Austin, MN home sales go up in 2007

Posted by Minnesota Real Estate

March 11, 2008

The number of single-family home sales in Austin increased 7.2 percent in 2007, bucking a nationwide real estate slowdown.

The number of sales increased from 390 to 418, with the southwest quadrant leading the way with a 27.6 percent increase to 163. Sales in the northwest quadrant increased by 5.2 percent.

However, many of the sales in 2007 in Austin were foreclosure sales, which occur after a bank takes control of a property because the owners stopped making payments, Blecker said.

Sales prices stayed steady, increasing in southeast and northwest Austin and dropping in northeast and southwest Austin.

Nationwide, sales of existing homes fell 12.8 percent last year, the steepest drop in 25 years. Some places did far worse: Home sales in the Twin Cities during 2007 fell 16.4 percent, and the median home price in January was down 16.4 percent from a year earlier.

Rochester sales, which are for new and existing homes, fell to 2,112 in 2007, the lowest since 2002.

In the 11-county southeastern Minnesota region, home sales in 2007 were down 11.2 percent to 5,209, the lowest total since 2002.

While sales peaked in 2005 with 2,300 homes, sales last year were still healthy, Sauke said.

The average sale price in southeastern Minnesota was down 2.2 percent to $163,401, from $167,123 in 2006, which had been the highest ever.

by Mike Klein, Post-Bulletin Company

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