Edina, Minn. – July 31, 2012 – The summer of 2012 is turning out to be one of the hottest summers on record. And we’re not just talking about the heat index. Edina Realty reports that home sales in the 13-county metro area are up 21 percent so far this year, while sales of waterfront properties – properties located on or with views of lakes, rivers and ponds, are up a whopping 127 percent over last year.
Altogether, 1,231 waterfront properties sold from January through the end of June, compared to 542 during this timeframe last year. Waterfront properties represent nearly 5 percent of the overall market. Typically, waterfront property sales peak during the summer months; nearly one in four sales took place in July or August last year. The vast majority of sales took place in May and June and Edina Realty experts expect that July and August 2012 will be even bigger.
“People aren’t just dreaming about that cabin on a lake in this market,” said Bob Peltier, president and CEO of Edina Realty Home Services. “They’re making their dreams come true. They know these market conditions aren’t going to last forever,” he said, citing the fact that housing prices are still affordable and interest rates are at rock-bottom lows.
Minnesota and western Wisconsin are known for their many lakes, attracting both residents and non-residents. Regardless of where their first home is located, the vast majority of consumers begin their search for waterfront properties and land for sale online. Edina Realty has recently enhanced its Lakeshore and Outdoors pages on www.edinarealty.com. Visitors to http://www.edinarealty.com/pages/lake-homes/lakeshores-outdoors can now search by lake name as well as by city, county, zip code, MLS number, address and neighborhood. They can also get tips on buying lakeshore property, how to finance a second home and other pertinent information.
According to Edina Realty, the top 10 metro area lakes and rivers with the highest number of waterfront properties for sale (most to least) are: Lake Minnetonka, Mississippi River, St. Croix River, Forest Lake, White Bear Lake, Lake Calhoun, South Center Lake, Lower Prior Lake, Green Lake, and Cedar Lake.
Overall, median home sale prices were up 12 percent over 2011, making June the fourth straight month of double-digit year-over-year price increases. Because inventory is low and there are fewer competing homes on the market, homes are selling almost a month (30 days) faster than they did at this time last year. The months’ supply of inventory has fallen to 4.4 months from 8.3 months in 2011.
Homebuyers are also enjoying mortgage rates that have hit new lows. Some buyers are ending up in multiple offer scenarios as they compete for the dwindling inventory of homes for sale.
For more information on the housing market, to view homes for sale and property listings, 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.
*Based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC. and SASI, INC. for 2011 residential sales.
13-county metro area housing data provided by the Minneapolis Area Association of REALTORS®.
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
