While looking through the sales stats for the Southwest Minneapolis and Edina housing market, I find a few bits of encouraging news. Some of this news is for the Minneapolis/St. Paul housing market in general, but I will break it down.
Edina: New listings are down. Inventory is down, mortgage rates are again down. Also, housing prices (recent sales only) are down in April ’09, compared with April ’08. At first glance, one might think that the prices in Edina are falling. In most cases, this is not true. True, higher-priced homes in Edina have taken a hit (sluggish upper-bracket sales), but the average home in decent shape still sells for a premium, and usually fairly quickly. Also, there has been a rush to purchase the lower-end homes in Edina, primarily due to the very low interest rates, and the government-backed first-time home buyer incentives. This has skewed the averages across the entire metro market. Average days on market before a sale on a home in Edina is currently about 144.
Southwest Minneapolis: Pretty much the same situation as Edina, with the average days on market time before a sale being about 113. This is pretty dang good, considering the entire Minneapolis metro housing market has an average of 7.5 (about 245 days) months of supply. At the higher-end of the market ($1 Million-plus) the current supply/inventory is about 28 months.
What these stats do show, is that Southwest Minneapolis and Edina are still the 2 best places to buy a home in the entire Minneapolis/St. Paul housing market.
Tags: Add new tag, Edina Homes, Homes in Edina, Homes in Minneapolis, Lakes Area of Minneapolis, Minneapolis Edina Housing Market Update, Minneapolis Housing Market, Real Estate, Southwest Minneapolis