Happy Labor Day! Whether it be here of far, enjoy a safe and restful holiday weekend. As we approach Labor Day, some may think summer has come to an end … happy I’m not one of!
"Best Deals" on Lake Minnetonka & Lake Report
Spring has finally arrived though today you would be hard pressed to notice ... a bit déjà vu of last April. As you may remember, last year’s ice-out date of May 5 tied for the latest on record. I’m thinking that once we get through this final round of winter weather, it could be another 10 days before ice-out is officially declared. What’s your ice-out prediction? Also, check out the LM ice-out dates provided by the Fresh Water Society dating back to 1855 at https://freshwater.org/ice-out-dates-for-lake-minnetonka/.
With winter finally gives way to spring, the Lake Minnetonka spring real estate market is off to a good start. YTD, 25 LM homes have Sold compared to 17 LY with a Median price of $975,000 (+2.6%) and Average price of $1,312,259 (-23%). It’s important to note that in Q1 LY, there were a couple of very high end homes sold that greatly influenced the average price. With the current inventory of only 68 lakeshore homes, one could speculate that it may be a year of slightly higher inventory and moderating prices. Just how low the inventory will be and if LM prices can top a record year last year is hard to say, though supply and demand, interest rates, and a growing economy growth, will again influence market value.
As mentioned, a total of 142 single family lakefront properties were SOLD in 2018 compared to 183 in 2017 down (-22.5%), much reflecting the low inventory. By any measure, the increase in both the median and average price of a single family home lakefront home was impressive. The Median price of $1,542,500 was up (+28.5%) and the Average price of $1,977,281 was up (+22.3%) surpassing the all-time high set in 2006.
With the 2018 real estate market behind us, now is your time to put a plan together to make your dreams of lakeshore living come true in 2019! I am only a “click” away from helping you find the perfect slice of Lake Minnetonka paradise. With interest rates still relatively low, I expect 2019 to be another very good year.
For those looking for a summer cottage or a upper bracket home on the Lake, be sure to click on the safe MLS links below to view my "Best Deals" of all active listings under $5m including townhome, condo, and lakeshore lots. Be sure to also view the 19 homes in the TNAS status (Temporarily Not Available For Show) as many are simply taken off the market for the winter months and still available for sale.
Call now for a customized home search specific to your criteria or listing consultation. I offer a professional listing package at a below market commission rate. Contact me for additional information about the Lake including water quality, quality of shore, municipalities, and schools. Be sure to check out my website at www.LakeMinnetonkaBroker.com. Looking for a GREAT app to help you in your home search? Simply copy and paste the link below to your browser to download the HomeSnap app www.homesnap.com/real-estate-agents/Conrad-Roal.
“BEST DEALS” on Lake Minnetonka … Few know it as well. No one knows it better! A Lake Minnetonka resident for over 30 years.
Click the following link to view the listings: Top Picks $3m-$5m
Click the following link to view the listings: Top Picks $2.5m-$3m
Click the following link to see listings: Top Picks $2.0m-$2.5m
Click the following URL to see listings: Top Picks $1.5m-$2.0m
Click the following URL to see listings: Top Picks $1m-$1.5m
Click the following URL to see listings: Top Picks $700k-$1m
Click the following URL to see listings: Top Picks Under $700k
Click the following URL to see listings: Lakeshore Lots
Click the following URL to see listings: Deeded Access/Dock
Click the following link to view the listings: Condo/Town Home
Click the following link to view the listings: TNAS (Temporarily Not Available for Show)
2017 Lake Minnetonka Real Estate Highlights:
- 183 lakefront homes sold compared to 175 in 2016 (+4.6%).
- Average price was $1,616,982 compared to $1,189,879 in 2016 (+35.9%)
- Median price was #1,200,000 compared to $944,250 (+12.7%)
2016 Lake Minnetonka Real Estate Highlights:
- 175 lakefront homes were sold compared to 153 in 2015 (+13.7%).
- Average price was $1,192,608 compared to $1,349,175 in 2015 (-11.6%). Due to Sharp decline of upper bracket, $2M+, homes.
- Median price was $945,000 compared to $900,000 in 2015 (+5.0%).
Conrad Roal, a former executive with two Fortune 500 companies, has built a successful real estate career on the foundation of service excellence. He brings core values such as honesty and integrity t....
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