Lake Minnetonka Real Estate 2011 Outlook
The 2011 real estate market is creating an outstanding buying opportunity for those looking for a remarkable Lake Minnetonka dream home.
With interest rates still at historic lows, inventory levels of homes for sale still at higher levels, buyers here in our Twin Cities real estate market are being given a great chance to find the home of their dreams.
Lake Minnetonka has always presented so much allure for real estate buyers over the years. Not only is this lake a shorter drive to the downtown of Minneapolis, but it presents so much attraction with its sheer beauty, size, and dramatic homes for sale.
In order for buyers and sellers to make an “informed” decision on their Lake Minnetonka home, we also wanted to share some quick market update numbers for the Lake Minnetonka real estate market as well.
In 2010, the Lake Minnetonka real estate market saw 673 properties close, an increase of 4.7% over 2009. The average sales price also increased from 2009 to 2010, going from $513,220 to $529,290. This was a 3.1% year over year increase.
If you are looking to sell a home on Lake Minnetonka, average market time in 2010 was 196 days. This was down from 203 days in 2009. The percent of original list price received at the time of sale did in fact increase from 88.6% to 88.7% in 2010.
The number of homes for sale in and around Lake Minnetonka saw a decrease in November of 2010, with 619 mls listings for sale. In November of 2009, there were 644 properties for sale. This presents a year over year decrease of 3.9%.
Though the Lake Minntonka real estate market is known for its homes boasting massive amounts of square footage as well as expensive “bells and whistles,” there are most definitely affordable homes for sale as well. With that being said, if a real estate buyer definitely wants to purchase lakeshore, you will certainly pay a premium. If you are ok with a propery that is perhaps a block or two off the lake or within range of boating access, you will find prices to be much more affordable.
For those buyers that have the ability to purchase homes at a higher price point, our team has been finding many homes for sale around Lake Minnetonka with massive discounts. Perhaps the property is a bank owned listing, perhaps a short sale. In any case, some of these higher end properties have seen more aggressive discounts: definitely a benefit to those buyers who are able to take advantage of interest rates and pricing.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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