December 29, 2014 (Newswire.com) - A look back on the Twin Cities real estate market in 2014 and a look ahead at predictions for the Minneapolis 13 County housing market in 2015 show a lot of positives. Mirroring or stronger than nationally levels, 2014 was the best year in the Twin Cities housing recovery since the recession of 2008-2009, according to Realtor Magazine's December 23rd post. The Twin Cities regional housing market continues to make strides in recovery, even as some measures appear to show unfavorable movement.
"It looks like the well-prepared Twin Cities home buyer and home seller will find themselves ready for market adjustments and better positioned to be the active real estate players in 2015," predicts Jenna Thuening, owner of Home Destination. "The real estate sector across the nation saw substantial gains as prospective home buyers were able to prove better earnings. This was especially true for within Twin Cities real estate holding the position as the best larger metro for strong employment opportunities."
Real estate's history has held up the reliability factor that higher pending home purchase activity of traditional homes indicates market health regardless if the overall pending home sales indicator declines. MAAR says "that changing mix of sales activity has helped catalyze the nearly three straight years of (home) price gains. According to predictions, 2015 is looking like it will be another solid year for further advances in the Twin Cities real estate recovery, and home prices are expected to keep rising.
Key Happenings in Twin Cities Real Estate in 2014 and Predictions for 2015 According to Northstar MLS: current housing data showing year over year comparisons in November:
- Low interest rates surpassed predictions for 2014 and are expected to continue for months before trending upward by the end of 2015.
For the Twin Cities region, the dollar volume of closed home sales year to year at the end of November 2014 was $12,523,492,832 or down 0.5% from the same time frame in the previous year. Residential real estate investors in the Twin Cities searching for possible high profit margins if available home bargains could be found were challenged in 2014, while Cushman and Wake said that the most in-demand commercial real estate product types include class A core office buildings in downtown Minneapolis and select suburban locations.
"When comparing Twin Cities housing data to November a year ago, it looks like the real estate market is slowing down," Thuening concurs. However, last November was different because the type of homes sold indicated that buyers were scrambling to nab bargain homes. We are a lot closer to a healthier market at the close of 2014."
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 the Twin Cities. Highly regarded by peers as a Minneapolis metro expert for over 15 years, gain a skilled representative as guide to make the best possible housing decisions. Jenna Thuening has the real estate experience and acumen buyers and sellers benefit from. Learn more in the Summary of Twin Cities Real Estate 2014 report.