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Eagan Homes Deemed "Very Affordable" Amidst Rising Number of New Listings

Eagan is ranked 19 among the most affordable housing markets in Minnesota, it was reported today in the annual Home Listing Report (HLR) by Coldwell Banker Real Estate (CBRE).

CBRE surveyed 45 communities throughout Minnesota—2,300 communities across North America—and based its findings of the average home listing price between Sept. 2010 and March 2011.

According to the CBRE data, the average price of a four-bedroom, two-bathroom home in Eagan is $196,411. 

The data also suggests that an Eagan home is more than $15,000 less costly than the Minnesota average ($211,633) and almost $97,000 cheaper than the national average ($293,251). 

"(The survey) gives us unmatched real estate insight into thousands of North American cities," chief executive officer of CBRE Jim Gillespie said in a statement released with the data. "For instance, we can see that there are 775 U.S. markets averaging $200,000 or less for these types of aspirational homes." 

Homes in Eagan also appear to be significantly more affordable than those in neighboring communities.

The average price of a four-bedroom home in Lakeville is $201,962. In Apple Valley that number increases to $210,655 and in Burnsville it climbs to $213,498.

But the CBRE data disregards an important property trend in Eagan.

According to monthly statistics compiled by the Minneapolis Area Association of Realtors (MAAR) the number of new home listings in Eagan in May has risen almost 44 percent over the last 12 months. But the number of homes purchased has dropped 1.3 percent over the same period. 

Put simply, plenty of Eagan residents are looking to sell homes but the number of new buyers is less now than last year.

Moreover, new homes entering the Eagan market are taking almost five months (4.7) to sell (up 22.8 percent) and, at the current rate of sale, it will take 7.5 months (up 13.7 percent) to get rid of the city's current stock of available homes.

Eagan is a great place to live, but we are struggling with the remains of the Delta/Northwest challenge and will face a bit with the Lockheed closing. Both of these create extra supply that has to work itself out. Add that to the foreclosures and traditional sales, and we simply have too many homes to sell for that amount of buyers.

Number of homes sold is very valuable to know. New listings can be skewed by homes that are listed for 2 months and then relisted for 2 more.

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