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NEWS RELEASE PRESS CONTACTS s p a a r Kim Broback Communications Manager St.Paul Area Association of REALTORS® cell:612.819.9383 BETTER AGENTS • BETTER COMMUNITIES kbroback( spaar.com SAINT PAUL AREA ASSOCIATION OF REALTORS® Eric Myers Government Affairs Director St. Paul Area Association of REALTORS® cell:651.329.7024 FOR IMMEDIATE RELEASE emyers@spaar.com Twin Cities housing market improves by all measures, except inventory St. Paul, Minnesota—May 10,2013 The Twin Cities Housing market is steadily improving on every metric with the exception of lower inventory levels. Median sales price in April 2013 stands at$182,312,up 12.2 percent from last year's 162,500.Also ahead by double-digit percentage points is the increase in price per square foot,now standing at$109 and up from just $97 last year. Furthermore,the days on the market continues to improve to an average of only 98 days,which is significantly better than the 135-day average last year. Percent of original list price received is also on the upswing topping out at 95.9 percent and up 2.7 percent from 93.4 percent last year. "The 13-county Twin Cities housing market continues to make measured and significant progress each month," said Kate Beckman,President of the Saint Paul Area Association of REALTORS®. April statistics show increased listing and sales activity at quickened sales pace.More homes are being offered for sale,sold,and for increasing prices.These modest and sustainable gains are tempered only by lower months supply of inventory.Months Supply of Inventory is a real estate industry metric that equates the number of months it would take to complete all sales in the marketplace,given current conditions,if no more new supply (that being new listings)was added. Currently,months supply of inventory is at 3.1 months,down 38 percent from 5.0 months in April 2012. Months supply of inventory is generally considered balanced favoring neither buyers nor sellers at 5.0 months. So how concerning is low inventory?Well,lower inventory levels have both pluses and minuses.On one hand,lower inventory means "The 13-county Twin Cities less consumer choices. Buyers may experience more multiple-offer situations or may be unable to find a home that means their housing market continues expectations or criteria.On the plus side,lower inventory generally to make measured and leads to increasing values,a welcomed event when taken in context significant progress each over the past several years. Increasing prices generally entices new month." listings as well, pulling those potential sellers who are"waiting for the right time" back into the marketplace.So today's shortage could end up being quite temporary and potential sellers are encouraged to _Kate Beckman,SPAAR President consider requesting a updated market analysis from their trusted REALTORS®more often.One never knows;your home might be worth more or be more marketable than you think. www.spaar.com -###-