Sunday, February 24, 2013

February Housing Market Statistics for Crow Wing County

The housing market in Crow Wing County ended on a strong note for the month of January and we are off to a great start in February. Spring is just around the corner and the housing market for 2013 is already off to a very strong start compared to this same period of time last year. There continues to be a limited number of homes on the market here in Crow Wing County, and the same can be seen in a large number of other housing markets across the nation, which in turn is increasing competition among buyers and driving home prices up.  The number of inventory homes for sale was down 15.50% last month, and the total number of a months supply of homes for sale was down 28.70% compared to this same period of time last year.

The number of new listings in Crow Wing County for January was down by 3% compared to this time in 2012. Home prices in Crow Wing County followed the same trend seen across much of the nation rising by 6.5% over last year to a new median sales price of $153,500 and an average sale price of $189,921. Pending home sales rose drastically over this same period of time last year showing an increase of 9.3%. 

Across the nation home sales rose by 0.4 % in January to an annualized rate of 4.92 million deal. The NAR report takes into consideration the seasonality of the market, and median prices of homes sold was up 12.3 percent to $173,600. These are all strong indicators that the housing market is well on its way to a full recovery. Now is the perfect time to put your home on the market.