Prior Lake Market Update – Summer 2007

Like most areas in the Twin Cities, real estate in Prior Lake has also felt the pinch of the real estate market correction currently underway. So far this year, homes sales are down 30% from 2006 and days on the market has increased, currently an average of 161. Below are some rundowns of market activity for the Prior Lake area for single family residential homes for sale.

$300,000-500,000 – 83 Active Listings, 13 pending, 18 sold. Less homes are being listed and less are selling.

$500,000-800,000 – 94 Active Listings, 8 pending, 6 sold

$800,000-$1 Million – 38 Active Listings, 2 pending, 0 sales The price range with the most new listings, and the least amount of sales.

Upper Tier Homes

$1-2 Million : 25 Active Listings, 1 Pending. There are fewer homes listed for sale in this price range due to eight homes being pulled from the market since May.

$2-3 Million : 4 Active Listings

$3-5 Million : The one listing that was price at $3.999 Million was taken off the market this month, after being on the market since March 2006.

The luxury home side of Prior Lake has 29 listings, but has only had 2 homes sold for the entire year of 2007. While a beautiful lake, homes take longer to sell than on Lake Minnetonka.

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