We hope you had a wonderful holiday season and that your new year has started right! Sales continue to decline as we are in the heart of the slow season, but prices continue to rise!
Single-family rents increased 10.9% year-over-year
This is the fastest year-over-year increase in more than 16 years and more than three times the rate of increase a year earlier.
Inventory levels market-wide decreased 18.6%
Inventory levels continue to decline to just 6,110 units. This is a continuing trend we’ve been dealing with and one of the main contributing factors to prices rising.
Closed Sales decreased 3%
3% might seem like quite the decline, but keep in mind that we are comparing it with a uniquely strong 2020 market.
We are still seeing significant discrepancies in activity depending on the area. For example, sales in Falcon Heights, Delano, North Branch, and Mendota Heights rose over 80.0 percent but fell over 50.0 percent in Wayzata and Medina. The Twin Cities just inked its 10th straight year in a metro-wide seller’s market. Relentless demand, tepid listing activity, and tight inventory have driven absorption rates down to 1.1 months of supply. Four to six months of supply is considered balanced. Stable demand and rising seller activity is needed for a more balanced marketplace.
If you’re considering buying or selling your Eden Prairie area home this year, now is the time to enlist the help of a real estate professional who can help you make the most of the market, no matter the situation. At Helgeson Platzke Real Estate Group, we’re proud members of Eden Prairie’s esteemed small business community. We’ve offered the very best in Twin Cities real estate since 1995, earning our community’s trust as the #1 Sales Team in the Eden Prairie area. With over 4,500 homes sold, our knowledgeable and experienced staff ensure your homeownership goals are delivered.