Minnetonka's Real Estate Market: On the Rise?

While the number of houses sold and the median sales prices of those homes were both down in the Twin Cities region as a whole in April, Minnetonka bucked the cities-wide trend and saw some growth in the local real estate market last month.

For a detailed list of the homes that sold last month in Minnetonka (complete with pictures, sold and original list prices, click here). 

In numbers released by the Minneapolis Area Association of Realtors, the median sales price for a home in the Twin Cities region declined about 14.6 percent to $145,000 last month, as compared to April 2010. But the median sales price for a home in Minnetonka grew 4.0 percent to $250,000. Also, the number of closed sales was up more than 21 percent in Minnetonka, as opposed to the average regional drop of about 14 percent.  

However, according to the data, Minnetonka had fewer new listings and a larger drop in new inventory than the rest of the region. Also, homes in Minnetonka have been sitting on the market almost twice as long as homes throughout the region.  

Minnetonka home sellers are receiving about 90 percent of their asking prices, which is right on par with the rest of the regional market.

According to MAAR, April 2010 enjoyed uniquely strong activity due to an approaching credit deadline. 

Minnetonka 2011

+/- from April 2010

Twin Cities Region 2011

+/- from April 2010

New Listings

110

-34.5%

7,279           

- 25.3%

Closed Sales

57

+21.3%

3,363           

 -14.4%

Median Sales Price*

250,000

+4.0%

$145,000        

 -14.6%

Percent of Original List Price Received

90.1%

-1.2%

90.1%           

 -3.7%

Days on Market

205

+37.1%

152

+20.6%

Inventory of Homes for Sale

364

-25.3%

24,380           

-16.1%

 *Does not account for seller concessions. Activity for one month can sometimes look extreme due to small sample size. All data comes from the Regional Multiple Listing Service, Inc. and MAAR.