Twin Cities Luxury Real Estate Market Report - LuxHomesMN

Twin Cities Luxury Real Estate Market Report

Twin Cities Luxury Real Estate Market Report provided by Myra Jensen of The Myra Jensen Team – Home Marketing Experts of Keller Williams Classic Realty NW.

The Myra Jensen Team – Homes Marketing Experts bring you the latest Twin Cities Luxury Real Estate Market Report from the Minneapolis Area Association of Realtors and Northstar MLS. Please check back here often for the latest Twin Cities Luxury Real Estate Market Report. These charts are updated daily.

how much is your mn home worthIf you are interested in current homes on the market in the Twin Cities Luxury Market, you can find that information by clicking on the link. The charts below  are broken into homes above $1,000,000 and homes between $500,000 – $100,000.

If you are thinking of selling, these numbers are important.  The Months supply of homes chart shows how many months it would take to sell ALL homes that are currently on the market in the price range, assuming no other homes came on the market.  Of course, other homes will come on the market and some will fall off the market.  Any number above 5-6 months supply means it is a buyers market, and sellers will need to make sure their home is  marketed properly, in good condition so it is seen as the best value on the market.  If inventory is below 4-5 months, it is a sellers market, with low competition.  All real estate is local, so contact us for a more specific numbers to your neighborhood.

The Myra Jensen Team- Home Marketing Experts can help you navigate buying and selling a home and negotiate terms that work for you.

Find out what your home is worth in the current market or call Myra Jensen at 763-463-7590.


Twin Cities Luxury Real Estate Market Report

Monthly Update

Scroll down to see 5-7 year trends

New Luxury Listings

Luxury Homes for Sale Total Inventory

This is the number of homes for sale on the MLS in the price range.

Luxury Pending Sales

Luxury Closed Sales

Months Supply of Homes – Luxury Market (Inventory)

Average Days on Market

How many days on market on average will it take to receive an acceptable offer.

Average Price Per Square Foot

Yearly Trends

Average Days on Market

Average number of days between when a property is listed and when an offer is accepted in a given month. Calculations are based on sold data.*

 

Median Sales Price

Calculations are based on sold data. Prices do not account for seller concessions. Median represents the point at which half of the homes that sold in a given month were priced higher and half were priced lower. Average is the mean sales price for all closed sales in a given month.*

$1,000,000 and above

$500,000 – $1,000,000

Months Supply

Active inventory vs. the last 12 months of homes deemed Under Contract. Also known as “absorption rate” in some circles. Over 6 Months is known as a “Buyers Market”, 5-6 Months is “Balanced”, Under 5 Months is known as a “Sellers Market”

Closed Sales

Each data point is 12 months of activity. Calculations are based on sold data.

Homes for Sale

The number of properties available for sale in active status at the end of a given month. Also known as inventory.

Average Price Per Square Foot

$1,000,000 and above

$500,000 – $1,000,000