Following the lead of the Twin Cities region, home sales in Roseville are continuing to climb upwward.
For the ninth straight month, the Twin Cities' median home sales price rose as the metro area saw increased sales demand and a drop in new listings, according to the Minneapolis Area Association of Realtors (MAAR). The median home sales price was $173,000 in Novemver, up 16.9 percent compared with the same period a year ago.
In Roseville, the median home sales price in November in the city was $200,000, up 11.3 percent from the same period a year ago, according to the latest MAAR data.
In Roseville, there were 29 completed home sales in November, 11 more than a year ago, resulting in a whopping 61.1 percent gain, according to MAAR.
Year to date, Roseville has had 384 completed home sales, up 37.1 percent compared with 280 for the same period in 2011.
And the city's median sale price for the first 11 months of 2012 was $187,000, up from $157,350 for the same period last year.
Meanwhile, across the Twin Cities region, the number of homes for sale fell 29.4 percent to 13,860 active listings– the lowest such number since January 2003.
With prices on the way up, MAAR President Cari Linn expressed hope that more sellers will step into the market.
“Price gains combined with more competition among buyers for less supply should be appealing to homeowners looking to make a move in the near future,” Linn said.
The dropping number of “distressed sales” (foreclosures and short sales) is playing a big part in the rising market. Overall, new listings were up 0.2 percent. However, traditional new listings were up 27.8 percent while foreclosure and short sale new listings fell 21.1 percent and 45.7 percent, respectively. Thus, a pullback in bank-mediated listings has diluted a significant increase in traditional seller activity.
Similarly, closed sales were up 20 percent overall in the metro, but traditional sales were up 50.4 percent while foreclosures and short sales were down 14.9 and 2.7 percent, respectively. Homes sold in the traditional manner made up 64.2 percent of sales, foreclosures 24.6 percent and short sales 11.2 percent.
Months’ supply of inventory fell 40.6 percent to 3.4 months. Figures below 4.0 months of supply are typically hallmarks of sellers’ markets.
Homes tended to sell in 104 days, on average, 25.9 percent quicker than last year. Sellers received 94.3 percent of their list price, on average, up from 90.9 percent during the same month last year.