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Edina Realty Retains Region’s #1 Residential Realty Market Leadership with $8.7 Billion in Closed Volume on 33,362 Housing Transactions



EDINA, MN, January 30, 2017 – Edina Realty, the largest residential realty company in Minnesota and Western Wisconsin, announced that in 2016 it achieved $8.7 billion in closed volume, handling 33,362 transactions. As the market leader for its 17th straight year, Edina Realty had its best year since 2005.

Edina Realty president and CEO Greg Mason expects that housing inventory levels will improve slightly in 2017 over 2016 – with about 3 to 5 percent more listings over the previous year. New construction of homes continues on an upward trend, notes Mason. Two distinct housing markets will continue to be a challenge: the seller’s market in those under $250k and a buyer’s market for those above $500k.

As far as demographic trends, Mason notes “we see 2017 as the year that the tides turn, as those ages 18 to 35 begin to form households.”

According to the Minneapolis Area Association of Realtors (MAAR), home prices reached a record high and home sales reached an 11-year high across Minnesota in 2016. Near-record sales activity combined with flat-to-weaker seller activity created a supply shortage said MAAR, which created a competitive environment where multiple offers on homes have become more common – and with sellers receiving strong offers in record time. As a result, days on market for homes fell to a 10-year low.

Edina Realty noted that a recent report issued last summer by the White House indicated that 40 percent of millennials owe less than $10,000 in student loans, which puts homeownership well within reach. Most 20-30 year-olds pay $351/month in student loans. A college degree earns $750 a month more. If their extra earnings are higher than their monthly student loan payment, they are in fact materially better off. Rising rent is spurring local millennials into action. Statistics show that on average, it’s still $300 cheaper per month to own a home in Minnesota or Wisconsin than it is to rent. And how good is it to buy? The average homeowner is 38 percent wealthier than the average renter.

Minneapolis was recently the top-ranked city in the Millennial Opportunity Index, based on its “high educational attainment and participation rate in the labor force.”

Edina Realty believes the strong local economy is boosting earning and savings potential, giving our regional market a higher home buying rate among millennials in 2017. Edina Realty expects sales growth to continue for homes in 2017, reflecting favorable interest rates and continued high rents for apartments.

Recognizing the shift in home buying and selling via digital, Edina Realty's new website continues to be the most popular real estate website in the region, averaging 2.5 million monthly average visits in 2016 – with fully half of those visits from an iPad, cell phone or other mobile device.

For more information on Edina Realty's market leadership position and the current state of the real estate market, visit www.edinarealty.com or call Edina Realty Customer Care at 952-928-5563.

About Edina Realty: 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 more than 75 real estate offices and nearly 2,500 REALTORS® throughout Minnesota and western Wisconsin. Edina Realty's family of companies includes Edina Realty, Edina Realty Title, Edina Realty Insurance and Edina Realty Mortgage. Edina Realty closed more than 33,000 real estate transactions and $8.7 billion in sales volume in 2016. For more information, visit www.edinarealty.com or find us on Facebook: facebook.com/EdinaRealty; and Twitter: Twitter.com/Edina_Realty.

 


Get more information, or schedule an interview:

Gena Henrich, Edina Realty952.928.5069genahenrich@edinarealty.comPaul Maccabee, Maccabee Group612.337.0087paul@maccabee.com



Status Definitions

For sale: Properties which are available for showings and purchase

Active contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Coming soon: Properties which will be on the market soon and are not available for showings.

Contingent and Pending statuses may not be available for all listings