Anatomy of a Real Estate Sale Over One Million Dollars - Greater Minneapolis & Saint Paul Area Market Report

By
Real Estate Broker/Owner with Wayzata Lakes Realty: Eric Kodner Sells Twin Cities Homes
http://actvra.in/yyx

 

Anatomy of a Real Estate Sale Over One Million Dollars

 

In the areas served by our area Multiple Listing Service, sales over a million dollars are relatively few, particularly when compared to markets like San Diego, Manhattan (NYC), Boston or San Francisco. 

Our closed sale on Madeline Island last week inspired me to do a search of recent sales in excess of $1 Million. That residential listing appeared on RMLS (NorthstarMLS) in Minnesota and Western Wisconsin.

Listings on RMLS generally include the greater Minneapolis and Saint Paul metropolitan area, but also include some listings in outstate Minnesota and in Western Wisconsin, across the border to the east.

 

Here are a few statistics on recently closed sales in the "upper brackets" from RMLS of Minnesota and Western Wisconsin:

 

  • Since January 1 of this year, twenty-six homes have sold in our MLS (and cooperating areas) for $1.4 Million or more.

 

  • There were twenty-two agents/companies involved in listing and marketing those twenty-six homes.

 

  • Our MLS has over 13,000 member real estate professionals.  Twenty-two listing agents who successfully closed a sale in this segment of the real estate market represents .00169 of all the real estate agents participating in RMLS.

 

In other words, about 1.7 per thousand agents in our MLS listed and marketed a home in the "$1.4M-plus" price range which actually sold during the first 107 days of 2012.

 

More area statistics for this price range:

 

Ninety-four unsold listings on NorthstarMLS which closed at over $1.4 Million either expired or were canceled since January 1 of this year.  Nearly four times as many homes at or above that price failed to sell during the listing period, compared to the number that sold.

Most of the closed sales reported to NorthstarMLS at that price or above were located in the Minneapolis and Saint Paul, Minnesota communities of Lake Minnetonka, Edina, Kenwood - Lowry Hill (Calhoun Isles Lake Harriet) and Medina.  Sales above one million dollars in those communities are relatively more commonplace than elsewhere in the Twin Cities metro area.

One of these reported upper-bracket sales was on Madeline Island.  That property was listed by our LaPointe, Wisconsin real estate brokerage, Madeline Island Realty.

 

By comparison, take a look at the real estate market in our MLS and compare it to the market in parts of southern California, like LaJolla or Laguna Beach.

For example, the average list price of a home in LaJolla is currently over seven times that in the Twin Cities area.  The average list price in Laguna Beach at this time is nearly twelve times the average list price in Minneapolis and Saint Paul.

 

 

 

 

 

 

 

 

 

 

 

Posted by

Contact Broker Eric Kodner with Wayzata Lakes Realty about Minneapolis & Saint Paul area properties, including Lake Minnetonka, Edina and the Minneapolis City Lakes area (Lake Calhoun, Lake of the Isles, Lake Harriet). We also sell on the Saint Croix River and on Lake Superior, including Bayfield, Wisconsin and Madeline Island homes.  With fourteen years experience marketing and selling waterfront properties in Minnesota and Wisconsin, we know Lake Minnetonka and Madeline Island real estate.

Wayzata Lakes Realty LLC (Minnesota) and Madeline Island Realty LLC (Wisconsin)

Real Estate Brokerage licensed in Minnesota & Wisconsin

Phone or Text Message 612.670.2539

EMKodner@Gmail.com  or

MadelineIsland@Gmail.com

Wayzata Lakes Realty

 

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Minnesota
Groups:
Luxury Property Marketing
Luxury Home Marketing
Minnesota's Nice :)
Minnesota Real Estate
Luxury Properties $750k+
Tags:
madeline island
calhoun isles
medina
lowry hill
kenwood
edina
lake minnetonka
northstarmls
rmls
wisconsin
minnesota

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the tag to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Show All Comments
Rainmaker
123,281
Jon Wade
TheSteamboatGroup.com part of Colorado Group Realty, LLC - Steamboat Springs, CO
Steamboat CO Real Estate

Nice Analysis Eric.  It's interesting how much of the public considers all Realtors to be the same yet there is definitely a select group that differentiate themselves in their knowledge, how they do business and in the results they get for their clients.

April 10, 2012 08:11 AM #1
Rainmaker
376,214
Eric Kodner
Madeline Island Realty - La Pointe, WI
CRS, Madeline Island Realty, LaPointe, WI 54850 -

Jon, thank you!

What we do looks simple to the public (and to some in our own industry), but those of us who work the luxury market know what is required in order to successfully market and sell an exceptional property

April 17, 2012 05:08 AM #2
Show All Comments
Rainmaker
332,294

Eric Kodner

Wayzata Lakes Realty: Twin Cities, Madeline Island
Ask me a question about Twin Cities real estate
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the pants to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Additional Information