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  Saturday August 30th, 2014    

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No bursting bubbles in Southeastern Minnesota real estate (01/16/2006)
Real estate has been the one sector during the last several years that has sustained the nation's economy. Here in the Midwest, prices, days-on-market, and sale prices have remained steady and reliable indicators that the market has not suffered the "bursting housing bubble" talk, and consumers are receiving value for their buying dollars, and good return for their sales offerings. Real estate remains a great investment and worthy of consumer confidence.

The eleven-county SE Minnesota market for 2005 showed an increase in sales of 1.5% over 2004 (6060 vs 5966) and the highest number of sales for the past five years. The city of Rochester accounts for 39.5% of the SE Minnesota market with 2,400 sales for 2005.

Average sale prices have steadily increased over the past five years from $138,338 in 2001 to $165,651 in 2005, an average of 19.74% increase for the entire area. In Rochester the increase has been more dramatic from $156,450 in 2001 to $198,559 in 2005, an increase of 26.91%, primarily due to increased new construction prices.

The average days-on-market (DOM) reached an all time high in 2005 at 107 days (100 in Rochester). This compares to 93 DOM for 2004 (85 in Rochester).

You can see the statistics gathered by the SE MN Association of Realtors (SEMAR) MLS for every market area in SE Minnesota and do your own comparisons by going to the SEMAR website at www.semnrealtors.org and clicking on Market Trends.

SEMAR is a nonprofit corporation real estate trade association headquartered in Rochester, Minn., that serves over 1,200 realtor members in SE Minnesota. Visit properties for sale on the website at www.semnrealtors.com and contact your local realtor for more information. 

 

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