by Admin Admin
on Monday, November 26th, 2012 at 11:22am.
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 in Otter Tail County!
Don't forget the Hurricane Sandy victims! You can send a check to the Salvataion Army and designate Hurricane Sandy.