Minnetonka Market Trends For April 2024

As a real estate professional, it is important to understand the correlation between various metrics to provide valuable insights to both buyers and sellers.

The Months Supply of Inventory is a key indicator of the balance between supply and demand in the housing market. With a low Months Supply of Inventory of 1.66, it suggests that there is high demand for homes compared to the available inventory.

The 12-Month Change in Months of Inventory shows a significant increase of +37.19%, indicating a shift towards a more balanced market with potentially more inventory becoming available. This could be a positive sign for buyers as it may lead to more options and potentially less competition.

The Median Days Homes are On the Market at 21 days highlights the fast-paced nature of the current market. Homes are selling quickly, which could be advantageous for sellers looking to make a swift transaction.

The List to Sold Price Percentage being at 100.4% indicates that homes are selling for slightly above their list price on average. This could be attributed to the high demand and competitive nature of the market.

Lastly, the Median Sold Price of $525,000 provides a benchmark for both buyers and sellers to gauge the value of properties in the market. It is important for sellers to price their homes competitively based on this median price, while buyers can use this information to make informed decisions on their purchasing offers.

In conclusion, the current real estate market is characterized by high demand, low inventory, fast sales, and competitive pricing. Understanding these metrics can help both buyers and sellers navigate the market effectively and make informed decisions.