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Edina Realty Twin Cities June 2010 Market Update

TWIN CITIES AREA

June’s activity continued to lag as buyers appear to be taking a break after the tax credit hubbub. Those with closing delays will benefit from an extension of the tax credit closing deadline, allowing eligible taxpayers who contracted to buy a home before April 30 until Sept. 30, 2010 to close. Overall, sales for the year are still 6 percent ahead of 2009, but many are predicting a continued slowdown until fall.

Interest rates dipped to their lowest in 50 years recently, providing unbelievable buying and refinancing opportunities. Refinancing at today’s low rates can offer some homeowners a chance to recover lost equity and lower their monthly payments. Find out how.

CNNMoney.com and Money Magazine named Eden Prairie, Minnesota, the number one small city in America, and Plymouth, Woodbury, Eagan and Apple Valley also ranked in the top 20 cities, putting Minnesota on the Top 100 list more than any other state.

JUN 10
JUN 09
Percent Change
(compared to one year prior)
New listings
7,278
8,310
- 12%
Active listings
27,526
26,674
+ 3%
Months supply
7.00
7.60
- 8%
Pending Sales
3,465
5,812
- 40%
Median sales price
$182,000
$173,500
+ 5%
Cumulative days on
the market
121
140
- 14%
Average showings*
21
22
- 5%
In the last 30 days
42%
of properties have had a price adjustment.
For every sale, there are
8
properties that remain on the market.

*Edina Realty Appointment Center statistics.

Based on information from the Minneapolis Area Association of REALTORS®, Inc. Data collected from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC., for properties in the 13-county region exclusively.

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TwinCitiesRealEstateBlog.com is not a Multiple Listing Service MLS, nor does it offer MLS access.
This website is a service of Aaron Dickinson of Edina Realty, a broker Participant of the Regional Multiple Listing Service of Minnesota, Inc.