MINNEAPOLIS (WCCO) – Twin Cities realtors are expecting a modest improvement in the market this year.
At a joint news conference Thursday, the three realtor associations representing the 13-county metro area released their forecast for 2011. They say the year will see continued growth in sales and median prices, but that growth will be slight.
“What it demonstrates is probably more stability — a market that’s likely to grow slowly and gradually,” said Pat Paulson, president of the Minneapolis Area Association of Realtors.
The median sales price is expected to increase from $169,900 last year to $175,000 this year. Realtors also expect similarly modest increases in listings and sales.
But rising consumer confidence and easing fears about job security give them hope for better days ahead.
“2011 looks to be a lot better than 2010,” said Jennifer Snyder, president of the Saint Paul Area Association of Realtors.
Another good sign: More people are requesting showings.
“That enthusiasm and that excitement is going to carry for some time,” said Rick Bandimere, president of the North Metro REALTORS Association.
Unlike last year when the homebuyers’ tax credit spurred sales, he says this year’s growth is expected to come from the improving job market and rising consumer confidence.
NewsRadio 830 WCCO’s Telly Mamayek Reports