Open House Extravaganza in Roseville, Twin Cities on Sunday

With the local housing industry showing signs of gaining momentum for an upswing, Edina Realty on Sunday will hold the fourth of several Open House Extravaganzas this spring in Roseville and across the Twin Cities region.

Edina Realty said it also plans to hold an Open House Extravaganza on Sunday June 3. Courtesy of Edina Realty, click here for a list of open houses taking place this Sunday in Roseville. 

Check http://www.edinarealty.com for current listings and houses that will be held open, along with property details and door-to-door driving directions. The real estate firm held its first spring Open House Extravaganza in early March.

Edina Realty's mega Open House Sunday showing comes on the heels of some continuing encouraging news in the local residential real estate market.

Area Realtors reported last month that residential real estate prices across the Twin Cities region are on the rebound; the median price of homes sold in March was up 6.4 percent from the same month last year—the first such year-over-year increase since October 2010.

Virtually every real estate statistic is heading in the right direction, Edina Realty president Barb Jandric said in a statemen. Distressed property sales (foreclosures and short sales) have declined, the number of days on market declined, and the housing affordability index, which factors in home prices, interest rates and consumer income, is holding steady, according to local home sales statistics from the Minneapolis Area Association of Realtors.

“Sellers are finding that their homes are selling more quickly, and many are getting multiple offers, which can increase the final sales price,” Jandric said. “In fact, the only thing we lack are traditional homes for sale. If you’ve been delaying to put your home on the market, you’ll find this is exactly the right time to do it. Buyers have a great appetite for housing."

The news was equally good for Roseville where the median sales price was $167,000 in March, up 6 percent compared with the same month a year earlier, according to a report from the Minneapolis Area Association of Realtors (MAAR).

Another encouraging statistic: Roseville had 35 completed home sales in March, up 45.8 percent from the same period in 2011. And year-to-date, Roseville has had 72 closed home sales, up 56.5 percent compared with the first quarter of 2011, according to MAAR data. 

Roseville real estate agents, like Rick Duffy of Keller-Williams, said they have seen sales activity beginning to gain momentum during the past 90 days in established neighborhoods in Roseville, Maplewood, Falcon Heights and St. Paul.

Duffy told Roseville Patch that he is beginning to see more first-time home owners looking to move up to bigger houses and more empty nesters putting their houses on the market as many look to downsize their living quarters.

With continuing record-low mortgage rates and a drop in unemployment rates, "I am not sensing the fear ( in the housing market) we had a year ago," Duffy said. "It ( the housing market) is encouraging. It's very busy. We are beginning to see the whole wheel turn."