Q1 Real Estate Report Reveals Sale Price, New Listing Decline for Eagan Homes
Despite new statistics on the median sales price and the number of new listings and pending sales throughout Eagan and the Twin Cities, realtors are "cautiously optimistic" about the spring and summer markets.
The Eagan real estate market continued its downward spiral in the first quarter of this year, with new listings plummeting almost 21 percent compared to the first quarter of 2010, and the median sales price down almost 30 percent. Eagan Edina Realty Broker and Manager Donald Harff said the decrease in new listings is a "direct reflection of foreclosed properties that haven't hit the pipeline yet." Some sellers are choosing to wait as well, according to Harff. He also stated that the median sales price for a new home -- the price at which half the homes cost more, and half cost less, as opposed to the average price -- may be down almost 30 percent, but that doesn't mean the values of homes have dropped that significantly. Instead, it means …
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