Snapshot Minnetonka Housing Market
The Minnetonka Housing Market, and the metro market in general favors the seller in a big way. Even considering that interest rates and median sale prices are rising, it looks like this will be the story for the remainder of this year. Don’t be fooled into thinking that the decline in closed sales indicates the market is cooling. The story is about less inventory not less desire for home ownership.
America is experiencing a strong economy, low unemployment and an uptick in wages. Consumers are confident. So far, rising interest rates and home prices have not dampened buyer enthusiasm. The possibility that rates will go up even higher as the year progresses may convince buyers to close a deal quickly.
Housing market data for other metro communities available on Minneapolis Association of Realtors website. For those who have an interest in Minnetonka numbers here they are.
Minnetonka Housing Market May 2018 vs. May 2017*
- new listings down -1.3%
- closed sales down -14.5%
- Median home price $367,000 up 7.9%
- Average sale price $442,603 up 20.9%
- Percentage of list price received is 99.3% up 1.0%
- days on the market until sale was 68 up 33.3%
- inventory of homes for sale down -20.2%
- month’s supply of inventory down -14.3%
Minnetonka Housing Market June 2017 through May 2018*
- new listings down -11.6%
- closed sales down3%
- Median home price $349,950 up 4.5%
- Average sale price $420,743 up 13.8%
- Percentage of list price received is 98% up 0.3%
- days on the market until sale was 75 up 5.6%
*Market data source Minneapolis Area Association of Realtors.
If you would like to see a bigger picture on data for the Twin Cities Metro, check out the May housing report on the Minnesota Property Group blog.
Buyers and sellers who have questions have come to the right place. As an experienced Minnetonka Realtor, I can help.