Twin-Ports Housing Market Making a Comeback

By KBJR News 1

March 21, 2012 Updated Mar 21, 2012 at 6:24 PM CDT

Duluth, MN (Northlands NewsCenter)
-- Northland realtors are saying the housing market has hit rock bottom, and is now making a comeback.

Reports are coming out revealing confidence in the housing market and strong indicators that the Twin Ports could be in the beginning stages of a housing boom.

More homes lining the neighborhoods of Duluth are getting sold and getting realtors exited.

"Now is the time. I would argue that now could be the best time in our history to buy a home especially here in Duluth"

According reports from the Minnesota Association of realtors the arrowhead regions median home sales prices are up 15 percent in February of this year over last year.

Pending home sales are also up close to 13 percent in Duluth.

In the northern Wisconsin region, sales were up close to one percent with prices falling slightly from 2011.

Even though the housing numbers right here in Superior haven't been as strong as they've been in Duluth with the promise of thousands of jobs coming here in the next couple of years realtors are staying optimistic about the housing market here.

"There has been movement, there are people that are looking"

Jim Ronding is a broker for Re Max in Superior

He says that while foreclosures in Minnesota and Wisconsin are still high, with thousands of jobs coming to the twin ports, the housing market is heading in the right direction.

"It's like a boom, it's like something I've never seen before and I've lived here almost my whole life...these kind of announcements don't come very often."

And with interest rates at rock bottom prices, realtors say now is the time to buy in the twin ports.

The state of Minnesota saw closed home sales up nearly 15 percent in February from the same time last year.

Zach Vavricka

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