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 the Twin Cities last month, rising 4.5 percent to $232,000.

“It is important to note that these figures do not indicate that the “bubble” has burst. Real estate in the Twin Cities is still retaining its value,” Green said. “2004 was a record year all around for the real estate market. If we compare last month’s data with the more ordinary sales levels of 2003, we can see that home sales continue to show healthy gains. And at the year’s end, 2005 sales levels will actually be ahead of 2004 overall.”

New listings in the Twin Cities continued to increase, rising 12.5 percent over November 2004 to 6,091.

Statistics are provided by the North Metro Realtors Association and are based on closed existing-home sales as reported by the Regional Multiple Listing Service.


What’s your opinion? Send your Letter to the Editor to opinion@inman.com.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription