Lake Minnetonka Real Estate Market

By
Real Estate Agent with Keller Williams Premier Realty

Lake Minnetonka home owners, it is time for some good news. The Lake 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 30.4% from March of 2011. That is an unbelievable drop of homes for sale. In March of 2011 we had 11.3 Months of supply of homes for sale in Lake Minnetonka area. In March of 2012 we had 7.9 months of supply. Now the overall picture shows the month’s supply of homes for sale has dropped 17.7% 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 closed sales were up 39.5% from the previous year.  Pending sales went up 93.3% rising from 45 pending sales March 2011to 87 in 2012. Three more contracts and we would have doubled the pending sales. Now that is amazing!

 

Now let’s check out the other indicators that show improvement. The median sale price for March of 2012 was $308,000; in March of 2011 the median sale price was $305,000 and in 2010 it was $300,000. The other factor to consider is that in 2011 the average home was on the market for 228 days meanwhile the average days on the market improved to 167 days. That is considerably lower than 2010 which was 230 days. In short the homes are selling for more and in less time.

 

Finally in March of 2010 the percentage to original list price received was 90.1% and in 2011 we dropped to 87.6%. Meanwhile in March of 2012 we reached 90%.

 

By now you must be asking yourself how this applies to your home.  If so Contact me for a free Market Analysis of your home today.

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