The Minneapolis Area Realtors Association has released their August 2013 Real Estate Stats. You can fins the full report here (pdf!), but this quote from the 4th paragraph is sure to have home sellers (and anyone who has purchased a new home in the last couple of years) smiling:
With 18 straight months of year-over-year median price gains, multiple-offer situations still common and 3.6 months’ supply of inventory, few thought that the pendulum would swing this far this fast. Homes are selling in an average of 70 days – the quickest pace in six and a half years. Sellers are receiving an average of 97.0 percent of their original list price – the highest ratio in approximately seven years.
THAT friends, is a real estate market on the mend, if not healthy outright. Median price growth of 16% since last year is nothing if not impressive.
But before you rush off to put your home on the market, it is important to note that these price gains are largely being driven by the mix of sales – FAR fewer ultra-low-priced foreclosures and short sales are hitting the market – listings and sales in these segments are down 15%
In other words – though there is price growth, it is likely more modest than the headline figure of 16.9% when comparing like-for-like sales.
*See graphic at the top of this post, which is weighted and adjusted for seasonal and “segment bias” (short for giving less weight to distressed sales.)