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Minnetonka Market Conditions Report
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Improving Fundamentals
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Inventory in the City of Minnetonka is declining, a positive step in an oversaturated market. New listings taken during 2008 were down 15.1% when compared to 2007, but homes sold also dropped 23% to 528 homes sold during the year. Single Family inventory dropped 6.5% to 212 units currently on the market. Townhome and condo inventory is down 23.1% to 143 units. The percent of list price received at sale during 2008 was 91.9% after an average 144 days on market with an average sale price of $325,073.
The above figures are based on information from the REGIONAL MULTIPLE LISTING SERVICE OF MINNESOTA, INC thru 12/31/2008.
ZIP Codes: 55345, 55305, 55343, 55391
Approximate Location Boundaries: Lake Minnetonka, Deephaven and Wayzata are to the west, Eden Prairie to the south, Plymouth to the north and Hopkins, Edina and St. Louis Park are directly east.
Location Characteristics: Minnetonka is a second ring suburb approximately 8 miles west of Minneapolis. Major arteries include I-494, I-394, MN 169, MN 7, Cty 62 and Cty 101. It is served by the Minnetonka #276, Hopkins #270 and Wayzata #284 school districts. With gently rolling topography, Minnetonka is a favorite with those seeking a more heavily forested landscape with access to Lake Minnetonka at Grays Bay and an easy commute into downtown Minneapolis. Ridgedale regional mall is on the north border and Southdale and the Eden Prairie Center are also nearby. Minnetonka has a population of about 49,900 and a median age of 43.6. Household income is about $105,201 and commute times are about 19.6 minutes. Minnetonka students exceed the average state standardized test scores by 27.3% in math and 30.4% in reading.
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