Twin Cities Luxury Market stats compared to the National Luxury Home Market
New data is out for the Twin Cities Luxury Home Market and it looks like the upper tier of homes is inching toward the national average. While it is still a buyer's market, buyer's are beginning to come out of the woodwork, getting over the fear seen across the national market, and are starting to purchase high priced homes again.
From speaking with some local buyers, they feel now is a great time to buy as luxury home prices have come down drastically in the last two years. While some are still wary, many are looking to negotiate with sellers, and sellers are now willing to listen to their wants and needs. Here are some local numbers for the luxury home market in the Twin Cities.
- Average Price: $850,615
- Average Square Feet: 3739
- Number of Homes for Sale : 781
- New Listings: 24
- Sold Homes: 39
- Average Days on the Market (DOM) : 153
Below are some market graphs, illustrating luxury home trends over the last year for the Twin Cities. Of course, the huge dip at the end is for December, a month which typically always produces a slower market. Stay tuned over the next few months as winter draws to an end, and the Spring buying frenzy begins, to see how the market will change for 2009.
Average prices for the upper tier having been inching up since May 2008
As soon as Fall hit the Twin Cities, available Inventory has declined
Over the last five months, the average days it takes a home to sell has increased by 40 days
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Jennifer--Do you think a number of the Twin Cities Luxury homes are on lakeshore? I have noted that some people will remove lakeshore homes from the market during the winter months as it as not as appealing as in the summer. Just a thought.