Spring 2015 Edina Real Estate Market Update

Posted by Kris Lindahl on Friday, May 1st, 2015 at 11:48am.

We get the question just about every day: “So, what’s happening in the Edina real estate market?” Considering that your home just might be your largest financial asset, we don’t blame you for being curious. So, read on friend, for the latest Edina real estate market statistics.

The News for Edina Homebuyers

Finally, it appears that the inventory of homes for sale in Edina is increasing. New listings were up more than 40 percent over this time last year and, because the number of sales that closed last month decreased, our inventory has increased almost 30 percent.

This means more homes for buyers to choose. Prices are down as well, 4.5 percent. That’s always good news for buyers.

Team Lindahl’s advice: if you plan on purchasing a home in Edina, don’t wait. Although the Fed hasn’t said as much and is keeping a low profile, many economic experts feel that interest rates may be set to increase. Strike now while prices are lower than last year and interest rates remain low.

The News for Edina Homeowners

Edina home prices have decreased 4.5 percent over this time last year and our median sales price in March was $320,850. In March of 2014, the median sales price of an Edina home was $362,950.

More Edina homeowners have decided to sell so the number of new listings has increased more than 40 percent. Add to that the fact that Edina homeowners are getting  only 95.4 percent of their original list price when the homes sell and we have a pretty clear picture of what you should do if you plan on selling in the near future.

Price your home appropriately. While this is always an important factor in residential real estate it becomes even more pertinent in this type of market. You have more competition now than you would have had if you sold last year. In order to compete, you’ll need to prepare the home for the market and set an attractive price.

You’ll need to exercise a bit more patience as well because the number of days that an Edina home remains on the market has increased more than 34 percent, from 85 to 114.

Feel free to contact us with additional questions about the Edina real estate market.

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