Best Deals on Lake Minnetonka and Real Estate Report - December 2022

Dated: December 1 2022

Views: 208

With the Thanksgiving holiday now behind us, Lake Minnetonka prepares for its winter slumber after a gorgeous fall season. 

YTD, 122 lakefront properties have sold on Lake Minnetonka compared to 151 last year (-20%) with a median price of $1,942,000 (+11% LY) and average price of $2,597,252 (+29% LY). Though the number of homes sold declined, both the median and average price sold are at record highs. Interesting to note that 25% of the LM homes sold YTD have been cash deals. 

With a current inventory of only 23 lakeshore homes, marginally higher than LY, we continue to see low inventory and strong demand for LM homes. With interest rates moving higher, now is the time to make your move.

As the Lake Minnetonka real estate market goes into its winter slumber, now is your time to put a plan together to make your dreams of lakeshore living come in 2023. I am only a “click” away from helping you find the perfect slice of Lake Minnetonka paradise.  Before you start your search, click on my “Lake Minnetonka Buyers & Sellers Guide” video at https://youtu.be/xiN0jdoabi8.

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 including townhome, condo, and lakeshore lots.

Call now for a customized home search specific to your criteria or listing consultation. Thinking of making a move, I have a plan. 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. 

Featured Lake Minnetonka Listings:

SOLD - 205 West Point Road, Tonka Bay MN (Echo Bay)

Beautiful Lake Minnetonka home with vaulted ceiling, custom built-ins, and open floor plan. Premier .54 acre lake lot with 120' of sandy lakeshore on Echo Bay. Spacious great room with spectacular panoramic views of the lower lake. Best value on the lower lake at $2,895,000. Contact Conrad for details.

WATCH VIDEO – 205 West Point Road: https://tours.spacecrafting.com/b-3mdv

 

SOLD - 120 West Point Road, Tonka Bay MN (Lafayette Bay)

Enjoy lake living in the heart of Tonka Bay. Charming, Nantucket style home with .78 acres, sprawling lakeside yard, and 70' of level lakeshore on beautiful Lafayette Bay. Offered at $1,895,000. Contact Conrad for details.

WATCH VIDEO – 120 West Point Road: https://tours.spacecrafting.com/bvideo-3kdf

“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 see listings: Top Picks $5m +

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

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

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

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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:

  • 143 lakefront homes sold in 2018 compared to 183 in 2017 (-22%)
  • Average price was $1,989,818 was up +23% surpassing the all-time high set in 2006.
  • Median price of $1,550,00 was up +29%

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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