Heading into winter, there are 5 things you should know about the Eagan Real Estate Market.
1. In a market short on listings, new listings last month rose 10 percent.
There are actually homes to be purchased. In fact, there are several new listings in Eagan within the last two weeks. These properties will sell in an average 75 days, although statistically, 20 percent of those will sell in the next 2 weeks.
2. The average sales price is up 11.2 percent.
Thats right. Home prices are up. This is due to a number of factors, most notably an overall decrease in supply, decreasing unemployment, and CHEAP MONEY. Interest rates today are at an all time low. As of this post, rates are at 3.25 percent which makes the principle and interest on a $200,000 loan around $870 per month. Lower interest rates mean higher home prices.
3. Housing supply down by 38.5 percent.
There's a shortage. Remember all those real estate signs? They're gone. My buyers are seeing and buying homes in the first week of the listing. There are 32 foreclosures in Eagan—a drastic decrease from a year ago. Pre-foreclosure sales and short sales seem to be on the rise. I have no data for that—just what I've noticed.
4. Home sales are up by 15.2 percent
Take the factors mentioned above and it's a great time to sell a home, if not for one unqiue challenge in our market right now:
Winter creates interesting challenges in Minnesota real estate. There are advantages and disadvantages depending on if you're a buyer or seller. We can make the weather and the market work for you. If you have questions, call us at 612-234-7325.
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