Lake Minnetonka Real Estate Update – April 2007

If you are looking to buy or sell a home in Minnetonka, it appears that the market is letting us know a little secret. Homes currently priced between $1 – 2 Million are selling like hotcakes. Well, maybe not that fast, but more homes are selling in this upper-tier range than any other. There are many types, styles, and sizes to choose from so get out there and buy your new home!

1 Million – 2 Million : Spring is the season for listing and this month did not disappoint.. There are now 131 active listings, up 31 homes from last month. That’s a lot of homes considering the price range! In addition, eight more homes were added to the pending pile, bringing the total to 19 homes waiting to close. Five of the homes from last month successfully closed in April.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 44 active listings and had a better month for homes going under contract. There are six homes waiting to close.

3 Million – 5 Million : There are currently 10 active listings, up 1 from last month. Three homes were added to the count for pending homes bringing the total up to 5, but alas, zero sales.

5 Million + : This month saw the loss of the most expensive home as it was withdrawn from the market ($16 Million price tag). One new home was listed for sale, making the grand total 7 active. The one pending sale is still pending from February and no sales were recorded in MLS.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 18.6 Months (up five months from January) for Previously owned homes and 27.3 months for New Construction. To compare, homes below the 1 Million mark, range between 7-9 months of supply. It is also taking luxury real estate longer to sell, about 20.6 months (average) in fact for the Minneapolis area.

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