In Burnsville, homes are selling faster, prices are higher and inventory is now running thin—all of which suggests that the real estate industry is rallying and shaking off the prolonged recession that has gripped the housing market.
According to the latest report from the Minneapolis Area Association of Realtors, the median sale prices has risen from $127,551 in January 2012, to $159,060, a 24.7 precent increase. Homes are also selling more briskly. Compared to January of 2012, time on the market for the typical home has been cut in half: As of January 2013, homes were selling after 73 days on the market, versus 141 the year before. The statistics are borne out by anecdotal evidence: On a single day in January, $1 million of Burnsville real estate was sold.
Concurrently, there has been a 14 percent drop in the number of new listings, which suggests that the flood of foreclosure properties could be abating. Overall housing inventory has been cut in half. At present, only 1.9 months of housing stock is on the market.