What is going on lately in the Eden Prairie housing market? If you are like me, I read different articles, and many are quite contradictory of each other. One day I read that the market is up, then next day its down. How can this be? For starters, numbers can really vary from a national level, to a local level. And a step further, they can vary even from Minneapolis homes to Eden Prairie homes. In today’s Star Tribune newspaper, there was an article suggesting that economists are predicting that Minneapolis-St. Paul homes may decline another 2-8 percent by July 2011.
So, let’s take a peek at some sales data specific to the Eden Prairie housing market. All data comes from the regional multiple listing service of Minnesota. Just looking at the month of June, the median sales price for single family homes is $330,000. Up nearly 12% over June 2009 which was $295,000. For comparison, June 2008 June median sales price was $408,000. Positive news right?
Eden Prairie townhomes and condos however show a different story. The median sales price in June 2010 is at $157,325. This is down 7.5% from a median price of $170,000 in 2009.
A look at inventory levels shows that there are more homes for sale this year than last year with a 6% increase. This year there was 284 single family Eden Prairie homes for sale, while in 2009 there were 268. In the townhouse and condo arena, inventory is on the decline with 239 townhomes for sale in June 2010, and last year there 258 townhomes on the market, a 7.4% decrease. A decrease in inventory of homes for sale is a good thing to try and balance out the market again. However, the fear and news out there is that there may be another wave of foreclosures and short sales lurking.
Are you looking for Eden Prairie homes? To see them, visit the link.
I like to gauge open house traffic as a window to the housing market as well. I am seeing a ton of showings and buyer activity in Eden Prairie in homes below the $300,000 price point. Homes over the $500,000 price point there is definitely a decline in buyer activity out there. I do feel that there is better traffic in open houses this year compared to last year, with no exact numbers but just my feel from doing open houses nearly every weekend.
If you would like more housing market specific to your area, or neighborhood feel free to contact me.
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