Twin Cities real estate cools

While median price increases remained above historic norms, Minnesota’s Twin Cities’ home sales in January slowed to 2,504, a 19.5 percent decrease compared to 3,110 home sales in January of 2003, according to statistics released today by the Regional Multiple Listing Service of Minnesota Inc.

Closed sales were down in all 13 counties compared to January 2003.

“The decrease in closed sales in January was mostly a result of a decrease in pending sales reported in November and December,” said Ann Brockhouse, president of the Minneapolis Area Association of Realtors. “An unusually cold and snowy January has also tempered the market a bit. On the other hand, new listings have increased, mortgage interest rates are low, and overall consumer confidence is high.”  

Median sale price in the 13-county metropolitan area during January was up 5.3 percent to $200,000 compared to $189,900 a year ago.

St. Croix, Carver, and Anoka counties experienced some of the highest increases in median price this January. St. Croix County median sale price rose 9.8 percent to $180,000; Carver County median sale price rose 9.3 percent to $218,400; and Anoka County median sale price rose 8.8 percent to $197,000.

John Lockner, president of the Saint Paul Area Association of Realtors, expects overall sales to hold a strong pace in 2004.