Taking a closer look at the Million Dollar Market

Home sales are up in the Twin Cities, as you may have heard.

But here's the tricky part: sales are only up in certain price ranges. Specifically, sales are way up in the price points below $200,000 where foreclosures and short sales are more prevalent. Things look a little different the higher up the price ladder you go. So we thought it'd be advantageous to take a quick look at what's happened over the last few years at the market above $1 million.

Million Dollar Takeaway #1: The supply-demand balance is moving in the wrong direction. The Months Supply of Available Homes above $1 million currently sits at 33.5. In other words, if nothing else new comes on the market in this price range it will take almost three years to sell through the current crop of available homes. That's a growth of 26.5 percent from this time last year, and is the largest year-over-year increase of any of the price ranges we track in our Housing Supply Outlook.

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 The "skinny"  www.mplsrealtor.com


Posted by Cheryl Schopf on 06/30/2009
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