Real Estate market has taken a big toll, not just in the Greater Lakes area, but nationwide in general. However, there is some good news on the horizon. According to the Greater Lakes Association of REALTORS, home sales have shown some stabilization and even improvement over the past 2 years.
We are all familiar with the real estate bubble that captivated the nation few years ago, and we are also familiar with the unfortunate consequences of the bubble bursting. Although the home prices of home aren't close to what they were during the good times, the new report says that the average home price has increased from the last 2 years. The market seems to be stabilizing when it comes to home prices. This is something a lot of people have been waiting to see.
Home sales are up significantly from the previous years. In fact, the March 2010 transactions are up over 43% from 2008 and around 33% from 2009. Most the recent monthly indicators show that the housing market in the Greater Lakes area has experienced tremendous growth in certain categories and stabilized in others. For example, closed sales are up 27% in March 2010 than in previous months.
Undeniably, Minnesota is on the road to recovery and has been for a few months now. The real story will unfold after the cessation of the first time home buyer tax incentive program. The real estate market has been relatively unscathed in Minnesota when you stack it up other cities but it really depends on which area within a state you are looking at. Let's hope that this trend continues.
Jeff Torf is a licensed real estate agent for more than 2 years and has been writing articles for brainerdlistings.com. Please check out the site for more information on Brainerd homes. You can also check out some Brainerd Real Estate Listings on the website.
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