Over 30% of sales of Otter Tail County homes occur in the last 3 months of the year. That defies regular logic but it is a fact. As of now, it appears that real estate sales in Otter Tail County will set another record in 2014 as sales are up 7% this year over last year, compared to all Minnesota sales being down 6% so far. It is not all that surprising as Otter Tail County was voted one of the top 10 counties in the US to live and go boating by Boating Magazine this summer. Inventory of homes available to purchase is very low as well. As an example, the availability of homes in Fergus Falls is down to about a 6 month supply, compared to a 7 month supply last year. The National Association of Realtors say a 6 month supply is “in balance”. The result is that right now is the best time to list and sell your real estate. It is also a good time to purchase as this tight market will cause an increase in purchase prices.
My advice for buyers and sellers entering the market…use a professional full time real estate agent that knows not only the past comparables but one who knows the present ones and the trends.
Alan Olson, Broker/Owner
Century 21 Vista, Inc.