Luxury Real Estate Stats for 2007

Well, since it is the end of 2007, I guess I must sit down and look at the luxury market statistics for the year and let you know how things went.

$1 -2 Million : Throughout the Twin Cities and surrounding suburbs, 395 homes were sold in this price range. While many homes sold, it took on average 190 days to get them new owners, with the average price being around $1.4 Million.

$2-3 Million : No big surprise here but once you hit $2 Million, the number of homes for sale decreases dramatically. Only 49 homes sold this year, but surprisingly they only took about 15 days longer to sell than those price below $2 Million.

$3-5 Million : Most of the homes that get mega-expensive tend to be located near water. The 15 homes that sold in this price bracket are no exception. Eight of these homes were located on Lake Minnetonka.

$5 Million + : Minnesota doesn’t rank high on the national radar for luxury homes, but home magazines most likely have never been here and don’t know what they are missing when it comes to Lake Minnetonka real estate. In 2007, five truly luxurious homes sold above the $5 Million mark, all of them on the largest lake around the Twin Cities. Two of them were all time highs, one at $12 Million and one at $14.5 Million.

Overall, the luxury market for Minneapolis, Saint Paul, and Minnetonka didn’t do too bad for 2007. The best price range to be in for 2008 will be the $1-2 Million dollar range. Around February, the local Realtor association will be coming out with 2007 stats and projections for 2008. Stay tuned over the next few months to see where we were and where we are heading!
Don’t forget to check out my other blog sometime, Minneapolis Real Estate Blog.

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