month a year earlier, according to a report from the Minneapolis Area Association of Realtors (MAAR).

Another encouraging statistic: Roseville had 35 completed home sales in March, up 45.8 percent from the same period in 2011. And year-to-date, Roseville has had 72 closed home sales, up 56.5 percent compared with the first quarter of 2011, according to MAAR data. 

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Roseville real estate agents, like Rick Duffy of Keller-Williams, said they have seen sales activity beginning to gain momentum during the past 90 days in established neighborhoods in Roseville, Maplewood, Falcon Heights and St. Paul.

Duffy told Roseville Patch that he is beginning to see more first-time home owners looking to move up to bigger houses and more empty nesters putting their houses on the market as many look to downsize their living quarters.

With continuing record-low mortgage rates and a drop in unemployment rates, "I am not sensing the fear ( in the housing market) we had a year ago," Duffy said. "It ( the housing market) is encouraging. It's very busy. We are beginning to see the whole wheel turn."

Regionally, Realtors reported several signs of an improving market. In addition to the median price boost:

  • The price-per-square-foot measurement of home value increased for the first time since June 2010.
  • Pending home sales were up 20.4 percent in March and are already higher than any month in 2007, 2008 or 2011.
  • The months supply of inventory, the amount of time it would take to sell every home on the market, fell nearly 40.percent to 4.6 months. That’s the lowest reading for any month since January 2006.
  • Compared to the year prior, sellers are getting a greater share of their asking price from buyers.

Andy Fazendin, MAAR’s president-elect, was reluctant to declare the downturn in housing prices at an official end. But he added that, “It’s looking increasingly likely the worst is behind us. We continue to see encouraging signals from the market that allow for an improving view on residential real estate in 2012.”

The improved median price is, in large part, a reflection of the changing market. “Distressed” properties sold through foreclosures and short sales, which tend to bring much lower prices than homes sold the traditional way, made up only 34.6 percent of all new listings in March, the smallest share since July 2008.

Meanwhile, Realtors say an unusually warm March helped boost buyer activity, and the market received additional boosts from low interest rates, affordable prices and a sense of urgency caused by tightened inventories. The number of homes for sale continued to drop, down 27.5 percent from last year to 17,081 active listings, the lowest inventory reading for any month since January 2004.


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