Eden Prairie MLS and Real Estate Market Monthly Update – May, 2008

Eden Prairie has always been a high demand area for real estate here in the Twin Cities. Let’s take a quick look at what is going on in this great city. When comparing May of 2008 to May of 2007, we have seen 5.8% less homes come onto the market. Sadly, there have were 30.6% less closings in May, and the average sales price is down to $359,087 (from $403,365 in May of 2007.) This is an 11% drop. Average days on the market is now 164 days, an increase of 23.6% compared to last year.

Year to date, there have been 921 new listings put onto the MLS, a decrease of 9.7% compared to 2007. Closed sales are down a whopping 18.3%, with 272 properties closing here in 2008. Average sales price in Eden Prairie dropped from $391,963 in 2007 to $351,562 in 2008 (a 10.3% drop.) Market time has increased to 152 days, only up 8% from 2007 (140 days.)

Eden Prairie also has as number of upper bracket homes. With so many “nicer” pockets, this 10.3% year to date drop in average sales price is not a surprise. With the tightening of the credit markets creating fewer upper bracket buyers, and of course an abundance of supply, price decreases were surely in order.