Sales of residential homes are up 21% in Otter Tail County in 2014. Average sale prices are up 6% and homes are selling 7% faster this year as well. Weather affects sales but during this year's cold spring, sales are up over 2013's cold spring.
A key factor that affects real estate sales in the quantity of homes for sale which in Otter Tail County is currently down 10% from 2013 to a 10 month supply. That factor generally leads to a seller's market which can lead to higher prices. To avoid that, buyers should purchase now and sellers should get their property listed for sale now while demand is strong.
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.