Last month we described the current Edina real estate market as balanced and the same holds true for this month. We have a somewhat healthy inventory of available homes for sale so buyers aren’t being locked out and homeowners are seeing consistent price increases.
Our local MLS releases its market statistics a month behind, so although these statistics are from August, 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 August of 2014’s number. It’s also down on a month-to-month basis, with 163 homes listed in July and 125 in August.
Median Sales Price in Edina
The median sales price of an Edina home increased 16.7 percent in August over last year’s median, to $421,300. This is also a nice increase over July’s median of $393,650.
Days on the Market
Edina homes for sale are staying on the market substantially longer than they did at this time last year. In August of 2014 an Edina home sold within 53 days and this year they’re remaining on the market, on average, 84 days. On a month-to-month basis, however, we see only a one day increase in time spent on the market.
Inventory of Edina Homes for Sale
Edina’s inventory of available homes increased nearly 3 percent over this time last year and we currently have a 4.7 month supply of inventory. This is down slightly from July of this year.
Edina homeowners only received 95.58 percent of their original list price last month, which may be an indication that they are overly optimistic about their home’s value. 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.