Skip to main content

January housing report: Too cold to shop

  • Author:
  • Updated:
    Original:

When temperatures are described as life threatening, it keeps house hunters from going out to look for new residential property.

The Pioneer Press reports the number of pending and closed sales of metro area houses dropped in January, just like the temperature.

Figures released Wednesday by the Minneapolis and St. Paul Associations of Realtors showed pending sales were down 16 percent in January, and closed sales were down 12.8 percent compared to January a year ago. The story noted that the Twin Cities real estate market traditionally cools in December and January, but this year's bitter temperatures apparently slowed the market more than what is typical.

MPR News reported that another reason for the reduction in sales is that fewer foreclosures and distressed properties remain on the market. Although that shift in housing patterns pulls down numbers, it's regarded as a sign of the market's health.

"As foreclosures and short sales move out of the system, it may temporarily bring down overall listing, inventory or sales activity, but the resulting move back toward a market of traditional properties is positive," Minneapolis Association of Realtors president Emily Green said in a statement.

The Star Tribune reports another positive in the monthly report is the median price of homes sold in the 13-country metro area. The newspaper says prices increased 12.4 percent to $179,900, with a healthy bump in upper-bracket sales pushing the number higher. There was an uptick of 14.4 percent in the median price in homes sold in Ramsey County, from $138,000 a year ago to $157,900 last month. In Hennepin County, the median price rose to $189,000 from $167,500.

Sellers continue to realize a high percentage of their asking price and houses are selling faster than they were at this time last year. The average time a house spends on the market is 93 days, a 12.3 percent decline compared to January of 2013.

Next Up

trattoria mucci facebook

Popular Italian eatery in Uptown to permanently close

The owner of Trattoria Mucci said it "just didn't work out this time."

colbert redmons billboard jan 2022

MN popcorn shop gets Times Square billboard via 'The Late Show'

The last time Redmon's Popcorn got national attention, it shut down two days later.

child parent mask covid pexels

Frey backtracks on dining mandate: Kids age 2-4 won’t need test

The mayor told Chad Hartman the city is already working to change its just-announced regulation.

264 Willmar Ave SE, Willmar, Minnesota - October 2019

11 staff members on leave after refusing Willmar district's COVID policy

The staff members were placed on leave after they "opted not to comply."

TIMOTHY BORRMAN

Man charged with stealing van with dog inside in South St. Paul

He apparently said he didn't realize there was a dog inside.

Screen Shot 2022-01-13 at 12.35.16 PM

Here's where COVID-19 case rates are the highest in Minnesota

The highest rates can be found mainly in southeastern Minnesota and around the Twin Cities metro area.

als breakfast facebook post

After staff got COVID, someone sent Al's Breakfast a letter mocking its vaxx requirement

"So sorry to hear your fully vaccinated staff is sick with Covid and you are forced to close," the letter begins.

snow - 12-10-21 - Joe Nelson - 2

NWS releases snowfall forecast for specific Minnesota cities

Here's how much snow is forecast for more than 50 cities in Minnesota, including the majority of the metro area.

Woobury robbery Jan 2022 2 crop

Armed robber hits Twin Cities Speedway twice in 5 days

Authorities are asking for the public's help identifying the suspect.

covid-19

Minnesota's COVID-19 update for Thursday, January 13

More than 11,000 cases included in today's report.

Related