OTTER TAIL COUNTY HOME SALES, by Alan Olson, Broker
by Admin Admin
on Friday, October 25th, 2013 at 10:26am.
Otter Tail County MLS statistics show that the sales of homes in 2012 were up 24% at the end of August over 2011 for the same period. In 2013, however, the sales are only up 14% over 2011. Home sales, and especially lake home sales were explosive in 2012 due in part to pent up demand. The inventory levels of homes for sale in Otter Tail County are at a 11.6 month supply compared to an 18 month supply in 2011. The National Association of Realtors state that a 6 month supply is considered IN BALANCE . In a rural area, however, a 6 month supply would leave a very limited selection of homes for buyers to choose from and would probably limit sales. Right now inventories are adequate and we are still seeing multiple offers on homes that are selling.
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.