As we all know, the real estate market has started its turnaround but mainly we hear about homes under $200,000. What about high end homes, what is happening in that market?
Nationally, according to the National Association of Realtors, homes worth $1,000,000 and more were up 51% in the first 11 months of 2012. What about the Twin Cities specifically?
In 2012 in the 11 county metro area, 307 homes over $1,000,000 sold compared to 13,000 homes for $120,000 or less. Home sales in all price ranges did increase in 2012, properties priced $350,000 to $500,000 increased about 50% and properties of $500,000 to $1,000,000 increased only slightly less than that. The high end homes are starting to sell once again for a couple reasons. The buyers realize that prices are starting to rise and they want to buy while the buying is good and there are the low interest rates and greater availability of jumbo mortgages making these high end homes very attractive. The market for high end homes is starting to move once again, not as fast as lower priced homes but it is starting its comeback!
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