CENTURY 21 Vista, Inc. Blog: MN & ND Real Estate News

A second consecutive monthly increase in closed home sales in Minnesota is a promising indicator that residential real estate is moving in the right direction after a number of dismal years.  Closed Sales increased 33.5 percent in July 2011 when compared with July 2010.  Almost 1,700 additional transactions were closed in July when compared to a year earlier.  In reviewing statistics throughout the state, it is clear that most areas are rebounding nicely.  In fact, home sales for the last 12 months have incrased 33.5% in Minnesota.  Low interest rates, investor purchases and improving economic conditions are sighted as the primary reasons for the significant increases.  Minnesota's employment numbers have been better than the national figures which helps

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Sales for the first 7 months of 2011 were down 14%, according to Multiple Listing Statistics.  Alan Olson, Broker of Century 21 Vista said "we owe that primarily to lake home sales being off 29%."  The unseasonable weather in March and April kept the lake home buyers away, although sales have been very strong since then. 

It's hard to tell if we will catch up by year's end to last year's sales which were up 55%.  The bright spot is that those buyers are buying higher priced homes than last year.  The average sale price is up 10%.  Another interesting note is residential sales in the county are on par with 2009 and 2010 which were very good.  My advice for buyers and sellers entering the market.....use a professional full time real estate agent that

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The housing affordability rates have jumped in Otter Tail County this year 24.3% which is above the rest of Minnesota's increase of 15.2%.  That's good news for Otter Tail County buyers.  The rate measures median income, median pricing and interest rate. In addition, positive signs of the long awaited housing recovery may be on the horizon according to  the May Minnesota Housing Report released by the Minnesota Association of REALTORS. 

Many experts and those involved in the industry were optimistic about the numbers, especially the pending sales figure which was up 26.2% when compared to transactions in May 2010.  Pending Sales - contracts written but not closed - for Minnesota were up significantly in May, 2011.  However, many of the other indicators

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