MN: Is Twin Cities Real Estate Finding the Bottom?

Minnesota Twin Cities Real EstateFalling sales prices, fewer new listings, fewer closed sales. The picture the Minneapolis Area Association of Realtors paints of the local housing market in the first quarter of 2011 is, by most accounts, a grim one.

The average sale price for homes in Inver Grove Heights stood at $192,654 in the first quarter of 2011 — a 12.2 percent decline over the average sales price of homes during the same period in 2010. During the same period, the number of new listings on the market dropped by nearly 20 percent, while the average number of days a home stayed on the market before it sold increased from 124 to 181, according to the association’s report, which was released earlier this month.

The Minneapolis Area Association of Realtors releases quarterly reports for communities in the metropolitan area, as well as a regional overview.

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