The housing market in Hugo, Minnesota has remained steady. This north metro Washington County just outside of White Bear Lake saw a drop in new listings and closed sales in 2014 but that doesn’t mean there wasn’t a demand for homes. Housing inventory could the reason the average sales price rose again for the third consecutive year to over $237,000. The amount sellers are receiving on sales is close to asking at 96.7% which is slightly down from 2013 but still one of the highest ratios for communities in the north and east metro area. The average price per square footage likewise continued to increase from $108/square foot in 2013 to $111 at the end of the year. Time on the market to sell a Hugo home, is up by a few days over 2013 but still selling significantly faster than in 2011 and 2012 when homes look over 3 months to sell.
As we start 2015, inventory levels continue to be extremely low for homes in Hugo. This has created a bit of a seller’s market; with sellers have the negotiating advantage. Since interest rates have remained low, home buyers are out there searching for their dream home well before the traditional spring market has begun. Hugo home owners considering selling in 2015 and planning to get the most leverage from the improved market should consider listing their homes as quickly as possible. Once the warmer temperatures arrive, there will likely be more homes on the market and the market will balance out.
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