Home sales bounce back from four-year slide - KTTC Rochester, Austin, Mason City News, Weather and Sports

Home sales bounce back from four-year slide


ROCHESTER, Minn. (KTTC) -- Home sales bounced back across Minnesota in 2012, reversing a four-year slide that brought anguish to many a worried seller and despairing buyer.  The snapshot provided Tuesday by the Minnesota Association of Realtors suggests that conditions have at last settled down into a more steady, predictable environment.

In Olmsted County, with Rochester transactions driving most activity, 4,456 homes sold last year.  And sellers got 93.8% of their original listing price.  The pace of sales activity was up from 2011, but it was just a slight uptick. 

Across all of southeastern Minnesota, there were 10,683 closed sales -- that's up 1.4% from the year before.  By contrast, the Twin Cities region roared back in 2012 with a jump of 17.4% in closed sales.  But nearly 13% of those transactions in the seven-county Twin Cities region involved homes that were in foreclosure, and another 11% were short sales.  By comparison, sales of distressed properties in southeastern Minnesota were roughly one-third of those in the metro. 

"In Minnesota, 72% of our residents own their homes, making us #2 in the nation," said Jim Cormier, President of the Minnesota Association of Realtors, in a statement to reporters. "A higher level of home ownership helps strengthen our state economy."

Here's a quick comparison of counties surrounding Rochester:

 	County	   2012 Closed Sales    Change
	Dodge		  503	  Up 1.0%
	Fillmore		  386	  Up 3.8%
	Freeborn		  551	  Down 4.5%
	Goodhue		  709	  Down 3.4%
	Mower		  903	  Down 1.5%
	Olmsted		4,456	  Up 0.9%
	Steele		  981	  Up 5.8%
	Wabasha		  496	  Up 9.7%	
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