Minnetonka Housing Data Snapshot
Minnetonka Housing data story for October in a nutshell. Compared to October of 2017, we have an increase in new listings of 10.2 percent. In the closed sales category, we see an increase of 4.7 percent. Prices are rocking at an 18.1 percent increase with a median sales price of $364,900 for October. The inventory levels, however, present a less rosy picture. Month’s supply is 3 and inventory of homes in units is 228. The supply and inventory data reflects a decrease of 9.1 and 12.3 respectively over the same time last year. Unfortunately, we see no signs of the scarce inventory situation changing any time soon at the first time buyer price points. However, Minnetonka housing data shows that the higher price ranges have more inventory and at $500,000 and above we are seeing balance in the market.
Interest rates are now more than a percentage point higher than this time last year and prices are considerably higher as well. When we delve into the Minnetonka Housing data deeper, we see that homes are spending more time on the market which may indicate that buyers no longer see that need to rush in with an offer. The latest job market numbers show National unemployment rests at 3.7 percent and local Twin Cities at 2.8 percent. Although these numbers are great, economic confidence may be slipping in light of the recent dips in the stock market. Additionally, in a Fannie Mae study, only 24 percent of those participants believe now is a favorable time to buy real estate compared to 54 percent who gave five thumbs up to housing five years ago.
Minnetonka Housing Data Year to Date
When we see the rolling data of the last 12 months from September 2017 through October 2018, we find both listings and closed sales are down. When we look at that home prices are up 5.4 percent and percentage of asking price up 4 percent to 98.1 that still indicates the market is strong and buyers undeterred. They may be taking longer to close the deal, but they are again buying homes.
The big question is how long before an ever-shrinking inventory and higher interest rates will flip the market dynamics. When the Fed meets in December, perhaps falling stock prices will convince them raising the rate again this year is not a good plan. A vote for no increase will be good news for home buyers and the Minnetonka Housing data for a strong end of the year.
Minnetonka Housing Data October 2018 compared to October 2017*
- new listings up +10.2 %
- closed sales down +4.7%
- Median home price $364,900 up +18.1%
- Average sale price $381,373 up +1.5%
- List price percentage received is 98.8% up +8.1%
- days until sold was 61 up +41.9%
- inventory of homes down -12.3%
- month’s supply of inventory down -9.1%
Minnetonka Housing Data September 2017 through October 2018*
- new listings up -5.4%
- closed sales down -8.3%
- Median home price $354,000 up +5.4%
- Average sale price $411,33 up +7.5%
- list price percentage received is 98.1% up +0.4%
- days on the market until sale was 60 down +3.4%
* Minneapolis Area Association of Realtors was the source for the data.