The housing market in White Bear Lake, Minnesota remained strong but was a bit flat overall from 2014 to 2015. This northeast suburb of the Minneapolis/St. Paul metro area had almost the exact same numbers of new homes listed on the market in year over year in 2015. There was a sizable increase in closed sales up by a dramatic 15%. Interestingly, this was on par with 2013 numbers so the lack of inventory in 2014 might have contributed to lower sales. The real estate demand is remains high and the market strong. The average price of a home rose by 3.5% in White Bear Lake going from $208,914 in 2014 to $216,127 in 2015. This raised the average price per square foot accordingly; going from $118/sq ft to $121/sq ft. The average days-on-the-market statistic was slightly higher in 2015. It took an average 71 days to sell this past year but this is still down significantly from the average 88 DOM in 2013. Sellers remain in a strong negotiating position and offers are being accepted very close to the listed price. Last year sellers in the White Bear Lake area received an average of 97.1% of asking price.
As we start 2016, housing inventory levels are very low for homes in the White Bear Lake area which has created more of a seller’s market, giving the negotiating advantage to a home seller. With continued low interest rates, home buyers seeking their dream homes started very early this year. Home owners considering selling in 2016 and wanting to take advantage of the improved market do not need to wait for the spring market to start. It is here! With home inventory is low, the negotiating edge goes to the seller but as more homes list, this opportunity could be reduced considerably.
READY TO MAKE A MOVE? Let me be your professional guide. If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of Boardman Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District. Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
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