November 2012

Minnesota real estate sales are on par with the national increase in real estate sales in the United States, at 11%.  Otter Tail County leads the state with a 21% increase plus an increase of 20% in median sale prices which is twice as high as the national numbers.  The reasons are low unemployment, a robust farm economy, the lowest interest rates this month in 30 years and a good supply of homes for sale.  The down side is the inventory of homes for sale has fallen 12% and median prices are rising.  Interestingly, nationally 1st time home buyers make up 32% of the entire housing market.  The sale of lake homes has shown the largest increase in sales at 78% so far thisyear with residential sales following at a 6% increase.  The real estate economy is back