Southeast Minnesota Real Estate Strengthens in 2013

Created: 01/09/2014 3:45 PM

(ABC 6 NEWS) -- The real estate market in southeast Minnesota saw strong gains in nearly every indicator in 2013, according to the Southeast MN Association of Realtors.

More than 5,000 homes were sold in 2013, an increase of 6.4% from 2012. Inventory levels dropped 11.8% in 2013. Experts say sellers are facing less competition and multiple offer situations are more commonplace.  However, some buyers are struggling to find quality inventory.

“In 2013, southeast Minnesota saw an increase in stability throughout our 11 counties,” said Casey Hatch, President of the SEMAR.  “What we are seeing now is what we should be seeing - stability.  Bank-owned properties and short sales once commanded a good share of the market.  Residential real estate is going to be stronger with fewer foreclosures and short sales.  All the indicators we use to judge the health of a marketplace are going in the right direction. This is good news for home sellers and those looking to move into our area. We continue to see strong, consistent growth.”

The number of days homes stayed on the market dropped nearly 14% in 2013 to 102 days. Realtors say that shows, when priced appropriately, are selling quickly.

“When taken together, these indicators show a healthy market that is continuing to strengthen,” Hatch said. “We expect these trends, and the growth associated with Destination Medical Center, to continue strong sales for existing homes and more building of new homes throughout the region. All these indicators are ways of saying our area is strong and getting stronger.”

MGN Online