The market is trudging along, and much of what we read in the news indicates that home prices are falling in the Southwest Minneapolis metro area in the first quarter of 2009. I would say that buyers are looking for a ‘great deal’ or they aren’t buying. Much of what is selling are the bank owned properties, which is a big reason why the average sale price is tumbling.
Just a few numbers to share with you about the Eden Prairie and Chanhassen real estate markets. First Eden Prairie. According to the regional multiple listing service, there are currently 483 properties listed for sale in Eden Prairie. In th month of March, there were 58 properties that sold. 18 of these homes were under $200,000, 21 were between $200,000-$300,000. 7 homes were between $300-$400 and 12 over $400,000. The highest priced home that sold was at $749,900 with 5 bedrooms and 4 baths, and nearly 4,800 finished square feet.
I have seen a few listings that I saw very good sales comparables for the month of Dec. that are now down approximately 10% just in the last 3 months. This is a property under 200k and is a townhouse. The townhouse market in Eden Prairie appears to be extra soft in my opinion.
In Chanhassen, there are currently 225 properties for sale. Last month there were 29 homes sold with the 16 of these between $200,000-$300,000. Only 2 were under $200k! This is very different than Eden Prairie.
The largest Chanhassen home was listed at $775,000 and had 5 bedrooms and 5 baths and over 4,900 finished square feet.
If you would like any statistics regarding the Eden Prairie real estate market or the Chanhassen real estate market that is more specific to your home or situation just let me know!
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