Posted: 2/16/05
From the Saint Paul Area Association of REALTORS
Home sales in the 13-county Twin Cities metro area got off to a sound start in January 2005 compared to the same period in 2004. Closed sales were up 15.22 percent from January 2004 to January 2005 resulting in the strongest start in five years.
Jim Reiter, president of the Saint Paul Area Association of REALTORS said, ìWe are seeing favorable conditions across the board. Interest rates are still low, listing inventory is flush, we have a steady local economy, jobs are growing and on top of that we have had a very mild winter. You canít beat that combination.î
Median sales price for a home in the metro area rose 9.79 percent in January 2005 to $219,584 compared to the same period in 2004. The increase was imperceptible from the í04 year end close median sales price of $219,990.
Both pending sales and new listings were down in January compared with the same period in 2004. Pending sales in January 2005 were 5.0 percent lower than January 2004 coming in at 3,404 for the month. New listings dropped a modest 3.81 percent for the month of January 2005 compared to January 2004.
The biggest gains in median sales price for January 2004 versus January 2005 occurred outside the urban core. The leading counties were Chisago (+26.33 percent), Anoka (12.18 percent), Washington (13.33 percent) and St. Croix county in Wisconsin (10.50 percent).
Chisago County was the only area experiencing an increase in new listings above the 2 percent mark for the 13-county metro during January, growing by 30.27 percent over the same period in 2004. The percentage increase in pending sales from January 2004 to the same period in 2004 was strongest in St. Croix (WI) at 14.81 percent.
ìThere is little doubt about the strength of the local housing market,î Reiter said. ìWe may not see the same level of home sales as last year, but we are still expecting a near record year.îÝ
Housing statistics include existing single-family homes, condominiums and townhouses. Statistics are provided by the Saint Paul Area Association REALTORS and are based on the closed existing homes sales as reported by the Regional Multiple Listing Service.
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