Good News For Minnesota Real Estate (RE/MAX Results)

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Real Estate Agent with RE/MAX Results 20344949

I read some positive news about the Minnesota Real Estate Market for May.  The notable number was that PENDING sales were over 26% over last year.  Last year in May there was a drop off probably due to the tax credit rush that happened before the end of April.  I know I had a great first 4 months last year and the rest of the year was not as exciting. Anyway that is part of the reason last May was down, but to be up 26% this May is a good sign.

Not as positive but not surprising is that the median sales price dropped 9.2% to $139,000.  I can attest to the fact that a lot of the sales I am seeing are lower price bank owned homes to first time buyers and investors and many of those are at or below $100,000.  Of course over all there are enough higher price home sales to bring that median number up to $139,000 but still that is a low number and much lower then a lot of home owners probably believe if you are someone who owned your home for a few years or more.

However, the lower price is another positive for home affordability levels.  The prices and the interest rates make owning a home a very true possibility if your renting and even if you don't have a big income.  In many areas there are homes that payments are equal to or lower to the rental prices.  Which is a good thing for many many potential buyers.

For questions on the Minnesota Real Estate market give me a call!

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Chuck Carstensen is a Realtor with RE/MAX Results in Elk River and Cambridge, MN.  Helping buyers, sellers and investors in great Minnesota counties like Sherburne, Isanti, Wright, Anoka, Chisago, Hennipen and Mille Lacs. He is a Certified Distressed Property Expert (CDPE).

Contact Chuck by emailing him at chuck.carstensen@results.net or by phone at 612-290-3809. 

 

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Rainmaker
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Vickie Slade
Colorado Landmark, Realtors - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On

Chuck, we are definitely seeing the lower priced homes sell more quickly here also and in greter number. We are behind last year...and we are working hard to help the trend turn into positive territory.

Jun 27, 2011 04:40 PM #1
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Rainmaker
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Chuck Carstensen

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