Tuesday, March 26, 2013

Northern Minnesota Monthly Market Report

Buyers are out there ready to buy homes, but it seems they are having trouble finding them.  The number of inventory homes for sale is down.  Here in northern Minnesota the number of new listings on the market for February was down 28.8% when compared to this period of time last year. Year to date the number of new listings is down 19.7%.  The market is quickly shifting and sellers are now seeing their homes sell faster than they have in the past and for a higher price.  The number of days a house is sitting on the market is shortening. Last month the number of days a house for sale was on the market was 24.1% shorter than it was a year ago to an average of 120 days. The percent of original list price received by a seller was also up 2.1% last month.

Home prices are also starting to recover here in Northern Minnesota. The median home price is up 17.5% over February 2012, to a median price of $117,500, and year to date they are up 16.0% to a price of $121,700. The average sale price of homes is up too. We saw a year-over-year rise of %12.7 in February to a price of $151,842.

Local Area Overview:

Brainerd:  Year-over-year the number of new listings in Brainerd was down 55.3%, median sales price was up 14.9% to $99,000. There were a total of 424 homes for sale, which is 23.7% less than last year.

Crosslake: Year-over year the number of new listings in Crosslake was down 75%, median sales price was up 82.1% to $305,000. There were a total of 213 homes for sale, which is 25.5% less than last year.

Pequot Lakes:  Year-over-year the number of new listings in Pequot Lakes was down 77.1%, median sales price was down 14.9% to $161,705. There were a total of 163 homes for sale, which is 15.5% less than last year.

 

This spring is the perfect time to place your home on the market. Supply is down and demand is up. If you are looking to buy or sell a home in Northern Minnesota  contact me, Bill Grunewald. My team and I enjoy helping folks like you find just the right spot to live your northern Minnesota Lake Country dream.

Bill Grunewald/ Edina Realty.

Licensed in Minnesota/ Lic # 20204156