Home Sales High, Inventory Low in the Twin Cities

Twin Cities Real Estate MarketThe housing market in many different parts of the country was thriving in 2015 but here in the Twin Cities, last year was an especially busy time for the local real estate industry. According to the Minneapolis Area Association of Realtors, the Twin Cities saw the most homes close in a single year since 2005.

Statistics show buyers purchased 56,390 homes in 2015—a number that’s nearly 14% higher than 2014. In addition to the spike in sales, the average sales price for homes on the market in the Minneapolis-St. Paul metro area also increased substantially, ultimately rising to $220,000 from $205,600 just a year earlier.

Other notable real estate stats from 2015 include a 26.7% decline in distressed sales, accounting for only about 10.6% of all closed sales last year. And despite sellers actually listing the most homes since 2010, inventory all throughout the Twin Cities area is lacking with supply at the end of 2015 only at 2.1 months. For reference, normal market conditions reflect about a 6 month inventory of homes on the market at the current sales pace.

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