2015 was another solid year for the Twin Cities and Edina housing markets. Buyer activity was up across the region, buoyed by low rates and unemployment. Seller activity was strong but inventory still somewhat restricted. These factors combined to create another great year of median price growth. Check out the details for the Twin Cities, Edina, and Edina Luxury Home markets.
Twin Cities Housing Market
The Twin Cities real estate market has made a strong comeback since the 2008 recession. A surge in buyer activity supported by low interest rates (3%), low unemployment (2.7%) and wage growth led to a 10-year high in closed sales, rising 14% over 2014 to 56,390 units.
Seller activity was up, with new listings reaching 77,380 units, marking a 5-year high in housing supply. Nonetheless, demand still outpaced supply, leaving buyers with less options in the past, but boosting median sales price to $220,000, marking an 8-year high and a return to the historic appreciation levels of 3-5% per annum.VIEW ANNUAL HOUSING REPORT
Edina Housing Market
The Edina Housing market continued to show stability and strength, with closes sales rising 6% to over 1,000 units, median price rising 4% from $380,000 in 2014 to $396,000 in 2015, and new listings up 8% to 1,631 units.
Overall, average market time was 94 days, up 20% from 2015, influenced in part by more luxury homes for sale, especially in the $1,000,000-$1,500,0000 range. And average list to sales price remained close to 95%. This year, look for a strong spring market in the Edina, with buyers accelerating their purchases ahead of forecasted rate hikes.
Edina Luxury Housing Market
2015 was another good year for the luxury home market in Edina. There were 81 total sales, representing an 8-year high in closed sales and on-pace with pre-recessions sales levels. This mirrored the Twin Cities luxury market, which also experienced an 8-year high in closed sales at just under 500.
The median luxury home in Edina sold for $1,372,000 in about 90 days, fairly consistent with the last few years. The largest Edina luxury real estate sale was $3,795,000, brokered by Lakes Sotheby’s International Realty in Edina, which also brokered the #1 sale in 2013, and the #2 largest sales in 2014 and 2012. Sotheby’s continues to dominate the $1,500,000 and above segment!
Edina Luxury Neighborhoods
Of the 81 total luxury sales in Edina, 45 (56%) were in Northeast Edina Neighborhoods, where most of the teardown activity has been taking place, and where you’ll find established upper bracket neighborhoods like White Oaks, Country Club, Arden Park, Golf Terrace Heights, and Minnehaha Woods.
There were 17 sales in Northwest Edina, where Parkwood Knolls, Fox Meadow, and Highlands reign supreme. The rest were scattered between Southeast Edina neighborhoods like Lake Cornelia, and Southwest Edina luxury neighborhoods like Braemar Hills and Dewey Hill.
Additional Market Reports
As always, if you’re curious about where your home value is, or want a snapshot of sales in your neighborhood, just contact me and I will be happy to deliver the information at your convenience!