| Up North Properties Team |
ArchivesApril 2008What is the Real Estate Local Market Doing in the Brainerd Lakes AreaWhat is the Local Market doing?What do the numbers tell us? Like the current nationwide press on Real Estate Market conditions, the numbers don't really paint a clear picture. If you look at the Greater Lakes Association of Realtors data for March, it is hard to come to any solid conclusions about the market. Let's look at some information broken down by county: CROW WING: 30 closed sales in the county for March as opposed to 49 for March of 2007. Average sales price for properties sold in March is up 1.5% compared to last March. Average days on the market is up 36.6% CASS: 19 closed sales in the county for March as opposed to 27 last March. Average sales price is down by 34.0%. Average days on the market is up 14.8% AITKIN: 5 closed sales as opposed to 8 last March. Average sales price is up 24.1 %. Average days on the market is up 60.7% The above data tells us that volume wise business was a little slow in March of this year compared to last year. However, the average sales price change from last March has increased in two of the three counties. One thing that is clear from the data is that properties are staying on the market much longer than they did in the past. Another interested fact is that in the Greater Lakes Association of Realtors area, average sales year to date is up compared to 2006, but down compared to 2007. So really one can interpret the numbers in a lot of ways. That is why looking at the numbers in too small of a time period is not a good way to evaluate the Real Estate Market. To get a clear picture it is best to look at it in a long term manner. For instance if you look at the average sales price for 2007 it was $224,760. This is up substantially if you go back three years to 2004 when average sales price was $204,340. So as the headlines for a past Washington Post article about the U.S. real estate market said: "Numbers Don't Lie, But They Do Confuse". 11:28 AM - Apr. 29, 2008 - comments {0} - post comment
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