2015 Annual Twin Cities Housing Market Review

By
Real Estate Agent with RE/MAX Results - HomesMSP.com

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.

2015-closed sales

New listings were 5.1 percent above 2014... a 5-year high.

2015-new listings

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.

2015-inventory

2015-12-historical inventory

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.

2015-avg sale price

The percentage of distressed properties continued to fall in 2015, to 10.6%... close to what it was in 2007.

2015-percent distressed

Months supply of inventory was also at its lowest point on records going back to 2004... at an incredibly low 2.1 months supply.

2015-months supply

The supply of previously owned homes was even lower... only a 1.9 months supply!

2015-months supply by type

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.

Click here for local reports on 350+ metro area communities

Sharlene Hensrud, RE/MAX Results - Email - Minneapolis - St. Paul Real Estate Market

HomesMSP Team- SharleneJohnAngela Minneapolis-St. Paul Realtors

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Rainmaker
1,311,924
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

This sounds like a sellers market.

Feb 04, 2016 02:31 AM #1
Rainmaker
1,916,954
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Good morning Sharlene,,,always enjoy viewing stats and charts on other locations.

Feb 04, 2016 02:44 AM #2
Rainmaker
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Sharlene Hensrud
RE/MAX Results - HomesMSP.com - Saint Louis Park, MN
Realtor. Listener. Knowledgable. Patient.

Thanks for the feedback. I enjoy pulling this information together.

Feb 07, 2016 01:42 PM #3
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Rainmaker
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Sharlene Hensrud

Realtor. Listener. Knowledgable. Patient.
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