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.  Ehrlichman says sellers are getting about 95 to 96% of their asking price which he says is really good.  He says this allows for buyers to have some flexibility with negotiating a price.

Ehrlichman indicates that the upcoming spring market is always a better time for both sellers and buyers.  He says the warmer than normal weather has also been a benefit.  Ehrlichman explains prices for homes aren't going down but they are holding their value.

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I asked Ehrlichman how values in the St. Cloud market compare to homes in smaller towns in the St. Cloud area.  He says prices don't vary much because buyers have different priorities which could lead them to wanting to live in smaller communities and a small school district could also be a selling point.  Ehrlichman indicates the price in smaller towns can be lower but the difference isn't as drastic as one might think.

Lake properties in the St. Cloud area continue to be highly sought after.  Ehrlichman explains these homes have always been popular and sellers of these home know those looking to buy aren't likely deterred by the higher interest rates.

If you'd like to listen to my conversation with Craig Ehrlichman it is available below.



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