Eden Prairie Real Estate Market Update-December 2009
Our market update comes to you courtesy of the Minneapolis Area Association of Realtors. Most Eden Prairie Realtors are members of this association. Being a member allows an agent to access the MLS and requires them adhere to a strict code of conduct. Where is your agent a member?
The market statistics for Eden Prairie Homes looks much like it did in November, not great! New home listings were down 8.2% from December 2008. Year over year new listings have dropped 14.3%. This can be attributed to most home owners deciding to stay in their homes unless it is absolutely necessary to sell.
Closed sales were up by 22% over last December, but in raw numbers that only amounted to 10 more closings than December 2008. For the year, closed sales were down almost 5%. Throughput of properties has decreased from 2008 level because the focus in the market has shifted from retail sales to mostly short sales, which can take considerable time to close.
Median sales price fell again by $29,000, or 8.7%, over December 2008. For the year, the median price was down just over 10%. The averages sale price for Eden Prairie Houses also saw a similar drop with 11.7% month over month and 11.8% year over year. This trend is consistent with other parts of the metro area.
The percent of original list price received at sale for December ticket up slightly (1.2%), but was down year over year by 1.8%. Unfortunately, average days on the market was up dramatically by 36 days or a 26% increase. For the year average days on market was up 26 days.
Continuing the trend, Eden Prairie Condos and townhouses inventory was down significantly, by 28%. Single family inventory was also down by 13.5% from December 2008 to December 2009.
This continues to be a strong buyer’s market, but the reduced inventory is leading to frustration of not being able to get accepted offers or competing with 5-10 other bidders for the same property. Hopefully 2010 will bring stabilization of the market with more inventory.
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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