LISTING ACTIVITY CYCLE
One of the things that I am learning as an agent is the yearly activity cycle of the real estate market, its rhythm.
The graph above shows the listing activity for the Lake Region Association of Realtors MLS for the past three year. Generally speaking listing activity picks up in the spring, peaks in early summer and then falls off in the winter. Makes sense when we think of our Minnesota seasons.
Good time now for SELLERS to start getting their homes ready for sale, and for BUYERS to check their loan qualifications and to start their search for a new home.
LOW INVENTORY
Often I am asked how the real estate market is doing? The thing that stands out most to me is the low inventory in our area (Otter Tail County) as well as the rest of the state. I went to a conference this week in the cities and it was pointed out how low inventory is there as well. The graph below shows how housing inventory has changed over the past eight years.
Each year the inventory of homes for sale at the end of the year has dropped. The December inventory for the last three years is shown below:
All indications are that this spring should be a great time to list a house. Interest rates are still good and buyers are out there. If you would like to have a market analysis, give me a call at 218-205-6568.
Sales have been steady in Ottertail County in the past few years, but were down a bit this past year, most likely due to lack of inventory and the uncertainty of an election year.
