If you are looking to relocate to Minnetonka or planning to work there- you are in for a treat! The city is focused on open space and wetlands, and most office buildings are close to walking paths and ponds. Let’s get into the market update for the Minnetonka area! We’ll take a look at June of 2009 compared to June of 2010. This June, there were 102 listings put on the market, down 27.1% from June of 2009. Closed home sales are also down in Minnetonka by 25.7% going from 74 to 55 closings this June. The average sales price of Lake Minnetonka homes went from $285,285 to $321,543 which is a 12.7% increase!! The median sales price went from $241,250 to $269,000 this June. The percent of original sale price received at the time of sale increased only 0.7% from 93.1% to 93.7%. This is a very good number meaning homes are priced right in this area! The average days on the market until sale in Minnetonka went from 161 to 122 days, down 24.4%. Detached single family home inventory is up 2.1% to 289 homes on the market and townhome-condo inventory is down 4.2% with 181 homes on the market in June 2010.
Now we’ll take a look at year to date, comparing 2009 to 2010. New listings in Minnetonka increased 4.3%, going from 739 new listings in 2009 to 771 in 2010. Closed sales are up 2.8% with 291 closings in 2010 (up from 283 in 2009). Median sales price went from 234,900 to $255,000 in 2010. The average sales price is up 4% from $282,005 to $293,224. The percent of original list price received at the time of sale is up 1.8%, going from 91.2% to 92.8%. The average days on the market until sale decreased 24.4% (WOW), with an average this year of 129 days.
With the percent of original sales price received at the time of sale being up from last year and the days on the market being up a lot from last year as well, it leads us to believe that homes in Minnetonka are moving! It’s looking a lot better from a seller’s perspective over last year. There’s no telling where the market is going at this point, but any move in the right (positive) direction is progress!
Tags: Lake Minnetonka Homes, minnetonka real estate, minnetonka real estate update
