Edina, Minn. – Oct. 11, 2011 – Edina Realty is holding a fall "Open House Extravaganza" on Sundays, Oct. 16 and 23, when hundreds of homes will be held open throughout Minn., western Wis. and Fargo, N.D. .
There are still lots of homes on the market – more than 23,500 properties in the 13-county metro area* alone – but homebuyers are slowly working through the available inventory of homes. The number of active listings has dropped by 21 percent, and the number of new listings is also down by 11 percent compared to last year.
The months supply of inventory in the Twin Cities overall dropped to 7.1 months – down 19 percent from last year – and is edging closer to a balanced market, which is a housing supply of around five to six months. The median home price in the 13-county metro area decreased 11 percent and is now at $156,000. However, the decrease in prices is expected to level out as the market becomes more balanced and competition among buyers heats up.
While the Twin Cities is still in a buyer's market, that doesn't mean buyers should sit on the sidelines, particularly when interest rates are so low, said Bob Peltier, president and CEO of Edina Realty Home Services. "This buyer's market won't last forever," Peltier said. "While a full recovery is probably in the distant future, the combination of increasing sales and declining inventory points toward a market that's finding some balance."
Peltier said that when inventory levels are down, there is greater competition for stand-out properties, so serious buyers should be ready to make quick decisions and solid offers, or they could get beat out by a higher bidder. "We're even seeing some homes sell quickly after receiving multiple offers." he said.
On Edina Realty's website, www.edinarealty.com, and the mobile site, m.edinarealty.com, house-hunters can easily select and search for the features they most value in a home as well as the areas and neighborhoods they want to live in. They can also find current mortgage rates and sold home data for the past two years.
*All data is based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.
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, North Dakota 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 25,000 transactions and $5.3 billion in sales volume in 2010. For more information, visitwww.edinarealty.com.