Lake Minnetonka Real Estate Update - August 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. Summer is winding down and soon the Lake will have a spectacular display of autumn colors for all to enjoy. Get your home soon so you too can enjoy the wonderful lake views and take a last cruise around the lake before winter sets in.
1 Million - 2 Million : The most active high-end price range just got more active this month, again. This time more homes moved to SOLD, six to be exactly, and 7 more took their spot for being put under contract. However, active listings still remain high at 144.
2 Million - 3 Million : This bracket saw a slight decrease in active listings, some being withdrawn from the market and a couple being put under contract. There are 42 active homes for sale and six pending. Three homes closed in August.
3 Million - 5 Million : Always the bracket to be active or slow, the month of August was very much the latter. Holding steady at 17 listings, one pending, and only one sale. But what do you expect when you are selling in such a high price range?
5 Million +: The uber-bracket of Minneapolis real estate currently has 9 homes for sale. No homes have been put under contract nor did any sell this past month either. The most expensive home on Lake Minnetonka is still hanging in there at $15.9 Million.
According to the Minneapolis Area Association of Realtors, the housing supply outlook for homes $1 Million + is about 21.9 Months, an increase of over 25% since the beginning of the year. The number means that is will take almost two years to sell all the homes price over $1 Million in Minneapolis, St Paul, and the surrounding MLS areas. Of course, every local market is different, so what sells slow in one area, my sell like hot cakes in another!
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