Lakeshore Market Update

2015 was a great year for the lakeshore housing market. With an increase in the amount of lake homes sold on Prior Lake. Lake homeowners felt more confident in the market this year. Jim Slater finished the 2015 year as the top preferred realtor on Prior Lake.  After selling over six million dollars worth of Prior Lake inventory Lakeshore Plus had an an average sale price for Prior Lake of $740, 375 which is $35, 736 above the average price.  The average final selling price was 97% of the listing price.

2015 proved to be a good year for the real estate market and the current housing market in the Twin Cities is almost back to the place it was before the 2008 crash. The forecast for the 2016 housing market is promising with an expected increase in the median home sale prices from six to eight percent and the number of homes sold should rise from four to six percent. For buyers interest rates are expected to increase but only slightly. The supply of homes remains low and the demand continues to be high. Around 13, 800 homes remain available in the Twin Cities, which is well below the average of 20, 000 to 25, 000 homes.

As 2015 comes to an end the lakeshore market begins the new year with only a handful of available properties left. As a result many first-time home buyers may have to offer more than the list price.