Housing Market in Crow Wing County Ends The Year Strong
The sale of single-family homes for the month of November soared at pace we have not seen in nearly 2 ½ years. Not only did home sales surge, but so did the median sale price of homes when compared to this same time last year. These are just a few more indicators that the housing market is still on its way to a recovery. The housing market in Crow Wing County and across the country saw big improvements in November.
According to the Commerce Department home sales rose by 4.4 percent in November to a seasonally adjusted 377,000-unit annual rate nationwide. It was right on target with the 378,000-unit annual pace that analysts had forecasted. The annual pace of homes sold for November was the quickest we have seen since April of 2010.The median home price of a new home rose to $246,200, up 14.9 percent from the same period of time last year across the country. The median sale price of homes in Northern Minnesota rose from $128,000 to $139,000 for an 8.9 percent increase over this period of time last year according to a recent report by the Greater Lakes Association of Realtors. In addition, the number of closed sales in the area was up 7.1 percent over last year.
The housing market in 2012 has been an added strength to the still recovering economy. Historically low mortgage rates and decreased number of foreclosures are attracting more buyers. With fewer distressed properties on the market home prices are beginning to stabilize and increase.
Demand is up and the number of homes listed for sale is down making now the perfect time to put your home on the market. If you are looking to buy or sell a home in Crow Wing County, 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