Eden Prairie Home sales

You may have seen recent reports and articles talking about a potential bottom to the real estate market. As your Eden Prairie Realtor, I wanted to share some more local information on Eden Prairie home sales compared to the regional statistics for the month of September. I also want to point out the ‘why’ the experts think we may be nearing a bottom or a potential uptick to the housing market.

Starting with some regional numbers, new listings are down 10.7 percent for the months of July-Sept. compared to the same time last year. Active listings are also down 6.9% this year over last year for the same time period.

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With those numbers in mind, I did a little digging of my own to see just how many Eden Prairie home sales have occurred this September compared to September of last year. Trying to keep things simple, homes and townhomes are all lumped together in this data. In September of 2007, there were 54 Eden Prairie home sales with an average sale price of $414,556. Average market time was 67 days. Average list to sale price ratio that month was 93.9 percent.

This year in September there were 36 Eden Prairie home sales with an average sale price of $320,560. Buyers are driving a hard bargain this year with an average list to sale price ratio of 89 percent. I always take that number with a grain of salt as it really depends on the list price, in terms of being a realistic starting price. Homes that hit the market as overpriced obviously will sell for a lower ratio. A home priced right or as a bargain will still get a closer to full price sale.

Currently for the Minneapolis region, approximately 9.97 homes are listed on the market for every buyer. For the month of September last year, 10.46 homes were listed for every buyer. Six homes to every buyer is considered a balanced market.

So, what does all this mean? As in any ‘market’ it all boils down to supply and demand. That is why these numbers are significant. It is the first glimmer of hope that our inventory is decreasing, albeit very slight, and not increasing like last year. Once our over supply of homes is absorbed, then we can expect prices to level out and hopefully show a bit of an increase again. This should also stimulate an uptick in Eden Prairie home sales