An interesting aspect of any real estate market is that when more homes are listed for sale and fewer sell, the area’s inventory increases. That is exactly what we’re seeing in the Edina real estate market right now. If you’re interested in buying a house in Edina, this is your golden opportunity.
Our local MLS releases its market statistics a month behind, so although these statistics are from June, 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 increased more than 14 percent over the previous year. This month sees another increase, this time it’s 9.4 percent, bringing the total number of homes for sale in Edina to 187.
Median Sales Price in Edina
The median sales price of an Edina home increased in June, from $376,500 last year to $417,000 this year. That is an almost 11 percent increase. The good news for buyers, however, is that this price reflects a drop from last month’s $424,450.
The average sales price, on the other hand, saw a modest increase of 1.2 percent over last year’s average, to $514,516.
Days on the Market
Edina homes for sale are spending longer on the market before selling this year than last. The average number of days an Edina home spends on the market right now is 85, an increase of more than 7.5 percent over last year. This metric, however, reflects a decrease from last month, when homes spent an average of 101 days on the market before selling.
Inventory of Edina Homes for Sale
Edina’s real estate market saw a 6.7 percent decrease in the number of homes sold last month over last year’s total. As mentioned earlier, when there’s an increase in the number of new listings but home sales slow, the area’s inventory increases.
Edina’s inventory increased 11 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 what economists call a “balanced market.”
One word for Edina homeowners that are thinking of selling: be realistic about the value of your home. Edina homeowners are receiving, on average, 96.6 percent of their original list price. Overpriced homes tend to linger on the market. If you need to sell quickly and for top dollar, don’t try to trick the market. Only buyers determine market value and, at least right now, buyers are telling Edina home sellers that their homes are overpriced.
Image: "2009-0611-002-50thFrance" by Bobak Ha'Eri - Own work. Licensed under CC BY 3.0 via Wikimedia Commons