Median Days On Market Still The Lowest It’s Been Since 2007
Median days on the market sits at 14, the lowest it’s been for any off-season month dating back to 2007.
Supply Squeeze Continues With Declining Inventory
Inventory levels fell 16.2 percent to 7,657 units along with month’s supply of inventory which was down 17.6 percent to 1.4 months (4-6 months is balanced)
Median Sales Price Remains High at 100.3%
While prices continue to rise, sellers are still seeing offers at or above the listing price.
Market activity varies quite a bit by area. Home sales more than doubled in Loring Park and Bryant and doubled in the Folwell and Lyndale neighborhoods but fell between 60.0 and 80.0 percent in Kenwood, Kenny, and Armatage. Sales in Centerville rose 83.3 percent and 46.7 percent in Princeton but fell 71.4 percent in Wayzata and 61.3 percent in New Prague. We are well out of the hot season but sellers are still seeing high offers as people look to get into their new homes before the new year. If you were thinking about waiting until next spring to list your home, you may want to reconsider. Supply levels are very low and offers are high.
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.