Brighter Housing Market Outlook for Eagan, Twin Cities
Year-end local market reports are optimistic, thanks in part to a dramatic decline in the supply of available homes.
For the last several years, the local and regional housing markets have been flooded by an oversupply of available homes—many of which were foreclosures or short sales. But that may soon change, according to industry experts, who say that inventory levels are finally starting to bottom out, thanks to stronger home sales in 2011. In 2010, a total of 649 homes were sold in Eagan, according to the year-end Local Market Update report issued by the Minneapolis Area Association of Realtors. But last year, that number rose dramatically, eventually hitting a total of 796 closed sales. As a result of the growth in closed sales, the inventory—or supply—of available homes in Eagan shrank by nearly 40 percent in 2011, according to the association's …
