Lake Minnetonka Real Estate Update – January 2007

Known for its Luxury Homes, Lake Minnetonka and the surrounding Minnetonka areas, have some wonderful properties for sale. I have broken down by price range the current statistics:

1 Million – 2 Million : By far the most upper bracket homes listed are in this price category, currently 81 active listings. There are still 12 homes pending to close, but in addition, 3 homes did close in January.

2 Million – 3 Million: The second most listed homes are in this category with 24 active listings. Currently there are 2 pending sales, however, no homes closed this month.

3 Million – 5 Million: With only 4 active listings and 2 pending sales, the 3-5 Mil luxury home market is the least active.

5 Million + : The extreme real estate upper bracket and the most luxurious was busy this January with 6 active listings, 2 pending sales, and one record closing. The most expensive home was listed for $16.9 Million by Sky Sotheby’s and is the highest priced listing in the Twin Cities. The record sale of the month was for $12,250,000!

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 13 Months for Previously owned homes and 24 months for New Construction. To compare, homes below the 1 Million mark, range between 6-8 months of supply. It is also taking luxury real estate longer to sell, about 16 months (average) in fact for the Minneapolis area. Please remember that the higher priced a home is in the Luxury market, the longer it usually takes to sell! It takes a special type of buyer to purchase a high priced home.

Leave a Comment