Minnetonka Real Estate-June-2010
Welcome to the Zinn Blog, where I discuss real estate and homes for sale in the Minnetonka Area.
This last week reminds me of why I live in Minnesota. The parks, lakes, golf courses and everything the Minnetonka area has to offer sure make this a great spot to live. Check out this motley bunch Memorial Day on Lighthouse Island.
While the real estate market is tough, prices have improved and there is steady activity.
There continues to be a high inventory of Minnetonka real estate for sale but sales have been steady. 147 homes closed the Month of May in the Minnetonka Area*. The first-time home buyer credit definitely spurred some activity in the lower price range, but there were also some very strong upper bracket sales. 83 homes closed under 300K, 38 homes closed between 300K-500K, 14 homes closed between 500-1M and 8 homes closed over $1M. This pace of the market is very similar to the pace in March and April.
*The Minnetonka area includes all Municipalities that have borders on Lake Minnetonka and Chanhassen
This is one of the Case Shiller indexes we use we use to help us track the historical value of real estate. This is a national composite and a good indicator of prices locally. Most indexes have the Minneapolis/St. Paul area fairing very well compared to other national markets.
