The Twin Cities real estate market is moving in the right direction, according to data released by the Minneapolis Area Association of Realtors.
With 4,428 contracts signed as of June 10, pending sales for May 2011 were up 13.2 percent from the year before.
While the median sale price of homes went down 12.6 percent, to $152,950, the median sale price of non-distressed properties was up 1.4 percent, at $200,700.
Distressed properties-foreclosed homes or those bought as short sales-accounted for about a third of all new listings in May, which was the lowest level in more than a year. More non-distressed properties entered the market in May 2011 (4,968) than in May 2010 (4,202), while the number of short sale properties declined.
These positive numbers offer an antidote to a gloomy Beige Book issued last week by the National Reserve. According to that report, spring home sales were down in the Minneapolis district compared to 2010, when the homebuyer tax credit was in effect through April 30. But the Realtors’ report favorably compares the May 2011 market with the post-tax credit market of a year ago.