Above is a recap, as we head into the fall market and the Parade of Homes tour here, on the number of real buyers who purchased homes in our Lake Minnetonka luxury real estate market over the past 12 months. Luxury home market is broken into 8 prices ranges on the chart that total the 178 luxury home buyers over the past 12 months. 178 buyers equates to a 17% drop year over year ending September 1st. Factors that hampered the market included the prolonged extremely cold winter and record breaking rainfall 2nd quarter rainfall. With the slow start to 2014 the market was never able to rebound. The hardest hit price range was the 1.5M-1.75M which experienced a drastic 54% drop in buyer activity. On the other side of the coin, the 1M-1.25M price range provided a slight but positive 3% increase of real buyers. Not featured on the chart was a 5% increase in median sales price and a 17% decrease in days on Lake Minnetonka luxury market year over year. For additional information on the Lake Minnetonka market, real time pricing trends and more click on market statistics.
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