Central Minnesota Home Sales Plummet in 2010
UNDATED -- Home sales in the Tri-County area, made up of Stearns, Benton and Sherburne counties, dropped 15.2-percent in 2010. The region also known as 7W saw a double digit drop in home sales last year. The Twin Cities metro area had the highest drop at 17.6%.
Figures from the Minnesota Association of Realtors show other areas like northwest and southwest parts of the state saw sales figures rise last year.
Realtors' Association Chief Operating Officer Chris Galler says those parts of Minnesota didn't experience the housing boom we saw here in central Minnesota and the Twin Cities. Galler says it then led to a high percentage of home foreclosures here as the recession set in.
Galler says the foreclosure numbers are at about 30% in central Minnesota compared to Fargo-Moorhead at about 2%. He says once the foreclosed inventory stabilizes the home prices will also stabilize.
Galler also says job creation is key in stabilizing the housing market again.