Industry News

Twin Cities real estate market going strong

November sales up 13 percent from last year

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Closed home sales in Minneapolis in November reached 4,672 units, up 13 percent from 12 months prior, according to the Minneapolis Area Association of Realtors. MAAR projects year-end closed sales of 58,000 units, up 2.6 percent from the previous record of 56,528 units in 2003, and a 1.6 percent increase from an earlier projection. November's median home price of $222,000 increased 8.8 percent as compared to 12 months prior, and has remained stable for the past six months averaging in the $220,000 range, according to statistics released by the Regional Multiple Listing Service of Minnesota. November's pending sales in the greater Twin Cities remain at a record level. Pending sales of 4,258 units, increased 19.6 percent as compared to November 2003. Year-to-date pending sales are up 6 percent compared with 12 months prior. The MAAR projects year-end pending sales of 63,800 units, up 5.5 percent from the previous 60,458 units in 2003. A pending sale is a sale where an offer has been ac...