April 2018 Minnetonka Housing
A Snapshot of April for Minnetonka Housing
April statistics on The Twin Cities and Minnetonka housing market looked pretty much the way we expected. With sellers favored and buyers challenged, the market played out the way it has every month for the last couple of years. The result continues manifest in properties sitting for shorter times on the market and selling for full price offers or more. Property values continue upward. Unwelcome was a new watermark for low inventory at less than 10,000 units and interest rates that continue to creep higher.
Now is a fabulous time to be a seller. Buyers need to be focused and determined to score a deal on a home. Backed by low unemployment, higher wages, higher spending and a general feeling of confidence in the economy, the market continues to be vital. All indications are that buying a home not only is still part of the American dream but also a good investment. If you want to take a deeper dive into the numbers for April across the Twin Cities 16 county metro area, the Minnesota Property Group has you covered.
Digging into the Minnetonka housing data reveals the same trend as the metro. Compared with April of 2017, new listings are down along with closed sales, but the median sales price is up. Days on the market until closing also increased. This is a result of a higher average selling price rather than a slowing of the market. When you look at a smaller sample, small changes have a more significant impact on the percentage results. Now let’s take a closer look at the Minnetonka housing stats for April compared to last year and for the accumulated data of the past 12 months.
April 2018 Minnetonka Housing Market Statistics
Let’s see how April this year compared to the data for April 2017*
- new listings down -9.6%
- closed sales down -5.7%
- Median home price $356,950 up 2.6%
- Percentage of list price received is 98.0% down -0.5%
- days on the market until sale was 82 up 24.2%
- available inventory was down -18.5%
- month’s supply of inventory down -9.1%
Let’s compare the cumulative data over the last 12 months*
- new listings down -15.2%
- closed sales down -12.2%
- Median home price $340,000 up 3.6%
- Percentage of list price received is 97.5% up 0.1%
- days on the market until closing was 78 down -2.5%
*Market data source Minneapolis Area Association of Realtors.
Keep in mind real estate is a hyperlocal business. If you plan to buy or sell in another community in the Metro like Golden Valley or Plymouth, it would be a good idea to check out the data on home sales.
For questions about real estate in general, buying or selling a home, in particular, give me a shout with an email, text or call.