Edina Homes for Sale
Edina Real Estate Market Monthly Update - May, 2008The Edina real estate market has seen a major downtown in closed sales year to date. Year to date, through the end of May, there have been 26.8% less closings than January through May of 2007. Thankfully, there has also been 8.2% less listings put onto the market this year. As far as average sales price, Edina has seen an increase of 6.2% in 2008. Even in this market, the average sale price has risen from $476,595 in 2007 to $505,937 here in 2008. This is great news for residents in Edina indeed! Average days on the market has stayed very much consistent with last year. It is currently at 153 days, with last year being 152 days (again through the end of May.)
When we compare May of 2008 to May of 2007, there have been 4.5% less listings that were put onto the market. Closed sales dropped dramatically (42.9%) here in May of 2008. Again, as a bright spot however, the average sales price is up 21.1%, going from $413,053 to $500,258 in May of 2008. Average days on market dropped from 141 days last May to 134 days this year. We have also seen a slight increase in the active inventory for sale here this year, with 273 single family properties currently on the market. The townhome and condo inventory levels have actually dropped 1.9% here in May of 2008.
Overall, in spite of what is happening in the entire Twin Cities marketplace, prices have remained stable in Edina. With so many historic neighborhoods, demand has tapered but buyers still are willing to "step it up" and purchase great properties in this city.
