Shenehon Center's Residential Real Estate Price Report shows improvement
Tuesday, May 22, 2012
The Opus College of Business' Shenehon Center for Real Estate has released its Minneapolis St. Paul Residential Real Estate Index for April (PDF link). According to the report, things are generally looking up. The survey called the month of April "one more step in the right direction," noting that "both the median sale price and the number of traditional single family homes on the market increased significantly in April."
Local media interest in the report has been brisk. A Pioneer Press story centered on the report's assertion that Twin Cities homes costing under $140,000 and "flying off the shelves," indicating a healthier metro area housing market.
The Star Tribune, meanwhile, painted a more nuanced picture. Combining the Shenehon report with one from the Minnesota Association of Realtors (MAR), the paper was quick to point out the bright spots, citing MAR's June Weaver's statement that "there are lots of indications that now is the time to buy." But the Star Tribune story leavened the optimism with a note of caution from the Shenehon Center's report. As Shenehon Center director Herb Tousley says, "there are still many properties that need to be sold and the relatively high rate of distressed-property sales is going to be with us for several years." But, as the Star Tribune notes, "Tousley said that increasing sales of traditional, single-family homes are a positive development for the market because it represents growing confidence. And because that shift comes at a time when inventory is falling, prices will eventually rise if sales remain strong."
Originally published: 05/22/2012, Star Tribune