November 25, 2014 (Newswire.com) - Average home prices in Eden Prairie, Minnesota increased more than 30 percent within one year. The Eden Prairie, Twin Cities MN housing market has been record-setting and can boast of a remarkable housing recovery from the real estate market tumble, according to live housing data from Northstar MSL and the Minneapolis Area Association of Realtors (MAAR).
"One of the reasons that homes in Eden Prairie appeal to buyer are the many neighborhoods set in great flowing spaces of prairie around them," says Jenna Thuening, owner of Home Destination. "Additionally, Eden Prairie is considered more progressive by many prospective homebuyers, that schools are generally better, and quality jobs are available."
Home Destination's local Eden Prairie MN Market Report for October 2014 shows the following housing statistics YOY from 2013 to 2014 (Source: MAAR)
- Real Estate Listings - There were 104 real estate listing in October of 2013 and 117 in 2014. The number of new real estate listings to choose from is up 12.5%.
- Closed Home Sales - SOLD properties are up 7.0%; There were 86 closed home sales in October of 2013 and 92 in 2014.
- Median Sales Price for all Property Types - The median home sales price is up 20.0%. It stood at $259.500 in October of 2013 and climbed to $211.275 in 2014.
- Average Home Sales Price - The median home sales price is up whopping 30.4%. It stood at $320.039 in October of 2013 and climbed to $417.382 in 2014.
- Average price per sq foot sold is up 4.2% which is up from $127 to $133/square foot in 2014
- Housing Inventory of Homes for Sale - Eden Prairie had 338 listings in October 2013 and 363 in 2014. which is an increase of 7.4%.
- Months Supply of Inventory - was 3.9 in 2013 and 4.2 in 2014; a welcome increase of +7.7%. This means that if no other properties were to come on the market for sale, it would take that long to sell the ones that currently are.
- Days on Market till Sale - has dropped; it averaged 55 days in October 2013 and 79 days in 2014
- Percent of Original Price Gained: 96.3% in October of 2013 and 95.2% for the same month in 2014, a drop of -1.1%.
In spite of the higher cost of buying a home in Eden Prairie, the population of Eden Prairie has grown 1.1% year-over-year. The average cost of living is $91.5K, which is 37.1% higher than the average location in the state. Unemployment is at 3.4% for residents of Eden Prairie, which is much better than the Minnesota's 4.2% and the national average of 6.1%, according to Realtor.
The City of Eden Prairie and it residents continue to have a priority focus on green living, seeking to build green efficient homes and commercial buildings. "To date, home buyer choices prove that, for many, the added initial cost of a home built with green materials is worth it," adds Thuening. Plans for a new development have moved forward in 2014 with home builders that apply a proven approach to energy efficiency to their buildings
According to Northstar MLS statistics for Eden Prairie, the median original list price received for an Eden Prairie home by property type across all price ranges:
Single-family Homes: $449,900, up +5.9%
Residential Condos: $143,900, up +18.5%
Townhouses for Sale: $209,450, up +7.5%
For individuals relocating to the Twin Cities there is good reason to consider Eden Prairie real estate, believes Thuening. "Most Eden Prairie homes are owner occupied and sellers anticipate solid home price gains. For those seeking investment opportunities, the average rental price in this neighborhood is more than 86.1% of other residential communities in Minnesota."
About Home Destination - Twin Cities Real Estate:
Home Destination offers a loyal and committed real estate professional service that personally handles all of the details of selling or purchasing homes in Eden Prairie, Minnesota. Highly regarded by peers as a Minneapolis metro expert for over 15 years, gain a skilled representative as guide to make the best possible housing decisions. Helping all home buyer types, from individuals seeking to buy their first home to individuals moving-up to a luxury home, Jenna Thuening has the real estate experience and acumen buyers and sellers benefit from.