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

Dated: May 26 2020

Views: 380

Summer feels a lot different this year. If you’re feeling a need to stay closer to home and social distance, there’s no better place to be than your own lakeside oasis!

As we enter the month the June, the Lake Minnetonka spring real estate market is off to a slower start for reasons we understand. With a current inventory of only 77 lakeshore homes, there is likely to be continued lower inventory and moderating prices with many buyers and sellers hitting the pause button. With the current Covid-19 conundrum, the only thing we know for sure is that market change is inevitable. The health of our economy, interest rates, supply and demand, will continue to determine market value.

Three Ways Covid-19 is affecting Home Buying:

  1. Online Searching is up – With home buyers staying at home for prolonged periods of time, there has been a huge increase in the amount of online searches, increasing the need for buyers to showcase their property online more strategically than ever before.
  2. Virtual Tours – Home tours are now becoming completely virtual with agents using everything from guided 3D virtual tours, zoom calls, facetime and more to give their clients an in-depth look. This has created new norms for buyers, sellers, and brokers alike.
  3. Historically Low Mortgage Rates – Rates hit an all-time low in March with conventional rates under 3%. This has created an incredible opportunity for both refi and new home mortgages.

With the start of summer, 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.  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 $5m including townhome, condo, and lakeshore lots.

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.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)

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=22963406273

“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=22956182652

Click the following link to view the listings: Top Picks $2.5m-$3m
https://matrix.northstarmls.com/DE.asp?ID=22956177367

Click the following link to see listings: Top Picks $2.0m-$2.5m
https://matrix.northstarmls.com/DE.asp?ID=22956158602

Click the following URL to see listings: Top Picks $1.5m-$2.0m
https://matrix.northstarmls.com/DE.asp?ID=22956154510

Click the following URL to see listings: Top Picks $1m-$1.5m
https://matrix.northstarmls.com/DE.asp?ID=22956147684

Click the following URL to see listings: Top Picks $700k-$1m
https://matrix.northstarmls.com/DE.asp?ID=22956132827

Click the following URL to see listings: Top Picks Under $700k
https://matrix.northstarmls.com/DE.asp?ID=22956116513

Click the following URL to see listings: Lakeshore Lots
https://matrix.northstarmls.com/DE.asp?ID=22956236308

Click the following URL to see listings: Deeded Access/Dock
https://matrix.northstarmls.com/DE.asp?ID=22956200561

Click the following link to view the listings:
Condo/Town Home
https://matrix.northstarmls.com/DE.asp?ID=22956210489


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

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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