The median sale price in August was $175,000, down 12.5% from a year ago but up once again from July. From March 2009 through August 2009, the median sales price has grown from $154,125 to $175,000. Prices were flat during the same time last year according to the Minneapolis Board of Realtors web site.

Due to the strong buyer demand we have seen due to great housing prices and supported by low interest rates and the home buyer tax credit program prices are stabilizing. The real good news is for the 14th straight month, there were more pending home sales than there were the prior year.

Good news for sellers: the asking price vs. sale price continues to improve; August showed about 94.1% which is 1.5% higher than last August and the number of days on the market to sell also continues to drop.

If you’re looking to buy or sell contact us here for a free consultation.