Southeast Minnesota is seeing a strong year for real estate.
Monthly indicators released by the Southeast Minnesota Association of Realtors show a strong month in September for home sales. Year-to-date numbers are also positive, showing a healthy real estate market for the region.
Southeast Minnesota saw the number of closings increase 7.8 percent in September compared to last year and are up nearly 20 percent for the first three quarters of 2015 compared to the same period last year. Sale prices are also up for the month and year, with the September median price at $155,000, and the year-to-date median price at $157,000.
Karen Becker, the CEO of SEMAR, said realtors in the region are seeing some solid sales. While numbers vary by county, she said the region is seeing healthy a healthy market across the board.
Economic trends continue to be good for real estate, Becker added. Interest rates are still enticing for buyers; with inventory moving fast, the market is also good for sellers.
Sales are particularly strong in Goodhue County, where they’ve risen more than 20 percent in the first nine months of the year, from the same time last year, according to numbers from the statewide realtors association. The Median sale price for the county is up 8 percent for the year at $165,500, and the number of days a home is on the market before being sold is down almost 18 percent.
Economic growth is helping drive the real estate market, Becker said, with Rochester’s Destination Medical Center project driving growth in Olmsted County, Hormel Foods adding jobs in Austin and many other communities seeing expanding opportunities.
As a result, Olmsted County has seen closed sales rise 26.9 percent in the first nine months of 2015 compared to the same time last year. Median prices are also up 5.8 percent at $180,000.
“When you see cranes, those are good indications that a community is growing,” she said.
There are very few areas that are not seeing growth, Becker said, and the typical slowdown in the market this time of the year hasn’t happened yet. With a few more months left in 2015, Becker said the year-end numbers will tell the full picture of how things turned out.
“Year over year, we are seeing continual, healthy growth in the market,” she said.
Source: Post Bulletin