Twin City

Twin City

Some may argue that's a bold statement, but there are some

readily available stats from the Minneapolis Area Association of Realtors to

back that claim up.
Based upon sales this year through July, the average home received

95.5% of its original sales price at closing.  On a June 2007 median priced home

of $232,500 that ends up being $10,462.  That's quite a bit of

difference!
If you take the Twin Cities' Average Sales Price of $276,313 instead

of the Median Sales Price, you end up with the average home being overpriced by

$12,434!

Now I can give you many examples of homes that are priced right that sell for

at or near original list price, so I'd be disappointed if any of you went with

this straight to a seller and said: "see, you're $10,000 overpriced!"  Use this

information as a guide though and realize that as a buyer you do have good

negotiating position in this market.
Raw Data:

Median Sales Price Year to Date through June 2006: $236,850

Median Sales Price Year to Date through June 2007: $232,500

Change -1.8%

Average Sales Price Year to Date through July 2006: $276,461

Average Sales Price Year to Date through July 2007: $276,313

Change -.1%

Percent of Original List Price Received at Sale Year to Date July 2006: 97.5%

Percent of Original List Price Received at Sale Year to Date July 2007: 95.5%

Change -2%

About the Author:

Aaron Dickinson, an agent with Edina
Realty, serves buyers and sellers throughout the Twin Cities, MN area and
writes articles on Minneapolis Real
Estate Blog and Twin
Cities Real Estate Blog.

Article Source: ArticlesBase.com - The Average Twin Cities Home is Overpriced by $10,000 When First Listed