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Brainerd Lakes Real Estate Update for November 2011
If everyone had the ability to sell their existing home or the financial resources to make the purchases, there are many great homes on the market at exceptional prices in the Brainerd Lakes area of Minnesota. For every home that sells in the Brainerd Lakes area of Minnesota, 15 properties remain on the market. The median sales price of a home in the Brainerd Lakes area dropped 9 percent and is now at $154,425 according to the Greater Lakes Association of Realtors. The Brainerd housing market is lagging behind the Minneapolis-St. Paul-Bloomington market, which was recently ranked the top healthiest market in the nation. The Brainerd housing market is moving on a slow, steady road to recovery as the number of homes for sale decreased and closed home sales increased. Closed home sales were up 9 percent over last October; all told, 206 properties closed last month compared to 189 a year ago. Overall, active listings were down 11 percent and new listings were up 2 percent. The month’s supply of housing has dropped to 16.8 months from 19.3 months, meaning that it would take 16.8 months for the existing inventory to be sold at the current ... more
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