Industry News

Twin Cities reports record real estate sales

Median home price gains 8% in 2004

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The Twin Cities, Minn., housing market posted record sales in 2004, with 58,233 units sold, an increase of 3 percent compared to 2003, according to figures compiled from the Regional Multiple Listing Service of Minnesota Inc. The 2004 median home price combining all 12 months' activity was $215,900, an increased of 8 percent as compared to 2003. The median price has remained stable for the past seven months, averaging in the $220,000 range. Jim Reiter, president of the Saint Paul Area Association of Realtors, said, "If you purchased a $150,000 home in 2000, just four years ago, it would be worth $211,700 today, a 41 percent increase in value over the four years." New listings totaled 97,737 units last year, a 13 percent jump compared to 2003. More than 17,000 members representing all aspects of the real estate industry serve the Twin Cities market through four Realtor associations. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....