Things are beginning to look up for 2012 in the housing market. This year is off to a strong start according to reports that have been released from the MN Association of Realtors. Statewide, there were 4,345 closed sales in January, a 6.4 percent increase from last year. Pending sales, meanwhile, also rose 14.5 percent from last year. The median sale price of a home was $125,660, down only 0.5% from last year at this time, making January’s the smallest drop since the housing downturn began. Chris Galler, Chief Executive of the MN Association of Realtors, says he is relieved to see prices stabilizing and is feeling good going into this Spring. Galler also stated that sales of distresses homes statewide was at about 25% compared to the Twin Cities at 55%, according to a index released by the University of St Thomas. Although distressed sales are expected to be with us for awhile, we are going into 2012 with some real optimistic signs for the Twin Cities area. Here’s to a great year!
Source: Star Tribune