Eden Prairie is a unique market. If you look at the 11 county metro, 30% of the inventory is lender mediated. That means it is either a short sale or a bank owned. Eden Prairie has managed to stay well below that number with 18% of Eden Prairie Real Estate being lender mediated. The issue is that closed sales were almost equal in the end of 2008. Three times as many non lender homes on the market but almost the same amount of sales for each. The market has bounced back a little and in July 180 homes were sold that were some type of Eden Prairie foreclosure or pre-foreclosure and 540 were traditional. The average sale price during the year fell about 10% for lender mediated homes and about 9% for traditional homes. Average time on the market crept up 6% for the Eden Prairie foreclosure market and a whopping 15% for traditional homes.
Joe Niece
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