Best Real Estate Deals on Lake Minnetonka & Lake Report - May 2022

Dated: May 5 2022

Views: 143

The ice-out on Lake Minnetonka was officially declared on April 15, two weeks later than last year. Let the summer games begin as the push is on to have docks and lifts in by Memorial Day.

The Lake Minnetonka spring real estate market is off to a good start. YTD, 33 LM homes have Sold compared to 39 LY with a Median price rising to $1,975,000 and Average price of $2,488,785. Of the 33 Sold, 8 were over $3m compared to 4 LY. Interesting to note that 45% of those Sold were cash deals compared to only 20% LY. The current inventory of only 24 lakeshore homes is about the same as LY at this time. Pending sales of 19 homes continues to compete with the number of active listings.

With the spring real estate market in full swing, now is your time to put a plan together to make your dreams of lakeshore living come true. I am only a “click” away from helping you find the perfect slice of Lake Minnetonka paradise. With interest rates on the rise, now is the time to be in the market.

Before you start your search, click on my “Lake Minnetonka Buyers and Sellers Guide” video at
https://youtu.be/xiN0jdoabi8 .

Lake Minnetonka … Few know it as well. No one knows it better! A Lake Minnetonka resident for over 30 years.

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 including townhome, condo, and lakeshore lots. Contract me for NON-MLS properties on the Lake.

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  .

My SOLD Listings:

45 Fairhope Ave, Tonka Bay MN (Lafayette Bay) – SOLD IN 6 DAYS!

Nantucket meets Lake Minnetonka in this extraordinary beach house with 98’ of prime lakeshore on Lafayette Bay. A private walking bridge leads to a small island where 45 Fairhope is the only home providing a very private and tranquil setting. This architecturally designed residence features incredible panoramic views of the lake. Watch Video: https://tours.spacecrafting.com/nvideo-2v1c

29 Fairhope Ave, Tonka Bay MN (Lafayette Bay) – SOLD!

Exceptional, fully renovated, Lake Minnetonka home in the heart of Tonka Bay. Private setting with gorgeous panoramic views of Lafayette Bay and lower lake. Every aspect of the comprehensive renovation reflects amazing attention to deal, high end finishes, and the newest home building technology. Professionally designed to create the warmth and charm of a Modern Farmhouse style home. By any measure, this lake home looks and feels like new construction. Minnetonka schools. Click on following link to view video and details. Watch Video: https://app.press-play.media/29-fairhope-ave-excelsior-4128/branded

“BEST DEALS” on Lake Minnetonka:

Click the following link to view the listings: Top Picks $5m +

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Click the following link to see listings: Top Picks $3-$5

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Click the following URL to see listings: Top Picks $2-$3m

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Click the following URL to see listings: Top Picks $1.5m-$2m

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Click the following URL to see listings: Top Picks $1.0m-$1.5m

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Click the following URL to see listings: Lakeshore Lots

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Click the following URL to see listings: Deeded Access/Dock

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Click the following link to view the listings: Condo/Town Home

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2021 Lake Minnetonka Real Estate Highlights:

164 homes Sold compared to 173 in 2021

Average price of $2,008 (+12%)

Median price of $1,650,000 (+21%)

Both reported median and average price Sold are record highs.

 

2020 Lake Minnetonka Real Estate Highlights:

173 LM homes Sold compared to 142 in 2019

Average price of $1,783,000 (+20%)

Median price of $1,360,000 (+8%)


2019 Lake Minnetonka Real Estate Highlights:
142 lakefront homes sold compared to 143 in 2018.
Average price was $1,496,716 was down 25%
Median price of $1,261,350 was down 19%
It is important to note that in 2018 the Median and Average price reached an all-time high with the help of 51 homes selling for over $2m compared to only 26 in 2019 … much the result of very low inventory in homes over $2m.

2018 Lake Minnetonka Real Estate Highlights:
142 lakefront homes sold in 2018 compared to 183 in 2017 (-22.5%)
Average price was $1,977,281 was up +22.3% surpassing the all-time high set in 2006.
Median price of $1,542,500 was up +28.5%

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
Agent / Assoc. Broker / Captain
Lake Minnetonka | West Metro | Minneapolis Lakes
Lakes Area Realty
37 Water Street, Excelsior MN 55331
Cell: 612-889-3051
Conrad@ConradRoal.com
www.LakeMinnetonkaBroker.com

Blog author image

Conrad Roal

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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