Scarcity = Demand

If you like numbers then today is your lucky day!  Pricing and real estate are always changing. Today my discussion is to bring awareness to these towns and their prices.  Are there opportunities?

1.  Here are the median prices for new construction in these towns:
Bloomington  - $896, 275; number for sale 4, Days on Market 2
Eden Prairie - $827,495; number for sale 55, Days on Market 1
Edina - $950,470; number for sale 55, Days on Market 110

2. How long would it take at the rate the market is going today to absorb this inventory?
Bloomington 0
Eden Prairie 6.5 months
Edina 15.5 months

3. Homes for sale that are previously owned and over $900,000
Bloomington - 3
Eden Prairie - 53
Edina - 46

4. Homes for sale over $650,000 that were previously owned
Bloomington - 26, Absorption rate (months supply) 7.6 months
Eden Prairie - 132, Absorption rate 11.6 months
Edina - 282, Absorption rate 8.7 months


What are all these numbers telling us?
I think it is pointing to a need for new builds in Bloomington and a potential uptick in sales of higher priced homes.  If you are going to put your home on the market and it is over $500,000 please stage and update the kitchen.