ROBUST REAL ESTATE ECONOMY, BY ALAN OLSON, BROKER

Posted 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.

Alan Olson, Broker/Owner

Century 21 Vista, Inc.

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