I went through the MLS market data for all single family sold’s in the Edina housing market. What I I found was some interesting data. Broken-down, there are several important indicators, of which are:
1) Total single family homes sold (closed) through June 6th, 2009 (the halfway point of the year) are 94, with an additional 63 ‘pending’ (sold, but not yet closed). Total pending including condos and townhomes are 97.
2) Remaining stats: Average sales price for single-family homes is $533,727, average days on market – 126.8, average beds/baths – 3.76/2.93, average price per square foot – $174.06 (with East Edina @ $200 per/sq. ft. and West Edina @ $155 per/sq. ft.)
3) The lowest-priced home that has sold in Edina year to date is $129,900, and the most expensive home sold in Edina so far for 2009 closed/sold @ $2,600,000.
4) 15 of these sold, single family homes in Edina were registered on the MLS as ‘in foreclosure’ – or ‘lender mediated’ (One was in the $900’s, and another in the $800’s). However, not all agents input or update this data correctly, so I think it is safe to assume that at least a couple more were lender-mediated properties in Edina. Obviously this will also tilt the average sales price down a bit.
What does this mean? It appears that home sales in Edina are somewhat sluggish, but not bad, all things considered. Homes are certainly selling, and some of them are definitely on the higher-end, but with the lower interest rates and first-time home-buyer tax-credit incentive, the market is certainly lopsided toward the lower-end for Edina: the under $400K-priced homes are currently dominating sales, thus tilting the average sales price down a bit from last year (which had high-priced condos and townhomes tilting the average sales price up).
What I am noticing with my buyers is that there are a fair amount of homes on the market in Edina, but many of them being mediocre in quality. What we are still seeing is that when a good or great home comes on the market, that is priced reasonably, it sells for a good price and sells quickly. Buyers are out there, but they want to perceive that value is there.