Ok sellers it is time for your March of 2012 update. The Minnetonka real estate market is continuing to show some great numbers. According to Infosparks through the NorthstarMLS, the month’s supply of homes for sale is down 24.9% from March of 2011. That is a major drop of homes for sale. In March of 2011, we had 8 months of supply of homes for sale in Minnetonka; in March of 2012 we had a 6 month supply. Now the overall picture shows the month’s supply of homes for sale has dropped 17.6% from the previous 12 months. This means less competition and less competition means increasing demand.
Now the other great news for the sellers is that in March of 2012 the pending sales was up 18.5% and the closed sales were up 19.1% from the previous year. An increase in sales is always a good sign.
Now let’s check out the other areas that the market is showing improvement. The median sale price for March of 2012 was $324,000 showing a 1.3% increase over March of 2011’s the median sale price of $320,000. In 2011, the average home was on the market for 237 days. The average days on the market improved to 148 days in 2012; that is even lower than 2010 which was 155 days. In short, homes in Minnetonka are selling for more in less time.
Finally in March of 2010 the percentage of sale price to original list price received was 91.2% and in 2011 we dropped to 88.1%. A big drop, but in March of 2012 we rebounded 91.8%.
Are you asking yourself how does this apply to your home? If so Contact me for a free Market Analysis of your home today.
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