With Minnehaha Creek at its highest level ever from the heavy rainfall, the Hiawatha neighborhood in the Longfellow Community of Minneapolis is a tad soggy these days, but still a tremendous place to call home. The below charts clearly show new listing activity shifting away from foreclosed and short sale properties and back toward the traditional segment. This is consistent with the trend around the city and metro area, though it’s not quite ubiquitous.
Overall, new listings were up 8.9% to 122 for the 12-month period ending May 2014. But digging deeper, Foreclosure new listings were down 21.4%; short sale new listings were down 12.5%; traditional new listings were up 16.7%. The last time there were this many traditional sellers was September 2008. This is great news for homeowners and for home prices since traditional listings tend to sell at significantly higher price points than distressed properties.
Thirsty for more? You can literally generate millions of different charts by clicking on the “Infosparks” link once you’re logged into Northstar or on any listing page. Or you can access the tool from the MAAR homepage. Happy researching! And stay dry out there.