Edina, Minn. – Sept. 6, 2012 – Edina Realty is holding a fall “Open House Extravaganza” on Sundays, Sept. 9 and 23 when hundreds of homes will be held open for people in any stage of house hunting or buying.
The housing market is officially in recovery. For the first time since 2005, housing is on track for contributing positively to the national GDP in 2012. Pending sales are way up; July sales were up 24 percent over last year. Distressed sales – foreclosures and short sales – accounted for 34 percent of all new listings and 34 percent of all closed sales, which is the lowest since August 2008.
Housing prices are on the rise. The median sales price in the 13-county metro area increased 14 percent to $179,950, the highest level since 2008, except the peak tax credit month of June 2010, according to the Minneapolis Area Association of REALTORS® (MAAR).
“All key market indicators have been going up for several months now,” said Bob Peltier, president and CEO of Edina Realty Home Services. “And we’re finally seeing seller confidence start to rise along with housing prices,” he said, noting that distressed home sales are claiming a much smaller share of the market than in previous years.
Homes for sale are spending far less time on the market, selling in 106 days on average – 28 percent faster than last year. Sellers received an average of 95 percent of their list price, far better than the 88 percent seen in early 2011.
With the housing inventory down 31 percent, and the lowest housing inventory since December 2003, home buyers are hungry for new listings – and particularly for high-quality, move-in-ready homes in desirable neighborhoods. Consumers tend to search for homes within specific communities and neighborhoods, and Edina Realty has created unique web pages for every community in Minnesota and western Wisconsin to help aid this process. Each community web page shows localized listings and market statistics, as well as sold home data and listing price history on every home for sale.
Community web pages make it easier for people not only to find homes for sale, but also to learn how that area compares to the overall county in which it’s located. Detailed charts provide a wealth of information on the neighborhood's demographics – age, income, education, family status, etc. Parents can find information such as the teacher/pupil ratio on the neighborhood’s elementary, middle and high schools, including both public and private schools.
Edinarealty.com is the leading real estate website in Minnesota and western Wisconsin, with more than a million consumer visits every month. Most consumers start their home search online. Homes that are held open are marked with an open house flag; properties’ details and door-to-door driving instructions are just a click away.
For more information on the local housing market, or to find a REALTOR® who specializes in your community, visit http://www.edinarealty.com or m.edinarealty.com from your mobile device. You can also download free apps from your iPhone or Android phone.
Edina Realty, a subsidiary of HomeServices of America, is one of the nation’s largest real estate companies with approximately 60 real estate offices throughout Minnesota and western Wisconsin and nearly 2,100 REALTORS®. Edina Realty's family of companies includes Edina Realty, Edina Realty Title, and Edina Realty Mortgage. Edina Realty handled more than 27,000 transactions and $5.4 billion in sales volume in 2011. For more information, visit www.edinarealty.com, m.edinarealty.com, or find us on Facebook: facebook.com/EdinaRealty; and Twitter: twitter.com/Edina_Realty