What Minneapolis Market Trends Did We See in 2015?

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Today, we want to give you a quick 2015 market wrap up. What market trends have we seen over the last month and what can be expected moving forward?

Here are the quick facts:

• We saw a 29.3% increase in the price range with the strongest sales. In other words, the strongest sales in the 2015 market were priced between $190K-$250K. 
• Single-family detached homes were the most popular. They had the strongest sales in the past year, for a total increase of 16.5%!
• Previously owned homes are outpacing new construction properties. This is typical in any market, but they are up 16.2%.
• We've seen a change in new listings of almost 12%. We also saw a changed in closed sales of 1.3%, which seems small, but only because inventory is so low.
• The change in the median sales price is up 7.3%. This is great news for homeowners who are looking to sell their home for a great value.

Now is a great time to put your home on the market. Inventory is low and prices are rising, so you might be surprised to find that your home has higher equity than you realized.

If you have any questions about how to take advantage of these market conditions, or if you need real estate assistance of any kind, please don't hesitate to reach out to us. We would love to hear from you!

Our Commitment to the Children’s Miracle Network

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We’ve been a proud supporter of Children’s Miracle Network Hospitals since 1992. Tens of thousands of RE/MAX agents have been involved with this organization for 23 years. Together, we raise money for children with disabilities and these hospitals cater specifically to that demographic.

I had the pleasure of touring the Gillette Children’s Specialty Healthcare, a nonprofit hospital affiliated with this charity, located in St. Paul. I saw what they do behind-the-scenes there and it’s incredible.
 

There’s something you should know when working with a RE/MAX agent. If they’re involved with this program, part of their commission goes to the Children’s Miracle Network whenever a transaction closes. It’s so important to give back to the community.

As always, if you have any questions about the Children’s Miracle Network or real estate, please reach out. Give me a call or send me an email today.