Edina Housing Market Mirrors Metro's Sustained Rebound

For the 13th consecutive month, the Twin Cities’ median home sales price rose, continuing a sustained rebound for the metro area’s housing market, local real estate associations reported Wednesday.

An increased number of pending sales and new listings of traditional, non-distressed properties were other signs of the housing market’s mini-boom.

In March, the Twin Cities’ median sales price was $176,000, up 17.4 percent from the same period a year ago, according to the Minneapolis Area Association of Realtors (MAAR).

In Edina, the median sales price was $299,950, up 15.9 percent over the same figure from March 2012. Year-to-date, Edina homes have sold at a median price of $318,000, up 14.6 percent over 2012 numbers.

Meanwhile closed sales in Edina rose to 66 in March 2013, up seven over 2012 figures. That represents an 11.9-percent jump in Edina.

Across the metro, there were 3,632 completed, or so-called closed, sales in March, roughly the same as a year ago, MAAR reported. But there were 4,656 pending sales in March, a 6.6 percent increase over 2012.

And since the first of 2013, completed home sales are up 3.1 percent compared with the first quarter of 2012, according to the St. Paul Area Association of Realtors (SPAAR).

One factor that is helping fuel increasing median sales prices has been the rising percentage of all new listings that were traditional, non-distressed homes. That figure is now 75 percent, its highest level since May 2008.

“We closely monitor the mix of homes that sell,” Andy Fazendin, MAAR president, said in a press statement. “It’s evident that foreclosures and short sales are comprising a smaller share of overall listings and sales compared to recent years. This is great news for the traditional market.”

Another factor helping boost median sale prices is recently there has been fewer homes up for sale. Inventory levels have dropped 31 percent to 12,615 active listings, marking a new 10-year low, according to SPAAR.

The Twin Cities region has three months supply of inventory this March, down 40 percent from five months supply last year at this time, the St. Paul trade group said.

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