According to year-end numbers from the Minneapolis Association of Realtors, 2009 performed better than 2008 on most fronts. Closed sales increased, new listings were down, however the median sales price decreased by about 15% to $166,000 – the lowest level since the year 2000.
The increase in sales and the decrease in the median sales price is largely attributed to first-time home buyers taking advantage of the $8,000 tax credit and the absorption of foreclosures and short sales. The majority of these sales were priced under $150,000. The median sales price of a lender-mediated property was only $124,000, compared to $204,000 for traditional sellers.