Balanced. That’s the best way to describe the current real estate market in Edina and it’s probably the only market in the Twin Cities metro region that can make that claim.
Our local MLS releases its market statistics a month behind, so although these statistics are from July, 2015, they are considered the most recent numbers.
New Listings in Edina
Last month, the number of homeowners in Edina that decided to list their homes for sale inched up 2.5 percent, adding to the area’s inventory of available homes.
Median Sales Price in Edina
The median sales price of an Edina home decreased in July over July 2014’s median, to $393,615. This is also a decrease from the previous month’s $417,000. In fact, this is the third consecutive month that home prices have fallen in Edina. Finally, we have some good news for buyers hoping to purchase an Edina home.
Days on the Market
Edina homes for sale saw a 6.4 percent increase in the number of days they spent on the market. Last year they spent, on average, 78 days on the market before selling. This year it’s 83 days.
Inventory of Edina Homes for Sale
Edina’s inventory of available homes increased 7.7 percent over this time last year and we currently have more than a 5 month’s supply of homes. This means that we are approaching, or may even be in, what economists call a “balanced market.”
Edina homeowners only received 95.8 percent of their original list price last month, which also indicates that the market may be evening out. If you are planning on selling your Edina home in the near future, be realistic when it comes to pricing it.
Overpriced homes tend to take longer to sell and, in the end, you may end up getting less than you’d hoped for.