The best phrase to describe the 2014 Lake Minnetonka Luxury market (the top 10% of sales in the local market) is the continuation of 2013's recovery. Below are the main talking points for the luxury market starting with a surprising stat. There were 190 buyers who closed on homes in the luxury market for the year, this equated to a 10% drop in the total number of buyers compared to 2013. The $1.5M to $1.75M price range was the most affected with the drop as only 8 buyers closed in this range, a 65% decrease from 2013 and the largest percentage drop in the luxury market price ranges. Staying in that price range, the supply of homes remain the highest at 22 months of inventory as we head into 2015. On the bright side, the $2.5 million and above price range brought in 26 buyers, an 85% increase over 2013. The Median and Average sale price for the 2014 Lake Minnetonka luxury home market remained mostly flat at $1,199,000 and $1,489,000 respectively. The statistics for percent of original price received experienced a slight increase of 1.34% to 90.2% while days on market dropped to 185, the lowest level since 2006. $800K to $900K continued to be the most active price range in the Lake Minnetonka luxury market with a total of 46 closings in 2014. Currently, this range has the largest number of active listings coming into 2015 with the shortest supply of inventory at 8.9 months.
As we track the market for 2015's direction and trends, the indicators we are focusing on are days on market, percent of list price received and absorptions rates. Stay tunned for our summary of these and more after the 1st quarter.
Contact us if you are looking for specific Lake Minnetonka market data. As always, the current listing statistics can be found on the communities page.