The 2016 Twin Cities Real Estate Market – Hot or Not?
In case you haven’t heard, 2015 was a great year for real estate, and with home sales reaching a 10 year high, many industry leaders say the housing market has fully recovered. Now that we are several weeks into the New Year with the spring housing market hovering around the corner waiting to pounce on the Twin Cities, let’s take a look at January’s statistics and make some projections for what is ahead.
January Was Cold But the Twin Cities Housing Market Wasn't
The January real estate market in Minneapolis-St. Paul was strong with enthusiastic buyer activity, brisk sales, and rising home values setting the trend. Pending sales rose 3.5 percent, the median sale price rose 10.3 percent to $215,000, and the median list price climbed 6.1 percent to $259,900, a record high. However on the seller side we saw a less inspiring performance with the number of new listings declining 7.2 percent from last year which brought inventory levels down 22 percent and the lowest they have been since 2003.