The number of new listings and closed sales of lender-mediated properties is less than half of what it was in 2012. This positions the for-sale inventory to enjoy high values in 2015. ~ Tom Weiner, Minneapolis - St. Paul Area Association of Realtors
Minneapolis, Twin Cities Minnesota (PRWEB) January 29, 2015
Home sellers in the Twin Cities metro area experienced fewer home sales over all, but higher house prices posted substantial profit gains. A snapshot of median home prices in specific Twin Cities locations shows hefty gains overall. Northstar MLS reports help both buyers and sellers stay on top of housing market changes and price trends.
In 2014 the Minneapolis 13 country metro had a total of 49,541 property sales. While that total is down approximately 7 percent from the previous year, it is notably but the second-highest amount since 2005, according to year-end data posts on January 21st by the Minneapolis Area Associations of Realtors. The median price that represents those home sales is $205,739, a 7.2 percent improvement and the top median price sellers have obtained in seven years.
"Median home prices as we begin a new year in the Twin Cities metro vary by neighborhood and even the street from one residential community to another," says Jenna Thuening, owner of Home Destination. More homeowners are free to contemplate selling now that home prices have rebounded significantly.
“The market is returning to more solid footing,” said Tom Weiner, president of the Minneapolis - St. Paul Area Association of Realtors, according to the January 15th article titled Signs point to a healthy – and growing – Twin Cities housing market. His statement reflects the optimism may feel as prospective home buyers are in a stronger posture than they found in recent years as sellers seemed to have the leading edge. In 2014, the Twin Cities real estate listings stood at 73,768, which was a welcome increase of 2.3 percent over the previous year and gave buyers more options than had since 2010.
According to Northstar MLS, the following Twin Cities real estate figures cover changes in median home prices over a one year time span and were taken on January 26, 2015:
- Bloomington: $201,000 which is up +4.1%
- Burnsville: $209,500 which is up +13.2%
- Eden Prairie: $300,000 which is up +7.3 percent
- Eagan: $234,375 which is up +6.5 percent
- Edina: $380,000 which is up +8.5 percent
- Hanover homes for sale: $254,312 which is up +6.0%
- Lake Minnetonka Area: $380,000 which is up +2.7 percent
- Mendota Heights: $330,000 which is up +16.8%
- Prior Lake: $281,000 which is up +4.1%
- Richfield homes for sale: $183,750 which is up +5.0%
- Savage: $255,000, which is up 6.5 percent
- Shakopee: $205,000 which is up +5.3%
- St. Louis Park homes for sale: $230,000 which is up +5.0%
- Tonka Bay: $570,000 which is up +19.4%
- Twin Cities region as a whole: $205,650 which is up +7.1 percent
The Annual Twin Cities Housing Market Report summarizing 2014 was released two days ago and states that: " Though the rate of improvement is uneven across areas, price tiers and market segments, overwhelmingly encouraging data sets a positive tone for 2015".
"Two top strengths of the Twin Cities real estate market in 2014 were home prices and the higher number of new listings, while new home construction and housing inventory levels were its weaker points," adds Thuening.
About Home Destination - Twin Cities Real Estate:
Home Destination offers a loyal and committed real estate professional service that personally handles all of the details of selling or purchasing homes in Eden Prairie, Minnesota. Helping all home buyer types, from individuals seeking to buy their first home to individuals purchasing investment properties, Jenna Thuening has the real estate experience and acumen buyers and sellers benefit from. Read the full report on how home prices in the Twin Cities are rebounding.