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Closed Sales, Average Home Sales Price Up Slightly in Eagan

The local housing market is off to a warmer start this year, according to the Minneapolis Area Association of Realtors.

In the first two months of 2012, nearly 100 homes sold in Eagan—a 35.7 percent jump from the same period last year, according to the most recent market report from the Minneapolis Area Association of Realtors.

Buyers closed on 95 homes in January and February, and the median sale price for homes in Eagan rose more than 2 percent, to $175,500. The months supply of inventory of homes in the Eagan market—an indicator of local supply and demand—shrank by more than 50 percent, from 6.8 to 3.3 months.

Eagan's trends are reflected in the regional market; the number of closed sales in the Twin Cities so far this year has increased 20 percent when compared to the same period in 2011. The total inventory of homes for sale shrunk from 22,940 in February 2011 to 16,773 this February.

"Median sales price is an important market indicator, no doubt, but watching only price activity is short-sighted," said MAAR President-Elect Andy Fazendin wrote in a press release. "Other indicators are offering consistent evidence of a market on the mend."

To view the full reports for Eagan and the Twin Cities as a region, click on the PDFs attached to this article.

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