What’s not to love about Lake Minnetonka with all the wonderful outdoor activities and gorgeous views?! This area consists of 14 different cities. We will first look at April of 2009 compared to April of 2010. This April, there were 224 listings put on the market, up 9.3% from last April. Closed sales are up in Lake Minnetonka by 23.3% going from 43 to 53 closings this April! The average sales price went from $371,086 to $594,290 which is a 60.1% increase!! The median sales price went from $318,000 to $350,000. The percent of original sale price received at the time of sale increased only 1.5% from 85.9% to 87.3%. The average days on the market until sale in Lake Minnetonka went from 222 to 231 days, up only 3.6%. Housing inventory went down; single family detached inventory is down 5.1% to 676 homes on the market and townhome-condo inventory is down 1.4% to 144 homes on the market.
Now we’ll take a look at year to date, comparing 2009 to 2010. New listings for Lake Minnetonka real estate increased 3.9%, going from 698 in 2009 to 725 in 2010. Closed sales are up 14.8% with 186 closings in 2010. The average sales price is down only 2.1% from $512,745 to $502,048. The percent of original list price received at the time of sale is up 5.3%, going from 84.9% to 89.4%. The average days on the market until sale decreased 3.7%, and is only an 8 day difference with an average this year of 211 days.
The most noticeable statistic here is the number of closed sales which has increased dramatically over last year! This is a very good sign for the market in Lake Minnetonka Homes! However, each city does have very different numbers. Some of these cities included in the Lake Minnetonka area had no movement in April of 2009 and some in April of 2010. The city with the most closed sales out of the bunch is Mound by far, and Orono currently has the most active listings.
Tags: Lake Minnetonka Homes for Sale, Lake Minnetonka Real Estate Market Update, Lake Minnetonka real estate update
