Homes in Elmwood are taking some time to sell, with a median of 23 days on market, yet that pace is noticeably quicker than just a month ago as days on market fell by about 36 percent. Buyers are moving more decisively even as overall activity has cooled compared with last year.
Prices reflect this renewed momentum. The typical home value in Elmwood is about $339,000, up roughly 32 percent from last month even though it is down a bit year over year. February’s median list price of $369,500 was lower than the prior month, pointing to some flexibility in asking prices. Compared with the broader St. Louis Park area, where typical values sit closer to $375,000, Elmwood offers a somewhat lower price point.
Supply is limited, with only 6 homes on the market and 6 new listings, and inventory is still down more than 14 percent from a year ago even after a recent monthly increase. Fewer buyers are in play than last year, with pending sales off about 50 percent, yet two out of three recent sales closed above list price and the average sale-to-list ratio is just over 1.03, supporting the current seller’s market reading. Looking ahead to March, projections show typical values near $379,750 with inventory holding at 6 and a projected median list price of about $336,900, so both buyers and sellers can turn to Agent Pronto to connect with an agent who understands these conditions.
