The hottest season in real estate is finally upon us! However, we are still seeing the same trend: low inventory. Showing activity is growing and so are prices, up $295k from last year.
Pending Sales Down
Pending sales were down just 2.5 percent in the $350-500K price range but fell 34.8 percent on homes between $750K-1M.
-24.1% in New Listings
Compared to last year, new listings are relatively low. With such low levels of inventory, closed sales were down as well. The lack of new listings is pushing prices higher and higher.
-8.9% Days On Market
Cumulative Days On Market is down from last year as well. There aren’t a lot of options to explore due to the low levels of inventory, which means buyers are being more aggressive. When they see something they like, they jump on it.
If you’re a buyer, you’ve got to be aggressive as well. Don’t be surprised to see For Sale signs disappearing left and right. If you’re selling, wait for an offer that you literally cannot refuse. You’re likely to receive offers from multiple buyers.
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. 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.