April home sale results are in. Things definitely are looking better in the Minneapolis housing market, but how do home sales look more specific to Eden Prairie? Let’s take a peek.
The median home sales price in April is up 15.5% from $230,000 to $265,750. The average sale price is up 2.2% from $294,820 to $301,445. Total closed units jumped 60% from 40 to 64 home sales. These numbers are comparing April 2009 to April 2010. To me this shows that the tax credit definitely had an impact on the Eden Prairie home sales numbers! Personally I think this is just pulling future sales into the month of April. I believe that when I look at the Year to date sales numbers which give a better picture of the over all year rather than just one month. Real estate goes in streaks, and one month doesn’t give a very accurate picture of the market in general.
Ok, so let’s look at the year to date numbers for Eden Prairie home sales. Closed sales are up 17.8%, up from 152 closed sales in 2009 to 179 thus far in 2010. The median price is up from $229,900 to $260,000 and the avg is up 15.8 percent to $314,772 this year.
Another angle to looking at the health of the overall market is that average market time to an Eden Prairie home is down from 154 days last year to 140 days this year. This always begs the question, are homes selling faster due to more buyers in the market, or due to sellers pricing more aggressively?
The only number I would like to see improve is the overall inventory. Single family homes inventory is up from 252 homes in 2009 to 300 in 2010. Before we truly see home price improvement, we need to see our supply of homes for sale decrease. The townhouse/condo inventory is down which is great! Eden Prairie townhomes dropped from 255 on the market last year to 222 currently for sale this year. The townhouse market was flooded in my opinion in the last year, due to prices on single family homes being so low, people could get into a house for less or the same as the cost of townhome ownership.
It will be fun to see how the rest of the year pans out now that the tax credit has expired. Let me know if you want any market data specific to your home or area.
Possibly elated posts:
- Eden Prairie home sales report for September You may have seen recent reports and articles talking about...
- Townhouse sales in Eden Prairie As promised I wanted to share some statistics on Townhouses...
- Foreclosure sales in Eden Prairie in October Today I looked at the numbers of foreclosure sales in...
