"Best Deals" on Lake Minnetonka & 2019 Real Estate Report

Dated: January 14 2020

Views: 2323

The Minneapolis Boat Show (1/23-1/26) reminds us that it will be summer again … someday.

As the Lake Minnetonka real estate market goes into its winter slumber, it’s a great time to recap the real estate results on Lake Minnetonka in 2019. The HEADLINES … low inventory, number of homes Sold were about the same, the Average and Median price of single family lakeshore homes saw a correction from the record highs set in 2018. With interest rates remaining low, the only thing we know for sure is that market change is inevitable. The health of our economy, interest rates, supply and demand, will again determine market value. See 2020 National Housing Forecast from Realtor.com for national and local market insights.

In 2019, a total of 142 single family lakefront properties were Sold compared to 143 last year, hindered by continued low inventory. By any measure, the decrease in both the Median and Average price of a single family home lakefront home was astonishing. The Median price of $1,261,350 was down -19% and the Average price of $1,496,716 was down -25%. 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 last year … much the result of very low inventory in homes over $2m. 

With the 2019 real estate market behind us, now is your time to put a plan together to make your dreams of lakeshore living come true in 2020! I am only a “click” away from helping you find the perfect slice of Lake Minnetonka paradise. With interest rates still very low, I expect 2020 to be a very good year as the LM real estate market starts to wake up from its winter slumber mid-February. Before you start your search, click on my “Welcome to Lake Minnetonka” 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 $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 competitive 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.comLooking 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.

Featured Lakefront Property – 29 Fairhope Ave, Tonka Bay MN (Lafayette Bay)

 

cid:image001.jpg@01D56A37.7FF229A0

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. Near Excelsior. Click on following link to view video and details.

WATCH VIDEO: https://app.press-play.media/29-fairhope-ave-excelsior-4128/branded

Click the following link to view the MLS listing: 29 Fairhope Ave, Tonka Bay
https://matrix.northstarmls.com/DE.asp?ID=21543857056

“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
https://matrix.northstarmls.com/DE.asp?ID=22421790154

Click the following link to view the listings: Top Picks $2.5m-$3m
https://matrix.northstarmls.com/DE.asp?ID=22421760966

Click the following link to see listings: Top Picks $2.0m-$2.5m
https://matrix.northstarmls.com/DE.asp?ID=22421754469

Click the following URL to see listings: Top Picks $1.5m-$2.0m
https://matrix.northstarmls.com/DE.asp?ID=22421744963

Click the following URL to see listings: Top Picks $1m-$1.5m
https://matrix.northstarmls.com/DE.asp?ID=22421729387

Click the following URL to see listings: Top Picks $700k-$1m
https://matrix.northstarmls.com/DE.asp?ID=22421718784

Click the following URL to see listings: Top Picks Under $700k
https://matrix.northstarmls.com/DE.asp?ID=22421709595

Click the following URL to see listings: Lakeshore Lots
https://matrix.northstarmls.com/DE.asp?ID=22421821486

Click the following URL to see listings: Deeded Access/Dock
https://matrix.northstarmls.com/DE.asp?ID=22421678729

Click the following link to view the listings: TNAS (Temporarily Not Avail To Show)
https://matrix.northstarmls.com/DE.asp?ID=22421700041

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

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

Fax: 952-960-7970

Conrad@ConradRoal.com

www.LakeMinnetonkaBroker.com

www.ConradRoal.LakesAreaRealty.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....

Latest Blog Posts

Best Real Estate Deals on Lake Minnetonka & 2023 LM Real Estate Recap

With the holiday season now behind us, Lake Minnetonka has gone into its winter slumber. Let’s hope for a continued mild winter with anticipation of early ice-out. As we close 2023, 114

Read More

Best Deals on Lake Minnetonka & Real Estate Report - Nov 2023

With the Holiday Season soon upon us, Lake Minnetonka prepares for its winter slumber after a gorgeous fall season. YTD, 103 lakefront properties have sold on Lake Minnetonka compared to 121

Read More

Lake Minnetonka Report & Features Listing - August 2023

Hope you’re enjoying a great summer! There’s no better way to beat the summer heat than at your favorite lakeside oasis. YTD Aug, 63 lakefront properties have sold on Lake Minnetonka

Read More

Best Deals on Lake Minnetonka & Real Estate Report - May 2023

April 19, 2023 was the official ice-out date on Lake Minnetonka, just a few days later than last year. However, the cool spring weather and higher interest rates, have cooled the LM real estate

Read More