It appears that the hottest season in real estate is beginning to cool down. Pending sales decreased 8.6% and new listings decreased 10.6%. If you’re hoping to sell before fall, time is running out!
Inventory Down 25.3% From Last Year
Even during the peak of the summer, inventory remained low, as it has this entire year.
Median Sales Price Up 11.9% From Last Year
Prices continue to rise in the area and it appears there is no end in sight. MSP was at $283,420 just two years ago. Now it sits at $350,000.
Percent Of Original List Price Received Up 3.5% From Last Year
The market has been good for sellers the last two years! Last year this number sat at a clean 100.1% but this year it has increased to 103.6%. Sellers are getting more than the original list price right now.
The market is moving remarkably fast. Half of all pending sales last month had accepted offers within a week of being listed, even with the increase in home prices. Buyers can expect a little more leniency in sellers accepting offers as we near the end of the peak season, but don’t let your expectations rise too high. Let’s remember that sellers are currently accepting offers at higher than the listed price.
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.