Graphic provided by Minneapolis Area Association of Realtors
From the graph, it is pretty easy to see a significant trend that might mean good news for home sellers and harbinger of doom for bottom feeders who are looking to steal homes in the Twin Cities from mortgagors or mortgagees. There is nothing wrong with looking for deals and steals, but if you want to do that, you better do it soon. The market share of lender-mediated properties has fallen 16% in the last five months, dropping from 59.4% in January to 43% in 2008.
This phenomenon has increased the median price to $165,000, constituting a 10% price increase for homes in the Twin Cities in the last month. This is still down considerably from a year ago, but the month-to-month trend for percentage of lender-mediated listings is pretty evident. The number of signed sales contracts is up by 17.3%, compared to this time last year. Market supply is at 7.6 months, for a significant drop of 26.9% from this time last year. However, considering this year’s month-to-month trend, you might might not want to sit on the fence if you are hoping to take advantage of good opportunities that are still presented by foreclosed homes in the Twin Cities
Possibly related posts:
- Twin Cities Market Update. Minneapolis real estate update video from the Minneapolis Area Association...