Days on the Market for Lake Minnetonka

The amount of days that a home sits on the market does not necessarily have anything to do with the home for sale. Many times, it has to do with location, and even the amount of competition from other neighbors. Take for instance, Minnestrista, Mound, and Orono, which have the largest amount of homes for sale this year. They also have a relatively high number of days of the market (DOM).

At the same time, you could look at Orono with its high DOM, and also take into consideration that the average selling price in 2007 was almost $2 Million, also contributing to the reason for a high DOM.

On Lake Minnetonka, there are many small towns that surround the lake, and each has homes that vary in price. Greenwood for instance, is relatively small, and only had four homes sell for all of 2007, at an average sales price of $1.1 Million. Spring Park, on the other hand, has only two homes for sale and barely 2000 residents, but the average sales price is just a little above $600,000.

As you look at the average days on the market for Lake Minnetonka, the one thing to remember is that most of these homes are fairly expensive. And as we all know, the higher the price, the longer is takes to sale.

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