I get a lot of email. I’m on a lot of email listserves. I don’t mind that. It allows me to catch breaking news and get many perspectives on the news. For example, I got an email update last week from the Minneapolis Area Association of Realtors updating me on the current residential real estate picture of Eden Prairie – from their perspective. Here’s what they are seeing at the moment.
In September 2006 there were 195 new listings. This compared to 189 new listings in September 2005. Listings were up 3.2% from last year to this year. Closed sales, however, were down 22.6% in September 2006 compared to September 2005. The average sales price in September 2006: $416,477. In September 2005: $436,329. Percent change in average sales price from last year to this year: -4.5%. Good news or bad news? Depends on which side of the table you’re on, I suppose.
For the Twin Cities as a whole, new listings were down 5.1% in September 2006 compared to September 2005. Closed sales were down 23.7% for the same time period. The average sales price for a Twin Cities home in September 2005 was $274,670. In September 2006: 283,583; an increase of 3.2%.
Quick take on the numbers: Yes, Eden Prairie home sales prices may be down 4.5% from September 2005 to September 2006, but they are still 47% higher than the average sales price in the Twin Cities. Kind of a mixed bag for our “affordable housing” goals.
