Breaking It Down: Itasca County Home Sales Report
A common question posed to brokers and Realtors® from the general public is, “how’s the market?” The responses vary based upon each individual's track record and/or experiences. That being said – the best way to provide accurate information is to refer to the Minnesota REALTORS Monthly Indicators report. The 10K Statistical Reports Activity Snapshot from December 2017 until December 2018 became available at the end of January.
Results provided a mixed bag of positives and negatives: The number of homes available for sale during the past 12 months was down 10.9 percent, from 375 in 2017 to 334 in 2018, which would be consistent with the number of closed sales also being down by 36.8 percent. With the number of available homes for purchase being down – it would be logical there would be fewer closings.
On the positive flip side, the median sale price (which is the point at which an even number of homes sold below and above this number) increased by 20.6 percent. In 2017, the median sales price in the Itasca County area was $115,000. In 2018, that amount rose to $138,725.
Equally positive is the 16.9 percent increase in average sales price. In 2017 that amount was $136,807, while in 2018 the average sales price increased to $159,949. It should be noted the increased sales price is a “double-edged sword,” a positive for sellers and a negative for buyers.
Most importantly to keep in mind is that ALL real estate is LOCAL. While the sale of lake homes would factor into the above overall averages, their sales prices differ wildly from the quoted amounts. The local MLS/Board of Realtors no longer breaks the sales of homes into specific categories. A future blog will attempt to explore the monumental role lake homes play in our local market.
Prepared by Charlotte McDermott, CRS, G.R.I
Coldwell Banker Northwoods Realty