Median Sale Price of Lake Minnetonka Area Homes Hits Four-Year High

The latest figures compiled by the Minneapolis Association of Realtors indicate median sale prices of homes throughout the Lake Minnetonka area continue a steady, multi-year climb and reached $370,000 in June of 2013—the highest since March of 2009.

The Lake Minnetonka area is defined as including the communities of Wayzata, Excelsior, Tonka Bay, Orono, Deephaven, Mound, Long Lake, Spring Park and Minnetrista.

Below is a recap of median sale price fluctuation from June 2012 to June 2013. Number of sales are in parentheses.

• Homes in Deephaven (63) sold for an average of $495,000, up from $297,000.
• Excelsior (30) homes sold for an average of $315,000, down from $346,000.
• Homes in Orono (175) sold for $463,500, down from $477,000.
• Tonka Bay (33) homes sold for an average of $736,500, up from $537,500.
• Homes in Mound (185) sold for an average of $193,500, up from $157,000.
• Minnetrista (112) homes sold for an average of $417,000, up from $375,000.
• Homes in Wayzata (80) sold for an average of just over $406,000, down from $447,000.
• Spring Park (21) homes sold for an average of $275,000, down from $317,000.

 Lake Minnetonka’s increase in median sale prices mirrored the broader Twin Cities area, which saw a robust 16 percent increase from June 2012 to June 2013. Homes in the Twin Cities region sold for an average of about $180,000, according to the most-recent numbers.