What to Watch for:

This information was provided by The Greater Lakes Association of REALTORS

The passing of the home-buyer tax credit's intitial expiration date
hasn't yet slowed the urgency of home buyers in the Greater Lakes
region, as November saw a continuation of the strong sales we've
seen in previous months.
     There were 245 closed sales during the month, up 59.6 percent from
a year ago.  New Listings were also up 18.7 percent.
     The Median Sales Price for the month was $134,850, dipping 3.0
percent from the same month last year.  Year to date, the median sales price has fallen 9.9 percent from a year ago.  Falling prices have combined with still-low mortgage rates to create a favorable
affordability picture.

Click Here To View the Full November Real Estate Review

Also, it appears that the twin cities real estate market is continues to improve despite a slight setback after the tax credit expired the first time and has had 17 months of consecutive growth. The Gallery of Homes is a member of both the Greater Lakes Association of REALTORS and the Minneapolis Association of REALTORS which provides the Northstar MLS system serving the twin cities area which is the 5^th largest MLS system in the country. As a member of this association, we receive a real estate review for this market as well. Because the twin cities real estate market does have a direct impact on our local real estate market, I thought I would share the latest report we received from them:

Click here to view the November Minneapolis market press release

Please feel free to contact me with any questions

Dan Pflugshaupt

REALTOR, GRI, e-PRO

218-839-7700

Dan@GalleryofHomesMN.com

Specializing in North Central Minnesota Lakeshore & Recreational Property