Sellers are having a fantastic summer! Median sales price just hit a new milestone of $350,000, a 14.8% increase in one month. Demand from buyers in the Twin Cities metro continues to out-pace the supply of new listings on the market.
Inventory Down 35.5% From Last Year
This year has been about historically low inventory and that trend continues. It’s one of the biggest reasons why median sales price is so high.
-52.4% Days On Market Year Over Year
Compared to last year, listings stay on the market for less than half the amount of time. With inventory levels so low, buyers are jumping on whatever they can get their hands on.
-2.5% Pending Sales
We’re reaching the end of the high season and this number reflects that. Buyer’s options are very limited and it seems as though some are resorting to putting off buying for another year.
Month’s supply of inventory is still remarkably low at just 1.1 months. Typically, four to six months is considered a balanced market. We’re creeping up on what may be your last chance of the season buyers! If you’re lucky enough to find something you love, be prepared to make a generous offer in order to prevent being outbid in such a competitive market.
At Helgeson Platzke Real Estate Group, we’re proud members of Eden Prairie’s esteemed small business community. We’ve offered the very best in Twin Cities real estate since 1995, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our knowledgeable and experienced staff ensure your homeownership goals are delivered. If you’re considering buying or selling your Eden Prairie area home this year, now is the time to enlist the help of a real estate professional who can help you make the most of the market no matter the situation.