The Twin Cities housing market finished the year with 56,390 closed sales, up 13.7 percent from 2014, marking the most closed sales in a year since 2005. The Saint Paul Area Association of REALTORS (SPAAR) and the Minneapolis Area Association of REALTORS (MAAR) both stated during a joint press conference Wednesday, that the increased sales can be linked to low interest rates and an improved economy.
“Last year (2015) really showcased the durability of our economic and housing recovery, despite a few obstacles. As sales hit a 10-year high the Twin Citizens are just as committed to homeownership as ever. Attractive rates, rising rents, job growth, wage increases and the lowest unemployment rate of any major metro area will continue to be positive factors for real estate.” – Judy Shields, President of MAAR
The 2015 median sales price increased 7 percent to $220,000, up from $205,000 in 2014. Breaking it down, the median single family homes price increased by 5.6 percent and townhouse-condos were up 3.8 percent over the previous year. Distressed homes made up only 10.6 percent of all closed sales, down 26.7 percent from last year. Months’ supply of inventory ended the year at an unprecedented low of 2.1 months.
2015 By the numbers
– 77,380 properties listed on the market, a 5.1 percent increase from 2014.
– 56, 390 homes closed on, a 13.7 percent increase from 2014 and the highest number since 2005.
– December inventory levels fell to just 10,166 units, a 21 percent decrease compared to 2014 and the lowest level in 13 years.
– Months supply of inventory was down 34.4 percent to 2.1 months.
– $220,000 was the new median sales price, up 7 percent to an 8-year high.