Unless you have been living in a bubble, you already know that the Minnetonka Real Estate market has been on fire all year long with just a short hiatus after Covid-19 hit in March.
According to the Minneapolis Area Association of Realtors, the median Minnetonka home sales price has increased in value 22% from a year ago, from $328,000 to $400,000. The average sales price has increased a whopping 31.7% from $374,633 to $493,229! Below is the PDF chart from MPLSRealtor.com.
These price increases have been fueled by historic low mortgage interest rates with rates below 3% interest for a 30 year conventional mortgage and about 2.5% for 15 a year mortgage.
Following is a quote from Sam Khater, Freddie Mac’s chief economist:
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery,” said Sam Khater, Freddie Mac’s Chief Economist. “These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”
And here is a link to the entire article: Mortgage Rates Hit Another All-Time Low | Freddie Mac (gcs-web.com)
If you have an interest in Buying or Selling and/or if you have any questions, please Call, Text or Email me: Contact Minnetonka Realty | Twin Cities Real Estate.
Enjoy,
Tom
Minnetonka August Real Estate Sales Report
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