Twin Cities Housing Market Starts 2015 Strong
The housing market in the Twin Cities has started 2015 on a strong note with the number of pending home sales increasing last month. In January we saw an unseasonable rise in the number of signed purchase agreements, a decrease in mortgage interest rates may have helped push buyers into the market.
The traditional spring home selling market begins in March, but with the numbers we saw last month it would appear many buyers chose not to wait till spring. There were a total of 2,986 pending sales in the Twin Cities metro region in January, an increase of 7.8 percent over last year according to the Minneapolis Association of Realtors.
Not only are more homes being sold but they are being sold at a higher price. The median sale price in January was $195,000, which is an 8.5 percent increase over this period of time last year. Last month also marked the largest monthly increase we have seen since February 2014. This was also the 35thconsecutive month of year-over-year price gains on sold median home prices.
"The steady, ongoing improvement and normalization we saw in January could be indicative of the year as a whole, but only time will tell,” said Mike Hoffman, president of the Minneapolis Area Association of Realtors.
There are many home buyers in the market ready to buy and are just waiting to jump when they find a house that is priced right, and in move-in ready condition. If you are looking to buy or sell a home this winter contact me. Our group specializes in Eden Prairie Real Estate,Chanhassen Real Estate,Chaska Real Estate,Lake Minnetonka Real Estate,Edina Real Estateand West Bloomington Real Estate.
Brace Helgeson Coldwell Banker Burnet
Licensed in Minnesota/Lic # 92065