The Annual Report on the Minnesota Housing Market was just released. The report publishes a myriad of housing data from the previous calendar year based on statistics and home sales. The 2014 market was said to have been the "one step back" after we just took two steps forward in 2013. Here are a few takeaways.
SUMMARY
- In 2014, metrics like new listings and home prices showed improvement, while inventory and closed sales lagged.
- 2013 recovery was stronger than 2014
- Interest rates remained lower than expected
- More homes became available, and at a higher pricepoint, as distressed properties worked their way out of the market
- Sellers of 3 bedroom homes realized 94.4% of their list price, while sellers of 4 bedroom homes realized 95%
- Prices in most areas rose, and in 2015, this should continue, though at a much tempered pace