The historic and popular community of White Bear Lake, Minnesota saw bit of a decrease in the amount of new homes listed on the market in 2014 compared to 2013 and closed sales were down by a dramatic 15%. In this northern Ramsey County city, the real estate demand is high and the market strong. The average price of a home rose by nearly 10% in White Bear Lake going from $190,628 in 2013 to $209,273 in 2014. This caused jump in the average price per square foot too going from $110/sq ft to $118/sq ft; a 7.2% increase. The average days-on-the-market statistic dropped again and substantially in 2014. It took an average 69 days to sell a White Bear Lake home this past year, down from 88 in 2013. This is a welcome change as sellers are back in a better negotiating position and offers are being accepted closer to listed price. Last year sellers in the White Bear Lake area received an average of 95.5% of asking price.
As we start 2015, inventory levels are very low for homes in the White Bear Lake community which is creating a bit of a seller’s market, giving the negotiating advantage to a home seller. With continued low interest rates, home buyers have been out searching for their dream homes regardless of the cold and snow. Home owners considering selling in 2015 and wanting to take advantage of the improved market should consider listing their homes as soon as possible while home inventory is low. Once spring arrives, there will be more homes on the market and the edge to the seller will be reduced considerably.