February Market Update - Listings Needed -
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February Market Update – Listings Needed

Slim pickings put a lid on home sales in the Twin Cities metro last month, the Minneapolis Area Association of Realtors said Wednesday.

In February, 3,969 home buyers signed purchase agreements, just a half-percent gain from a year ago. Closings were flat and the median price of those closings jumped 7.6 percent to $223,000.

In many communities sellers are receiving nearly, or more than, their asking price, and houses are selling in less than a month. ¬†On average, houses sold in 82 days, 14.6 percent faster than last year. And at the current sales pace, there are enough houses on the market to last only 1.8 months, according to the association’s latest data. That was the second lowest figure on record for any month since January 2003. A five- to six-month supply is considered balanced. Read the full article here. Source:Star Tribune

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