The housing market in Hugo, Minnesota has improved significantly in 2015. This north metro Washington County community just outside of White Bear Lake saw increased new listings and closed sales in 2015. With closed homes statistics rising faster than new listings, housing inventory is still low in this northern Minneapolis/St. Paul suburb. This could the reason the average sales price rose again for the fourth consecutive year to over $259,000. The amount sellers are receiving on sales is close to asking at 97.3% which is slightly up from 2014 and it continues to be one of the highest ratios for communities in the north and east metro area. The average price per square footage likewise jumped from $111/square foot in 2014 to $119 at the end of the year. Time on the market to sell a Hugo home, was also down significantly in 2015 with homes taking just over 2 months to sell on average.
As we start 2016, housing inventory levels continue to be low in Hugo. This has created a bit of a seller’s market; with sellers having the negotiating advantage. Since interest rates continue to remain affordable, home buyers are out there searching for their dream home well before the traditional spring market has begun. Hugo home owners considering selling in 2016 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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