Home sales prices were looking up yet again during May in Apple Valley and Rosemount, and elsewhere around the Twin Cities.
Both cities experienced a median sales price increase of around 16 percent this May as compared to sales prices in May 2011. In Rosemount, it was a 15.8 percent increase to a median $181,000, and in Apple Valley, a 16.1 percent increase to a median $171,450.
In Apple Valley, that growth still didn't quite match April's, which was more than 42 percent above the median price in April of last year—$195,000 compared to $137,000. In Rosemount in April, the median sales price for April in Rosemount was $164,950, about 11 percent more than in April 2011.
But on the year, the $158,350 median sales price in Apple Valley is exceeding last year by 13.5 percent. In Rosemount, the year's $181,000 median sales price exceeds last year at this time by 11 percent.
The median sales price in the Twin Cities on the whole was up 10.5 percent from last May to $169,000, the third consecutive month of year-over-year gains, according to a press release from the Minneapolis Area Association of Realtors.
That brings Twin Cities home prices to their highest since October 2010.
"Residential home prices have been increasing steadily," said Cari Linn, President of the Minneapolis Area Association of Realtors, in the release. "It's been a positive change for our local housing market and it's been a long time coming."
Distressed properties comprise a smaller share of overall sales, helping with price gains, the release says.
The number of closed sales in Apple Valley was almost 35 percent above last May's total, with 85 homes sold in May 2012. Closed sales also saw a 32 percent boost this April over April 2011. That puts Apple Valley at 28.5 percent more homes sold so far this year compared to last year.
Rosemount closed May with 31 homes sold, about on par with last year's 32. Year to date, closed sales sit down two from last year at this time, at 122.
Twin Cities-wide, traditional closed sales were up 50.1 percent, short sales increased 12.9 percent and sales of foreclosures fell 12.8 percent. Distressed homes made up 39.4 percent of all closed sales, the smallest share since September 2008, the release says.
Inventory in the Twin Cities was down more than 31 percent from last May, to four-and-a-half months, and has dropped for the past 16 months, according to the release. In Apple Valley and Rosemount, inventory is down almost 40 percent compared to May 2011, with months supply at 3.1 in Apple Valley and 3.8 in Rosemount.
"May looks great on paper and on the street," said Andy Fazendin, MAAR President-Elect, in the release.
Find more about the real estate market's performance in in the attached reports, from the Minneapolis Area Association of Realtors.