A quick update on housing inventory from your frozen Lake Minnetonka four district area
Again, this area represents the combined market of Westonka, Orono, Minnetonka, and the Wayzata school districts.
The supply of sign family homes for sale is down year over year at every price point. Some of this is weather related, but most of it is due to a lack of inventory, both new construction and previously owned. Looking all the way back to 2005, this is a record low for overall inventory, and a record for every price point we see here except the 1m+ price point, which did have a lower number in 2005 and 2006. So if it feels like there is nothing out there to buy right now, that’s because there is nothing out there to buy right now. Competition among buyers is fierce, and it probably won’t let up until the snow does.
Lake Minnetonka home sellers still have some wiggle room
However, that still doesn’t mean that buyers are willing to overpay. The median sale price to original list price ratio comes in at 96.2% overall, with the most give at the higher price points. So, sellers aren’t naming their price quite yet, although to many buyers it can feel that way. An experienced real estate agent will know where to price your home and get you sold quickly at a pinnacle price.
Days on Market are down overall around the area, but creeping back up at the 1M+ price points
Here we see that median market time continues to shrink in the Lake Minnetonka area for single family homes, although of course this is only for the homes that sell. For those houses that are overpriced, this metric may never even come into play unless they are eventually priced appropriately. If you’ve been sitting for more than a couple of months, it may be time to evaluate your marketing plan and expectations.
Prices continue to increase across all districts and price points. Check out our Lake Minnetonka Area School District Housing Trends page for continuous updates on these and other metrics.