2011 Year End Review

We've all heard the news about the real estate market around the country and in the metro areas, but I'm sure you've wondered how we are doing up here in Northern Minnesota.  Here are the numbers:

654 Listings Sold (up 5.5% from 2010)

2238 Properties for Sale in 2011

$166,463 Average List Price (down only 3.57% from 2010)

$115,183 Average Sale Price (down 10.6% from 2010)

161 Average Days on Market

Statistics in this post were obtained from the Northwest Minnesota MLS.

What do all these numbers mean?  It's taking longer to sell houses for less these days.  I feel that a big part of the 10.6% depreciation that we experienced in 2011 was due to foreclosed home sales.  Many of the foreclosed homes in 2011 were in poor condition, and therefore brought a low sales price which brings down the average.

The good news for buyers is that there are many homes to choose from, sellers are coming down from their original list price an average of 13%, and interest rates are still at all time lows! Have more questions on Northern Minnesota real estate market conditions?  Don't be shy, just ask!