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Posted in: Luxury homes, Buying a home, Market insights

Luxury homes see price increases in spring 2013

Luxury home sales increase

The spring housing market is off to a hot start. Throughout all segments of the market, inventory is at a 10-year low, the median sales price has begun to move back up. Meanwhile, buyers are competing for well-priced, well-presented homes resulting in multiple offers scenarios and rising sales prices.

As the broader market shows ongoing signs of recovery, we believe today's emerging seller's market will continue to positively affect local luxury home sales.

Sales over $1 million in the Twin Cities jumped 20 percent in 2012, according to the Minneapolis Association of REALTORSĀ®. This sales spike indicates that last year's expansive local housing recovery included the upper-bracket market segment. Improvement in luxury home sales points to greater confidence in the real estate market and the economy as a whole.

Today, wealthy buyers are motivated to take advantage of low mortgage interest rates and availability of jumbo mortgage options. They also want to take advantage of affordable home prices that are recovering, but still below their peak.

If you're preparing to buy or sell a luxury home, be sure to work with an Edina Realty's Exceptional Properties agent. Our agents have access to exclusive tools and resources and can give you a more detailed overview of the market. They are always ready to help you list your exceptional home.

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Status Definitions

For Sale: Properties which are available for showings and purchase

Active Contingent: Properties which are available for showing but are under contract with another buyer

Pending: Properties which are under contract with a buyer and are no longer available for showings

Sold: Properties on which the sale has closed.

Contingent and Pending statuses may not be available for all listings