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Lake Minnetonka Area Real Estate Market
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Buying Opportunity to Move Up to Lake Minnetonka
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No area of the Twin Cities real estate market is more diverse in it's housing stock and interesting than the Lake Minnetonka region. Listing inventory is finally beginning to temper with 2,163 listings taken in 2008, a decline of 6.2% when compared to 2007 levels. There are currently 579 single family homes on the market, an increase of 4.3% but a decline of townhome and condo inventory of 14.8% to 115 units. Closed sales lagged 2007 volumes by 13.1% to just 628 homes sold in 2008. The average sale price has declined 6.5% to $594,083. The percent of list price received at sale for 2008 was 90% after an average 180 days on market, one of the longer market time periods in the Twin Cities. It appears that the "smart money" is staying on the sidelines for now.
The above figures are based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC thru 12/31/2008.
ZIP Codes: 55391, 55356, 55364, 55331, 55384
Approximate Location Boundaries: Includes the communities of Deephaven, Exceslior, Greenwood, Shorewood, Minnetrista, Spring Park, Mound, Wayzata, Orono, Minnetonka Beach, Tonka Bay, Woodland
Location Characteristics: A sprawling and diverse area encompassing small cottages, hobby farms, vintage estates and exceptional upper bracket new construction. Lakeshore is highly prized in Minnesota, and no where more dearly than sprawling Lake Minnetonka with it's excellent water quality, upscale lakeside communities, recreation opportunities and beautiful vistas.
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