October 2015 Market Update… prices stay strong, sales same as last year

October closed sales were virtually the same as last year… 4,633 in 2015 vs 4,4632 in 2014!

2015-10-closed sales

New listings were only 2.6% behind last year…

2015-10-new listings

…but October 2015 total homes for sale lagged 16.7% behind 2014.

2015-10-total homes

Pending sales were 3.3% ahead of last year, but months supply of inventory was only 3.2 months vs 4.3 months in 2014… drop of 25.6%.

2015-10-pending

In spite of the seasonal drop in median sale price, October sale price was still 4.9% ahead of last year at $218,000.

2015-10-median price

It continues to be a seller's market, with average days on market at 70, even lower than last year. It will be interesting to see if interest rates rise as predicted… and what impact that will have on sales. Even if rates rise, however, they are still historically extremely low.

The figures above are based on statistics for the combined 13-county Twin Cities metropolitan area released by the Minneapolis Area Association of Realtors.

Never forget that all real estate is local and what is happening in your neighborhood may be very different from the overall metro area.

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Sharlene Hensrud, RE/MAX Results – EmailMinneapolis – St. Paul Real Estate Market

HomesMSP Team- SharleneJohnAngela Minneapolis-St. Paul Realtors

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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