May a Mixed Month for Roseville Housing Market

May was a mixed month for the Roseville housing market with slightly fewer completed home sales than a year ago but a higher median sales price. 
According to data from the Minneapolis Area Association of Realtors, Roseville had 35 completed home sales in May, down from 45 the same period a year ago. 
But the city's median homes sales price was $222,700, up 20.9 percent from $182,500 for the same month in 2012. 
This was the 15th consecutive month for a higher year-over-year median home sales price in Roseville, reflecting a similar statistic for the Twin Cities region.  MAAR's latest report shows the Twin Cities median home sales price rose 15.1 percent to $194,450, the highest level since August 2008.
Meanwhile, an increased number of new listings of traditional, non-distressed properties and shrinking inventory of homes for sale were other signs of the housing market’s mini-boom in the Twin Cities, including Roseville.
May's stats showed that the average home sold in Roseville after only 67 days on the market,  down from 95 days from the same period a year ago. 
Currently, Roseville has about two and a half months inventory of homes available for sale, down from four and a half months from a year ago. 
Brian Thistle, branch manager of Edina Realty's Roseville office, told Patch, "We are seeing a tremendous increase in sales which has been good news to home sellers.
"However we’re in a very unique market where sellers are benefiting from increasing values, but buyers are still able to buy at affordable prices and very low interest rates." Thistle added. "In this market we are seeing a lot of houses sell in multiple offers, so it’s a good idea to ask a professional Realtor to guide you through the process."
Across the metro, there were 5,872 pending sales in May,  the biggest number since June 2005.  MAAR also noted that:

• New home listings rose 26.2 percent in May over last year, the highest number since April 2010.
•  Foreclosure and short sales only accounted for 26.9 percent of all home sales for the month.  "As recently as February 2011, foreclosures and short sales occupied 61.5% of all sales activity," the real estate association noted. 

 "With the recent disparity between massive buyer demand and sluggish seller supply, it is encouraging to see a substantial increase in traditional listings,"  MAAR President Andy Fazendin said in a statement. 

Added MAAR President-elect Emily Green, "This is still about product mix. We once filled our grocery bag with ramen noodles, Today we're buying organic, grass-fed sirloin steaks. Grocery prices haven't increased much, but the value of what we're buying has. Traditional homes tend to be of a higher quality and better maintained than foreclosures or short sales."

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