Are you wondering how things are going in the real estate market in Central Minnesota? Things are moving and buyers are coming out of hibernation.
Despite the cold weather and heavy snow in February, buyers in the Greater Lakes region were very active during the month of February. There were 99 closed sales during the month, an increase of 23.8 percent from a year ago.
Home prices have shown early signs of stabilizing, but remain relatively soft. The February median sales price of $115,000 was a decrease from a year ago of 1.7 percent.
Soft prices have combined with extremely low mortgage rates to create an attractive environment for buyers. The Housing Affordability Index in February of 172 is an improvement of 4.7 percent from a year ago, and is up dramatically from the low point seen a few years back. This indicates favorable conditions for home buying.
Buying or selling in the Brainerd Lakes area - give me a call. You will be glad you did - I love my work and it shows.
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