"Best Deals" on Lake Minnetonka & Real Estate Report - March 2020

Dated: 03/04/2020

Views: 132

I dare to say … it’s starting to feel like an early spring. As you may remember, last year’s ice-out date of April 20 was a little late. I’m thinking ice-out this year could be as early as late March. What’s your ice-out prediction? Hedge your bet by checking out the LM ice-out dates provided by the Fresh Water Society dating back to 1855 at https://freshwater.org/wp-content/uploads/2017/03/LakeMinnetonka_IceOutHistory_Calendar2017.pdf. 

As winter releases its grip, the Lake Minnetonka spring real estate market is off to a good start and comparable to last year. However, with the current inventory of only 48 lakeshore homes, compared to 67 LY, there is likely to be low inventory and moderating prices. With the current global situation, 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.

As previously mentioned, a total of 142 single family lakefront properties were Sold in 2019, 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 start of the 2020 spring real estate market, 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 still very low, I expect 2020 to be a good year as the LM spring real estate market starts to pick up late March.

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)

 

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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=22339871748


“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=22620924188

Click the following link to view the listings: Top Picks $2.5m-$3m
https://matrix.northstarmls.com/DE.asp?ID=22620903335

Click the following link to see listings: Top Picks $2.0m-$2.5m
https://matrix.northstarmls.com/DE.asp?ID=22620895105

Click the following URL to see listings: Top Picks $1.5m-$2.0m
https://matrix.northstarmls.com/DE.asp?ID=22620878749

Click the following URL to see listings: Top Picks $1m-$1.5m
https://matrix.northstarmls.com/DE.asp?ID=22620862394

Click the following URL to see listings: Top Picks $700k-$1m
https://matrix.northstarmls.com/DE.asp?ID=22620854161

Click the following URL to see listings: Top Picks Under $700k
https://matrix.northstarmls.com/DE.asp?ID=22620845891

Click the following URL to see listings: Lakeshore Lots
https://matrix.northstarmls.com/DE.asp?ID=22620967844

Click the following URL to see listings: Deeded Access/Dock
https://matrix.northstarmls.com/DE.asp?ID=22620942054

Click the following link to view the listings: TNAS (Temporarily Not Avail To Show)
https://matrix.northstarmls.com/DE.asp?ID=22621740191

Click the following link to view the listings: Condo/Town Home
https://matrix.northstarmls.com/DE.asp?ID=22620839855


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

 

 

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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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