October 2015 Edina Real Estate Market Update

Posted by Kris Lindahl on Friday, October 16th, 2015 at 10:02am.

Edina’s real estate market has been in a balanced mode for the past few months and, while it’s safe to say that October’s statistics prove it to be balanced as well, we are seeing some slight changes.

Our local MLS releases its market statistics a month behind, so although these statistics are from September, 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 decreased nearly 9 percent over the previous year.  This month, nearly 10 percent fewer homes came on the market compared to September 2014. On a month-to-month basis, however, there were more homes listed in September than August (from 125 in August to 137 in September).

Median Sales Price in Edina

The median sales price of an Edina home is $390,000, a 5.8 percent increase over this time last year. Prices have tumbled, however, from August’s $421,300 and July’s $393,650.

Days on the Market

Last year an Edina home for sale remained on the market an average of 60 days. This year homes sit for 95 days, on average. This represents an increase from August’s figure as well; when the average days an Edina home remained on the market was 84 days.

Is the seller’s market cooling off? We’ll reserve judgment on this one until we see a clear trend.

Inventory of Edina Homes for Sale

Edina’s inventory of available homes decreased 4.5 percent from September 2014 and we now have a 4.6 month supply of inventory. This is still well within the realm of being characteristic of a balanced market.

Edina homeowners only received 93.4 percent of their original list price which indicates, again, that they’re overpricing their homes for the current market. If you want your home to sell quickly, price it appropriately.

 

 

 

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