When it was 2015, it was a very good year for the real estate market… including buyer activity reaching a 10-year high and days on market reaching a 10-year low.
Closed sales in 2015 increased 13.7 over 2014… and reached the highest level since 2005.
New listings were 5.1 percent above 2014… a 5-year high.
With such strong sales, the supply of active listings at the end of 2015 was down 21.8% from 2014… and the lowest on records going back to 2004.
Home prices rose in all categories in 2015, with average sale price at $263,175 and median sale price at $220,000… an 8-year high and just 4.5% below its peak.
The percentage of distressed properties continued to fall in 2015, to 10.6%… close to what it was in 2007.
Months supply of inventory was also at its lowest point on records going back to 2004… at an incredibly low 2.1 months supply.
The supply of previously owned homes was even lower… only a 1.9 months supply!
With the lowest unemployment rate of any major metropolitan area in the US and interest rates still at historic lows, the Twin Cities is poised for another great year in real estate for 2016… we just need a continuing supply of homes for buyers to buy!
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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