Area REALTOR® associations reported today that 2015’s 56,390 closed sales in the Twin Cities Metropolitan Area made it the best year since 2005 for metro area residential real estate sales, a 13.7% increase over 2014.

The median sales price in 2015 was $220,000, a 7.0% increase over 2014. The median sales price of single family homes was up 5.6% and townhouse-condos were up 3.8% over the prior year, continuing multi-year positive trends. Distressed sales were a mere 10.6% of all closed sales in 2015, a 26.7% decline over 2014.

“Last year really showcased the durability of our economic and housing recovery, despite a few obstacles. Attractive rates, rising rents, job growth, wage increases and the lowest unemployment rate of any major metro area will continue to be positive factors for real estate,” said Judy Shields, president of the Minneapolis Area Association of REALTORS®.

Months’ supply of inventory—the time it would take to sell all existing inventory—ended the year at an unprecedented low of 2.1 months.

“Since inventory conditions vary across the metro and market conditions change quickly, would-be sellers are encouraged to contact their REALTORS® for an updated market analysis. Your home might be worth more than you think,” said Bob Clark, president of the Saint Paul Area Association of REALTORS®.

Days on market continued to shrink, ending 2015 at just 76 days—a 10-year record low. Percent of original list price remained strong at 96.6%. Single family homes and townhouse-condo segments were at 96.6% of original list price. Previously owned was at 96.4% while new construction topped out a 99.6% of original list.

“We know that well maintained, appropriately priced homes with amenities are selling fairly quickly and the data reflects this as well,” said Clark.

Established in 1886, the St. Paul Area Association of REALTORS® serves more than 6,000 members in 11 Twin Cities metro area counties. SPAAR is dedicated to promoting the dream of homeownership with the highest level of professional integrity – better agents, better communities.

MAAR supports an organized real estate environment and provides local REALTORS with essential market information, educational resources, a trusted networking community, an effective industry voice & strong leadership for greater professional success.