Minneapolis Area Assn of Realtors. 2/12/16
The year got off to a mostly strong start with buyer activity and home prices rising even though seller activity was lackluster. Pending sales rose 3.5 percent to 3,033 signed contracts; new listings decreased 7.2 percent to 4,167 homes. In light of that, it’s no surprise that inventory levels fell 22.2 percent to 10,065 active properties—the lowest figure on record since January 2003.
Prices continued along their upward trajectory. The median sales price rose 10.3 percent from last January, landing at $215,000. But the big news came by way of median list price, which rose 6.1 percent to $259,900, a record high. The price per square foot rose 7.2 percent to $126.
Buyers wrote offers that were more…