It’s that time of the month (where the local Realtor orgs disgorge all the sales and market stats from the previous month.)
[Explanatory note: Both Minneapolis and Saint Paul report stats for the entire Metro Area, so their information is basically the same, but it is interesting to note the different spin each org puts on the data.]
“For the second consecutive month, home prices in the Twin Cities 13-county metropolitan area showed a year-over-year increase. We haven’t seen back-to-back year-over-year increases since 2006.
- February closed home sales are up a modest 4.2 percent from one year ago. There were 2,157 closed home sales in February ‘10 compared to 2,070 in February ‘09.
- Month over month, pending sales were up 28.9 percent with 2,736 signed contracts reported in January ’10 compared to the 3,527 in February.
- Year over year, pending sales were up only 2 percent from one year ago with 3,527 pending sales in February ‘10 compared to 3,314 in February ‘09. “
Good news for certain. Even beyond the above, all of the major “metrics” suggest a recovering market – in particular, the market for homes priced under 200K is still about as hot as it can get and actually favors sellers.
That said, the devil is still in the details here: There’s an oversupply in many higher price bands (oversupply tends to put downward pressure on prices) and property types (condo’s and townhomes are still out of whack) and new listing inventory is rising, rather than falling. From Saint Paul Again:
“Year over year there was an increase of 7.8 percent in new listings with 6,648 listings added in February ‘09 compared to the 7,165 added in February of this year.”
Again, overall this is a positive report, but to really understand the market in your neck of the woods, you’ve got to peel the onion back and look at your price band, location, and property type, or just call your rockstar realtor to do the same (if you don’t have one, I’d be happy to point you in the right direction.)
Check in again next month for more thrilling tales in real estate stats, where Supply and Demand will continue their epic battle for dominance.