Lake Minnetonka Real Estate Update – July 2007

Lake Minnetonka Real Estate Update – July 2007

Looking to buy a luxury home in Minneapolis? Well, the place to be is Lake Minnetonka. The most active price range of 2007 has been the $1-2 Million market and is the most affordable for the area. So bring your boat, and your check book, because one of the best lakes in Minnesota is up for sale….via homes, that is!

1 Million – 2 Million : The most active high-end price range just got more active this month. Whereas June saw 135 active listings, July was ever more so with a whopping 149 homes for sale! Pending sales are currently at 15 because two from June closed in July. However, where previous months saw 10 or more homes closing, July only had these two.

2 Million – 3 Million : This bracket remained steady, currently at 48 active listings. There are now seven homes waiting to close, with one sale reported for July.

3 Million – 5 Million : The upper brackets finally saw more listing activity this month with currently 16 active listings. One new home went pending this month, with the three from last month closing in July.

5 Million + : The uber-bracket of Minneapolis real estate currently has 9 homes for sale, gaining one new listing from last month at a price of $5.75 Million. No homes have been put under contract nor did any sell this past month either. One of the most expensive homes in the Metro area, listed at $14.9 Million was taken off the market.

According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 20.9 Months (up seven months from January and one full month from May) for Previously owned homes. Of the homes above $5 Million, half were listed in 2006, and one has been on the market since 2005.

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