Lake Minnetonka Luxury Real Estate Update – March 2008

Oops! Looks like I forgot to do the market analysis for February. But have no fear, with the market slow down, we didn’t’ miss out on too much!

$1 Million -2 Million – The “cheap” homes have tons of competition, what with 117, which is almost the same amount as in January. Thirteen homes are pending, which compared to March 2007, is a three homes short. Closed sales totaled six, which blows last year out of the water.

$2 Million – $3 Million : 41 homes are competing against each other, especially with almost 10 homes for sale more than in January. Selling seems a little difficult in this price range as there is only 1 pending sale and 1 closed sale for March.

$3 Million – $5 Million : There are 22 homes currently for sale on Lake Minnetonka in this price bracket. Looking back to March 2007, there were only 9! Makes me wonder if some affluent home owners are also finding themselves in a financial pickle with the housing downturn.

$5 Million + : The premier homes in the price range are the cream of the crop. Nothing is new except maybe a few photos. Only eight homes can boast this price range, and the highest priced home tops the scale at $53 Million. The higher a listing is, the longer it takes to sell.

If you would like to search the current luxury home inventory in Minneapolis, Saint Paul, and the surrounding areas, view my price by price analysis at Fine Homes of Minneapolis.

Leave a Comment