Eden Prairie Homes Market Update-February 2010
Keeping updated on the stats of the Eden Prairie Real Estate market is important to understand what trends are happening. This can affect when you should buy and sell. Also, if you are in the market, it can help to explain what you are seeing (although the report lags by 30 days so it mostly validates what you were seeing!).
As we head into 2010, most experts are predicting that housing values will still decline slightly (.9% for the entire Twin Cities metro area) for the 1st half of 2010. Starting in the fall of 2010 and continuing into 2011, those same experts are saying that we will see a stabilization of the market and tiny rebounds. Let’s hope!
For February 2010, new listings were down 16% from February 2009. Year to date they were also down slightly over 7%. Most of this can be contributed to sellers seeing the economy and deciding to stay in their homes. Plus, many banks are still working through their “wave 2″ foreclosure inventory that we have not yet seen.
Closed sales were up almost 12% for February, but down a little over 9% for the year to date. These numbers are opposite what we are seeing in the greater Twin Cities real estate market. Unfortunately, the difference of 12% is simply a statistical blip as it was only 4 additional homes. The sample size is only 38 homes closed in 2010 (too small to make any trend decisions).
Median and average sale prices were both up in February and year to date. Much of this can be seen by the foreclosure wave moving into more expensive Eden Prairie homes. Many ARM mortgages are resetting in the coming months and supposed ‘wave 2′ of the foreclosures were predicted to hit the $200-300k market.
Like most other parts of the metro market, average days on market until sale also bounced up by 42 days to 197 days on market. This is mostly a seasonal affect with buyers and sellers taking extra time during the holidays and deep winter.
Inventory for both single family homes and townhouse/condos were down by around 11% for both categories. This is good news that will help all the other stats, especially the days on market. Only once the inventory is reduced will we see prices go up and houses sell faster.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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