Edina Housing Seems Slow

May 2, 2011

The Edina home Sale through the end of April 2011 are looking a little bit stressed and typically Edina and Minneapolis home sales in the spring market are very strong. Comparing home sales in these two cities to the entire twin cities real estate market, typically we see Edina sales is comparatively positive.

April of 2011 lagged in the number of homes sold by 24 percent compared to 30 units sold last year. Year to date we are seeing that total number of homes sold is down by 15 percent. This may be due to the fact that the $8,000 tax credit in 2010 has now expired for first time home buyers.

The average sale price in Edina has fallen by 11.2 percent year to date compared to 2010 year to date. The average unit sold through the end of March was $448,028 and the Edina and Minneapolis home price is $395,000 where the median price in 2010 was $454,000. The average cumulative days on market has increased from 155 days on market to 168 days on market.

All of these statistics show us that home sales are lagging right now. Is there another wave of foreclosures coming? Why are home buyers not buying homes and home sellers not able to off load their homes in a timely manner.