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Health & Fitness

Housing Sales Improve in Minnetonka

If recent stats are any indication, the Minnetonka housing market is making a strong recovery.

Those interested in buying or selling a home in Minnetonka will be encouraged by the latest local real estate news.  Here are a few stats you might not hear elsewhere:  

  • Edina Realty’s Minnetonka office has seen a huge increase in average sales price in the last year.  The average sale price of homes sold by agents in this office is up nearly 30 percent (29.7%) over last year.  And that is a significant figure because ours is a large office with more than 60 experienced agents. 

 

  • Pended sales are what Realtors look at to determine market strength.  These are homes that have an accepted a purchase agreement and are set to close.  (Closings typically occur 30-to-60 days later.) Overall in the Twin Cities, according to the Minneapolis Area Association of Realtors, the metropolitan area saw 59.8% more units pended last week than the same week one year ago.  That’s more than any week in all of 2009 and 2010, which means more sales pended last week than during the first-time home buyer tax credit!  Is that the market bottoming-out I hear? 

 

Find out what's happening in Minnetonkawith free, real-time updates from Patch.

  • Additionally, the current inventory of available homes for sale in Minnetonka is down. So if you or someone you know is thinking about listing their home for sale, this may be an optimum time to take a closer look at market trends and list.  Because the normal “Spring” market got off to a slower start this year due to weather, most projections suggest the second half of this year will actually be stronger for real estate than the first. 
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