It’s Been a Strong Year For Luxury Home Sellers in the Twin Cities

Luxury Home Sales MinneapolisWith just a couple weeks left in 2017, it’s safe to say it’s been a good year for luxury home sellers in the Twin Cities. According to recent data from both the Minneapolis and the St. Paul Realtor associations, there have been 659 accepted offers on million-dollar homes throughout the Twin Cities metro area through the end of November, which represents a staggering 31.8% increase compared to last year.

What’s also interesting about the Minneapolis-St. Paul luxury market in 2017 is that 500 of those pending sales were for preowned homes, not new construction properties, which of course tend to represent higher price points. That number is also up from 385 pending preowned sales through the end of last November as well.

Furthermore, luxury homes are also moving a shade quicker than in 2016, selling on average 7 days shorter than last year’s days-on-market average. But as we approach 2018,  inventory challenges, especially for million-dollar homes, could bring a bit of a slowdown to what’s been a very healthy market overall in 2017.

Through the end of last month, just 572 homes in the million-dollar price bracket were listed on the open market, which is down over 18% compared to this time last year.

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