Weather Continues to Control Sales, By Alan Olson, Broker
by Admin Admin
on Monday, June 24th, 2013 at 2:05pm.
The Lion of the winter and spring has controlled the sales of real estate in 2013. Sales of units are down 48% through May of this year from a robust increase from the same period a year ago. Our Minnesota winter has always controlled real estate sales. Sales soar when temperatures soar and they decline during a harsh winter. We are presently seeing strong sales of quality lake homes on better quality lakes. The jury is out whether lake home sales will catch up to last year. As a result, sellers are reducing their asking prices in order to achieve a sale in the 2013 selling season.
The good news for sellers is that the amount of homes for sale has dipped 24% from last year. As a result, we are once again seeing multiple offers. It is an excellent time to sell as indicated by a 6% reduction in time to sell and a 2% increase in the percent of original list price received.
The good news for buyers is that the housing affordability has remained at record levels.
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.