Home Sales & Housing Inventory
The number of homes for sale in Eden Prairie (Housing Inventory) increased pretty quickly from 2005 to 2006 and started to increase more slowly till about 2008. Since then Housing Inventory started to come down and even more quickly in 2011.
If Housing Inventory continues to fall this may result in fewer Home Sales, which isn’t necessarily a bad thing since fewer homes for sale will push Home Prices up.
Pending Home Sales and Closed Home Sales follow each other pretty closely in most cases. Closed Sales are usually a month or two behind Pending Home Sales due to the difference from date of acceptance and date of closing. Home Sales have been rising steadily since mid 2011 and still appear to be rising.
Homes for Sale
Days on the Market
- Buyer’s Market = More than 7 Months of Inventory
- Balanced Market = 5 – 7 Months of Inventory
- Seller’s Market = Less than 5 Months of Inventory
The Absorption Rate is trending down at 5.2 Months of Inventory, which is considered a Balanced Market.
Expectations indicate this trend line is going to continue to decline and the market will get stronger for Sellers.
Median List Price and Median Sale Price typically follow similar patterns, so there isn’t much that it can tell us other than how close to List Price homes are selling for. Currently Homeowners are getting about 90% of their List Price.
So far the Median Sale Price in Eden Prairie has appreciated 6% since 2002, depreciated 13% since 2006 and has broken even since 2011.
With fewer Homes for Sale in Eden Prairie the Median Sale Price should continue to increase as Housing Inventory becomes a premium.