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What to watch for:

This information was provided by The Greater Lakes Association of REALTORS

There is currently a 36 months supply of private waterfront property in the Greater Lakes region. That's down 14.0 percent from a year ago, but remains very high by historical standards. The price range with the highest months supply for private waterfront homes is $275K to $400K, where there is 42.0 months of supply and growing.

Non-waterfront homes have seen their median sales price increase over the last twelve months by 2.9 percent to $112,000. Private waterfront homes and water access homes saw minor declines in price during the same period.

Market time is increasing for all property types, but is growing

fastest in private waterfront homes.

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:

Weekly Market Activity Report

For the week ending August 7, we didn't stray from the post-tax credit trends in the Twin Cities housing market. Pending sales remained entrenched in a holding pattern around 600 per week, continually underperforming last year's activity. The 659 purchase agreements signed were 36.5 percent below 2009 figures.

Weak sales means rising inventory. There are 27,664 homes available for sale, up 7.4 percent from a year ago. In August, there will be 8.64 homes available per buyer, up dramatically from the mark of 5.28 seen a year ago.

For now, Days on Market continues to drop slightly from last year, down 6.8 percent from a year ago to 127, but Percent of Original List Price Received at Sale for July 2010 declined from a year ago for the first time in several years, an indication that home prices will remain soft in the months ahead.

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