Real Estate

March Homes Sales, Prices Rise in Lakeville

Minneapolis Area Association of Realtors (MAAR) figures compare March 2013 with March 2012.

For the 13th consecutive month, the Twin Cities’ median home sales price rose, continuing a sustained rebound for the metro area’s housing market, local real estate associations reported Wednesday.

An increased number of pending sales and new listings of traditional, non-distressed properties were other signs of the housing market’s mini-boom.

In March, the Twin Cities’ median sales price was $176,000, up 17.4 percent from the same period a year ago, according to the Minneapolis Area Association of Realtors (MAAR).

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Lakeville
In Lakeville, the median sales price in March 2013 was $241,950, an increase of 14.4 percent over March 2012.

Meanwhile, there were 184 closed sales in Lakeville in March 2013—12 more than in March 2012.

Interested in local real estate?Subscribe to Patch's new newsletter to be the first to know about open houses, new listings and more.

Metro-wide
Across the metro, there were 3,632 completed, or so-called closed, sales in March, roughly the same as a year ago, MAAR reported. But there were 4,656 pending sales in March, a 6.6 percent increase over 2012.

And since the first of 2013, completed home sales are up 3.1 percent compared with the first quarter of 2012, according to the St. Paul Area Association of Realtors (SPAAR).

One factor that is helping fuel increasing median sales prices has been the rising percentage of all new listings that were traditional, non-distressed homes. That figure is now 75 percent, its highest level since May 2008.

“We closely monitor the mix of homes that sell,” Andy Fazendin, MAAR president, said in a press statement. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”

Another factor helping boost median sale prices is recently there has been fewer homes up for sale. Inventory levels have dropped 31 percent to 12,615 active listings, marking a new 10-year low, according to SPAAR.

The Twin Cities region has three months supply of inventory this March, down 40 percent from five months supply last year at this time, the St. Paul trade group said.


Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

We’ve removed the ability to reply as we work to make improvements. Learn more here

More from Lakeville