How does the current Eden Prairie Minnesota real estate market compare to last year’s market?
This year to date *( May 2007) shows that the number of closed sales for Eden Prairie’s MLS home listings have dropped from 409 the same time last year to 318 closed transactions, for a decrease of 20.2%. However, prices over the same time period last year gained 7.2%, climbing from $359,988 to $385,965. City market times for these homes closed in 2007 were an average of 117 days. The data for city market times for 2006 were not available. Sellers got an average of 96.9% of asking price for this period in 2006. This year they got slightly less- for a drop of 1.2%.
As of this post, there are 609 active listings on the Eden Prairie MLS, for an average asking price of $471,107, after an average of 120.6 days on market. Currently, of those, 302 are single family homes with an average asking price of $666,849. Average finished square feet is 3,520, at a cost of about $189 per square feet. The average asking price of townhomes and condos for sale is $277,856. The majority of single family homes are running in the 300-400k price range, which means that even after recent price gains, Eden Prairie Minnesota real estate is still an affordable but smart investment.
*All data is taken from Northstar’s Eden Prairie MLS statistics. Information is deemed reliable, but is not guaranteed.
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