Real estate in Winona is rebounding strong and has seen steady growth since the market crash of 2008.
The city and county of Winona is experiencing something it has not in years: real estate growth. Like everyone else that felt the crunch of the 2008 crash, it took a while for Winona to get back in the groove of things.
According to Winona Daily News, sales and prices of real estate have stabilized with prices of home increasing by 10 percent on average from $131,000 to $144,000. However, while the prices rose up, the Southeast Minnesota Association of Realtors (SEMAR) said that in August, the percentage of homes up for sale has decreased by 11.7 percent. Karen Becker, CEO of SEMAR said that they expect prices to slowly increase in minimal amounts. She also noted, "It's very good for sellers. If you're a buyer, it's not so good of news."
In the same post by Winona Daily News, it was reported that interest rates are at an all time low in the history of the city. There were concerns about an increase last year but so far the numbers remain in the low single digits for Winona. Coldwell Banker Skeels/Moore co-owner Bob Skeels points to the low interest rates as a big factor driving real estate sales in the area. He said buyers want to know how much interest there is before they decide to purchase a home.
Meanwhile, in a separate report by Winona Daily News, the Oppidan Investment Company has announced that it will open a Goodwill store in Winona in early 2016. The location of the shop will be the site of the former Sterling Motel on Gilmore Avenue Highway 61 which the company bought and demolished. Work on the store started last month. In a statement released by Oppidan Investment, the Goodwill facility will cover 17,500 square feet with a retail store and a donation center.
