Minnetonka Real Estate News
Buyers can tell you the Minnetonka real estate market actively favors the seller. If you are trying to buy a home, you will face challenges for properties priced under $500,000. What do sellers think about this situation? They are celebrating of course as anyone would who found themselves in this position. Competition for homes is bringing in full price offers and in some cases competitive bidding when several parties want to buy the same house.
If you wonder what is fueling all the enthusiasm for Minnetonka real estate, wonder no more. Buyers find low unemployment and outstanding stock market performance inspiring. They are showing how confident they are by spending more on consumer products and want a home to exhibit all the new stuff they buy. The current market situation makes sellers happy and the real estate market hum.
Minnetonka Real Estate a Good Investment
Although the Minnetonka housing market is rolling along, we must pay attention to the effects of rising mortgage interest rates and higher prices on homes. Although buyers are still eager, some find the price and mortgage rates forcing them to sit on the bench. Others have had to consider buying less house or reconciling themselves to take on a higher monthly payment. Still, when weighing the options and comparing the upside and downsides of home ownership, they are finding that buying makes the most economic sense.
A couple of things to note about the Minnetonka real estate market is that while values of homes are up, they are spending less time on the market. That tells us that at this point the competitive market conditions or higher monthly payments that buyers are facing regarding interest rates or pricing has become a deterrent to home ownership. So it’s a good time to sell if you have been thinking about doing so, especially with inventories of homes at an all-time low. Anyone in the market for a home should consider that Minnetonka housing is a good option.
Keep in mind that real estate is a very localized market. You can find information for other communities on the Minneapolis Association of Realtors website. If you want to know about the Twin Cities market as a whole and not just Minnetonka real estate market data, there is an excellent analysis on The Minnesota Property Group blog. Whether a buyer or a seller, it is a good idea to see the bigger picture as well as the local one.
July 2018 Minnetonka Real Estate Market Statistics
Let’s see how July this year compared to the data for July 2017*
- new listings down -10.3%
- closed sales down -4.1%
- Median home price $356,000 up +0.7%
- Percentage of list price received is 99.1% up +0.8%
- days on the market until sale was 41 down -6.8%
- available inventory was down -18.3%
- month’s supply of inventory down -13.3%
Let’s compare the Minnetonka cumulative data over the last 12 months*
- new listings down -11.1%
- closed sales down -8.3%
- median home price $355,000 up +2.9%
- percentage of list price received is 98.5% up +0.5%
- days on the market until closing was 64 down +4.9%
*Market data source Minneapolis Area Association of Realtors.