Compared to a year ago (May 2012), the numbers for May 2013 are somewhat shocking. The main statistic most people look at, median sales price, increased nearly 15%. The median sales price in the Twin Cities area is now up to $194,000.
Connected to the increase in median sales price is the dramatic drop in inventory we have seen. Compared to a year ago, months supply of inventory (tracks the flow of houses coming on the market versus houses sold) has dropped approximately 31%, to 3.4 months of inventory. To translate, if no new listings came on the market, we would burn through all the current houses for sale in 3.4 months. Historically, this number is roughly 5-6 months.
Finally, another statistic that is easily understood - Percentage of Listing Price Received. Compared to a year ago, this number has risen 2.5%, and now sits at 97%. To demonstrate, homes listed at $200,000 should expect to get, on average, $194,000 for their home.
There has been a revolution over the last five years in the real estate industry. It is called the Internet. Long gone are the days of buyers wasting weekends driving around looking at homes. Now, they sit at their desks and view homes on the Internet. If your home isn't on the net, there is a good chance a person interested in your home will never find it. Get homes for sale offer Minnesota
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