Categorized | Residential

Housing Market in Minnesota Gaining Strength

Please Share!

Real estate analysts in Minnesota are becoming more optimistic about the prospects of recovery in the state’s residential real estate market. According to the recent data from the state of Minnesota, nine out of ten key residential real estate market indicators showed positive growth in January. As such, economists believe the residential property market in Minnesota is stabilizing.

 

Residential real estate prices are still down in Minnesota, likely due to the number of foreclosures that still make up the state’s housing inventory. However, the total amount of foreclosures available in the state’s housing inventory will likely drop in the coming months. During the month of January, sales increased more than six percent from the previous month. They were up nearly fifteen percent from where they were one year earlier. As a result of the increased sales, inventory has fallen, and as such, prices will probably start to increase in the near future.

 

With the exception of the West Central region of Minnesota, sales increased all over the state. The North Central region, and the Headwaters region demonstrated the largest increase in sales. The number of overall sales in the North Central region increased by more than two hundred and thirty-five percent during the month of January. The total number of sales in Headwater region demonstrated an increase by more than one hundred and seventy-five percent during the month of January.

 

The total residential real estate inventory in the state of Minnesota has dropped for eight straight months. As the inventory continues to fall, it is likely that the state’s housing market will continue its positive growth in the coming months.

 

Please Share!

About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

Leave a Reply

Twitter Chat