Edina, Minn. - Oct. 8, 2014 – Edina Realty, a Berkshire Hathaway affiliate, is hosting an Exceptional Properties Showcase on Sunday, Oct. 12 when a large number of homes priced $500,000 and higher will be open to the public.
Open houses are popular with homeowners and potential homebuyers because they can see how much their money can buy and get remodeling and decorating ideas, according to Barb Jandric, president of Edina Realty. Edina Realty holds countless open houses every month, but this large-scale open house will focus exclusively on upper bracket homes.
“People especially love visiting higher-end homes because they can see a home’s full potential and what they can strive for in homeownership,” Jandric said. Edina Realty holds Open House “Extravaganzas” several times a year, offering sellers who list their homes with Edina Realty added exposure to thousands of potential homebuyers.
Potential buyers can map out the homes they want to tour using Edina Realty mobile apps or the open house search and mapping functionality on edinarealty.com. Edina Realty REALTORS will be on site to answer questions on upper-bracket properties, including historic homes as well as new construction.
“We’re seeing about a 30 percent increase in the new construction home market just in the $500,000-plus price range,” Jandric said, explaining the increase could be due to the fact that buyers are not finding what they’re looking for in the current inventory. “Plus, people shopping in the upper price bracket may want to incorporate the latest home design trends such as the use of rustic materials and finishes, greater ceiling detail, and a focus on outdoor living spaces,” she said.
Overall, home sales have been up in most price brackets, but sales of higher end properties are up even more. According to the Minneapolis Area Association of REALTORS® (MAAR), over the last 12 months, closed sales of properties over $500,000 in the 13-county metro area are up 10 percent over the previous 12 month period and new listings in this bracket are up 19.2 percent this September over last September. These numbers are a clear signal of market confidence, according to Jandric.
“We continue to see forward momentum in all areas of the market, but particularly in the higher end of the market,” Jandric said. “At this rate, there’s only 10.2 months’ supply of homes in the upper price bracket, which means that if these homes continue selling at the current rate, every home in this price range would sell in 10 months.” Upper price homes are on the market 108 days on average – down 11.7 percent from last September.
And although housing prices are rising, they’re still well below where they were during the bubble years, even when adjusted for inflation,” she said.
Every one of Edina Realty’s 50 offices has agents who specialize in upper bracket homes. Edina Realty’s Exceptional Properties division expands well beyond the Midwest, as Edina Realty participates in an international real estate network of over 170,000 agents in 30 countries.
For more information on the current state of the housing market and to see every property for sale in the area, visit www.EdinaRealty.com or call Edina Realty Customer Care at 952-928-5563.
Edina Realty is a Berkshire Hathaway affiliate and a wholly-owned subsidiary of HomeServices of America, Inc. It is one of the nation’s largest real estate companies with approximately 60 real estate offices and 2,300 REALTORS® throughout Minnesota and western Wisconsin. Edina Realty's family of companies includes Edina Realty, Edina Realty Title, and Edina Realty mortgage. Edina Realty closed nearly 29,000 real estate transactions and more than $6.9 billion in sales volume in 2014. For more information, visit www.edinarealty.com or find us on Facebook: facebook.com/EdinaRealty; and Twitter: twitter.com/Edina_Realty