Here is the local Real estate Review for August 2010

Click here to view all supporting reports

What to watch for:

This information was provided by The Greater Lakes Association of REALTORS

Over the last 12 months, total home sales in the area have increased by 13.2 percent, but the story varies by price range. Closed Sales for private waterfront properties were up in all ranges except for $200,001 to $275,000. Non-water front properties and homes noted with water access/river were also up in all range except for $400,001 and above.

Among private waterfront homes, the price range with the largest growth in sales was the up to $150,000 breakout, where sales were up 38.1 percent. The range where sales were the slowest was $200,001 to $275,000, where sales were down 4.5 percent.

The total inventory of homes for sale grew by 2.1 percent overall versus a year ago. For private waterfront homes, inventory grew by 5.0 percent to 1,720 to 1,806. The number of water access/river homes has increased 4.8 percent from a year ago, while the number of non-waterfront homes fell 1.2 percent.

The median sales price of private waterfront homes over the last 12 months was $275,000, up 21.5 percent from a year ago. For water access/river homes it’s $160,500, down 7.8 percent, and for non-waterfront homes it’s up 5.7 percent to $112,000.

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