Lake Minnetonka Real Estate Update – May 2007

Looking to buy a luxury home in Minneapolis? Well, the Metro areas most expensive lake to live on , Lake Minnetonka, is probably the most popular location for high-end homes. The most active price range of 2007 has been the $1-2 Million market. With so many choices, it is quite a task to decide on which home to buy. Don’t worry, if you can afford this price range, you can choose to be picky.

1 Million – 2 Million : Spring is the season for listing and this month did not disappoint, being better than April. There are now 136 active listings, up 5 homes from last month. That’s a lot of homes considering the price range! Seven more homes were added to the pending pile, bringing the total to 16 homes waiting to close. Ten of the homes from last month successfully closed in May, the most so far this year in one month.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 49 active listings, five more than last month. There are four homes waiting to close. Only one home out of the six pendings from April closed this month, and that for $2.625 Million.

3 Million – 5 Million : The upper brackets saw more activity this month. There are currently 15 active listings, up 5 from last month. Three homes are left pending from last month and two were put back on the market.

Million + : One new home was listed for sale, making the grand total 8 active. The one pending sale is still pending from February and no sales were recorded in MLS. Another uber-expensive home is now on the market at Bohns Point for $14.9 Million.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 19.8 Months (up six months from January) for Previously owned homes. It seems that Luxury Homes are taken longer to sell as we get deeper into 2007.

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