Industry News

Twin Cities real estate sales sink

November activity reflects normalization of market

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Home sales in the Twin Cities, Minn., metro area fell for the second consecutive month in November, with decreases in sales levels in almost every county in the region, according to the North Metro Realtors Association. Realtors recorded 4,115 home sales in the 13-county area in November, down 11.9 percent from a year ago, and down 15 percent from 4,843 sales in October. Anoka County saw 378 closed sales last month, a drop of 28.7 percent from a year ago, while Sherburne County had 119 closed sales, an 18.5 percent decrease from November 2004, the association reported. "We will keep seeing closed home sales data like this until sellers' expectations of the real estate market become more realistic," said Jeff Green, president of the North Metro Realtors Association. "The market has returned to historically normal levels, meaning moderate growth rather than explosive growth. Sellers need to adjust their prices and timelines accordingly." Median sale prices increased slightly throughout...