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The number of short sales and foreclosures available for sale in the Twin Cities Metro area is dropping off dramatically. This chart really shows the drmatic drop starting around January of this year.
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The supply of lender owned properties in the Minneapolis Saint Paul area is dwindling. For each buyer that is looking to purchase a bank-owned property, there are only 1.84 homes (on average) to choose from. Meanwhile, there are plenty of short sales available. This may be due to common problems associated with getting short sales approved, the time involved, and the difficulty in actually closing them.
The 10 areas with the highest percentage of bank owned sales: Brooklyn Center (58.4%), St. Paul: Central (55.0%), Big Lake Township (52.3%), Minneapolis: North (52.2%), Hilltop/Columbia Heights (48.9%), St. Paul: Hillcrest/Hazel Park/Dayton's Bluff (48.1%), St. Paul: Phalen (47.8%), Minneapolis: Camden (47.8%), Minneapolis: Powderhorn (47.7%), and Brooklyn Park (47.3%). Lender mediates sales were a large part of the overall real estate market in these areas.
Click on the chart for a full report and to see where your community ranks.
Data and Charts provided by the Minneapolis Area Association of Realtors.
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