The Minneapolis Real Estate Blog: Minnesota: Prior Lake

While viewing various landscapes of area homes in Prior Lake this weekend for the Pond and Landscape Tour, I ran into a couple who sprinkled their landscape with art they produce on site.

Called Artscape Lighting, they design beautiful floral sculptures which house lighting for ponds, walking paths, fences, etc. The one pictured above is a fountain into the swimming pond they built. Check out their website for more designs. They have developed a great way to camouflage lighting and make the garden more appealing!

Talking to the owner, she mentioned that the lights are also great for winter landscaping. They can survive the harsh Minnesota winters, especially snowing ones. Not only are they "flowers" in the garden when nothing is alive, they also give great ambient light in the evening and on snow.

Like most areas in the Twin Cities, real estate in Prior Lake has also felt the pinch of the real estate market correction currently underway. So far this year, homes sales are down 30% from 2006 and days on the market has increased, currently an average of 161. Below are some rundowns of market activity for the Prior Lake area for single family residential homes for sale.

$300,000-500,000 - 83 Active Listings, 13 pending, 18 sold.  Less homes are being listed and less are selling.

$500,000-800,000 - 94 Active Listings, 8 pending, 6 sold

$800,000-$1 Million - 38 Active Listings, 2 pending, 0 sales  The price range with the most new listings, and the least amount of sales.

Upper Tier Homes

$1-2 Million : 25 Active Listings, 1 Pending.  There are fewer homes listed for sale in this price range due to eight homes being pulled from the market since May.

$2-3 Million : 4 Active Listings

$3-5 Million : The one listing that was price at $3.999 Million was taken off the market this month, after being on the market since March 2006.

The luxury home side of Prior Lake has 29 listings, but has only had 2 homes sold for the entire year of 2007. While a beautiful lake, homes take longer to sell than on Lake Minnetonka.

Prior Lake Real Estate

Like most areas in the Twin Cities, Prior Lake has also felt the pinch of the real estate market correction currently underway. So far this year, homes sales are down 31% from 2006 and days on the market has increased, currently an average of 168. Below are some rundowns of market activity for the Prior Lake area for single family residential.

$300,000-500,000 - 100 Active Listings, 10 pending, 28 sold

$500,000-800,000 - 91 Active Listings, 11 pending, 18 sold

$800,000-$1 Million - 24 Active Listings, 1 pending, 6 sold

Upper Tier Homes

$1-2 Million : 34 Active Listings

$2-3 Million : 3 Active Listings

$3-5 Million : 1 Active Listing

The luxury home side of Prior Lake has 38 listings, but has only had 2 homes sold for the entire year of 2007. The most expensive home is priced at $3.9 Million and sits on 29 acres.

Prior Lake Real Estate