Interest rates have been on the rise throughout the nation and that includes the St. Cloud area real estate market. Craig Ehrlichman from Premier Real Estate Services joined me on WJON. He says the average sale price in the market is at $285,000, closed sales are up 14.1%, and new listings on the market are up with about 98 properties current on the market.
The rise in interest rates has slowed home sales in the St. Cloud area. That according to Craig Erlichman from Premier Real Estate Services in St. Cloud. He explains the rise in interest rates from as low at 2% to near 7% on a 30 year fixed mortgage has created what he calls a "correction" to the market.
Minnesota Realtors CEO Chris Galler says here in the St. Cloud area for the month of March new listings were up over 19 percent, closed sales were up over six percent, and the median sales price was up nearly three percent compared to March of 2019.
The real estate market continues its rebound from the Great Recession. Median home prices in the St. Cloud area are up 5.6% in November year-over-year, to just under $170,000.
Recent figures from the National Association of Realtors shows the supply of homes for sale has fallen on a yearly basis for 21 consecutive months. Those numbers mirror what's happening in Minnesota too.
It was a strong first half of the year for housing sales in the St. Cloud area. Statistics from the St. Cloud Association of Realtors show several statistical categories were higher than the same time last year.