Community Corner
Real Estate Update: Housing Inventory Down in October
In October, the number of homes glutting the market dropped for the third month in a row.
By most indicators Burnsville's real estate market continued to gain traction over October as housing in stock fell. However, prices continue to lag, in spite of a brief uptick in September.
According to the latest report from the Minneapolis Area Association of Realtors, new listings in October 2011 fell to 67, a 23.9 percent decrease over the October 2010.
At the same time, closings grew by a wopping 39.1 percent. The result is a much smaller pool of homes for sale. In October 2010, Burnsville had 9.5 months of inventory on hand. This time around it had just five.
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That being said, price have not made a sustained comeback, in spite of signs of hope in September. The median price of a home in Burnsville was $162,400 in 2010. Twelve months later, that number had falled to just $147,500 — great for would-be buyers, but anemic for sellers.
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