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Lake Minnetonka Real Estate Market Statistics

November 2017 vs November 2016

Here’s your local market update for November 2017 for the Lake Minnetonka area from the Minneapolis Area Association of Realtors. There was a 18.1% decrease in new listings, and a +34.9% increase in closed sales. The change in Median Sales Price was up 15.7% compared to the same period in 2016. The average sales price increased +14.2% from $635, 050 to $724, 936 compared to the same period a year ago. Price per square foot was up slightly from $205 a year ago to $215, a +4.6% increase.

The Percent of Original List Price Received was up +1.1% from 93.1% to 94.1%. Days on Market was down -7.1%, and the inventory of Lake Minnetonka Homes for Sale fell a staggering -25.6%. Months supply of inventory was also down significantly from 4.8 a year ago to 3.5, a -27% drop.

Year to Date 2017 vs 2016

Year to date there has been a -2% decrease in new listings for Lake Minnetonka Real Estate from 1,665 in 2016 to 1,632 in 2017. Closed sales were down -.7% with 1,019 in 2017 versus 1,026 in 2016. Median sales price year to date in 2017 is up +13.6% from $395,000 in 2016 to $448,900 in 2017. Average sales price was up +20.6% from $569,204 in 2016, to $686,678 in 2017. Price per square foot jumped +13.9% from $190 in 2016 to $217 in 2017.

Percent of Original List Price Received year to date is up +.8% in 2017 with 95.6% versus 94.8% in 2016. Days on market continues to fall year to date at 115 in 2016 versus 106 in 2017, a -7.8% decrease.

Tables below may or may not be in sync with timing of Local Market Update releases from MAAR. 

September 2017 – Local Market Update