The so-called “boomerang” buyers are now re-entering the Twin Cities real estate market, which is great news for Edina homeowners hoping to sell their homes this summer. Boomerang buyers are those that took a loss during the recession, either short selling or experiencing a foreclosure.
Our local MLS releases its market statistics a month behind, so these statistics are from May, 2015.
New Listings in Edina
Yay! Finally, Edina homeowners are getting the message that this is an amazing time to sell a home here. New listings in Edina increased 14.6 percent this year over last. We also sold 10 percent more homes in May of 2015 than we did in May of last year.
Median Sales Price in Edina
Prices are up again in Edina, increasing 12.8 percent since last year and 6 percent over April 2015’s median sales price. The median sales price now sits at $424,450. Remember, the median price represents that which is in the middle of the price range, with roughly half of the homes selling for less and half for more.
The average sales price of an Edina home, on the other hand, is $522,558, an increase of more than 15 percent over last year’s.
Days on the Market
Edina homes are spending 60 percent more time on the market than they did at this time last year, going from 63 to 101 days. While we won’t know for sure why this is occurring unless and until we see a trend in the coming months, it appears that the increase in new listings isn’t being absorbed by buyers as quickly as it has in the past.
The inventory of available homes in Edina has increased more than 15 percent over last year’s. We currently have a 5.1 month supply of homes available to buyers which is approaching what a balanced market reflects.
Is Edina’s real estate market cooling off? It’s far too easy to tell, but there is a mix of both good and bad news in last month’s statistics for both sellers and buyers.
Image: By Ben Franske (Own work) GDFL