Lake Minnetonka Real Estate Update – June 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.

1 Million – 2 Million : Finally the most active luxury price range is stopping to take a breath. There are currently 135 active listings, down one from last month. The total real estate waiting to close is 17 homes. Eleven of the homes from last month successfully closed.

2 Million – 3 Million : This price bracket also saw an increase in homes listed for sale, currently at 49 active listings, four more than last month. As each month goes by for 2007, more homes get listed than are selling. There are now six homes waiting to close, with one sale reported for June.

3 Million – 5 Million : The upper brackets saw less activity this month with two homes being withdrawn from the market. There are currently 11 active listings. One new home went pending this month, keeping the total of pending homes at 3, while one home sold.

5 Million + : The uber-bracket of Minneapolis real estate currently has 9 homes for sale. The one pending sale from February finally closed at $7 Million.

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. It seems that Luxury Homes are taken longer and longer to sell as we get deeper into 2007.