|Monday, February 4, 2013|
Northern Minnesota Real Estate Market Update
The real estate market in Northern Minnesota ended on a strong note for 2012. Residential real estate activity that is comprised of single-family properties, townhomes and condominiums combined had a great year in 2012. The number of pending home sales was up 8.4 % year to date in December, and the number of closed sales was up 10.1 % over this same period of time last year. The supply of homes on the market is continuing to decrease. The supply of homes was down 15.2 % in December over last year. This makes it the perfect time to place your home on the market and take advantage of the competition and higher home prices.
The housing market here in Northern Minnesota is continuing to recover. The median sale price of homes was up 6.8% to an average of $ 133,500, and the average sale price was also up 6% to finish the year with an average price of $165,649. Historically low interest rates continue to make homes extremely affordable for first time home buyers and those looking to sell their home to move up to a larger one.
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.