The Wayzata real estate market showed a variety of trends in July 2024, with notable fluctuations across key metrics. In this article, we’ll take a deep dive into the latest numbers, highlight notable sales, and explore the most recent data from the Minneapolis Area Realtors, providing an in-depth look at what’s happening in this small but active market.
New Listings
New listings in Wayzata surged by 40%, from 10 in July 2023 to 14 this year, reflecting renewed seller confidence. Year-to-date, new listings have increased by an impressive 63.5%, signaling a healthy influx of available homes.
Closed Sales
However, closed sales showed a contrasting trend, dropping 23.1% from 13 last year to just 10 in July 2024. Despite this decline in monthly closings, the year-to-date figures tell a more encouraging story, with a 13.9% increase in closed sales for the year so far, from 72 in 2023 to 82 in 2024.
Sales Price
Price movements showed even more variability. The median sales price fell sharply in July, down 42.6% from $2,825,000 in 2023 to $1,622,500 in 2024, largely due to a higher number of lower-priced homes entering the market. Nonetheless, the median price for the year has risen by 8.1%, reaching $1,067,500. The average sales price for July also dipped slightly by 7.4% to $2,197,682, while the year-to-date average of $1,572,992 reflects only a modest 1.5% decrease from the previous year.
Price Per Square Foot
The price per square foot climbed by 5.9% for the month and 16.6% year-to-date, indicating continued strength in the value of Wayzata properties. However, homes are spending more time on the market, with the average days on market increasing by 104.3%—from 69 days last July to 141 days this year. This longer selling period may be tied to the significant rise in inventory, which grew by 76%, giving buyers more options and leading to a more balanced market.
Percent of Original Sale Price
Sellers are also benefiting from improved sale conditions, receiving 102.9% of their original list price on average, up 3.4% from last year. This suggests that buyers remain willing to meet or exceed asking prices, despite some of the market’s price fluctuations.
Notable Sales
161 Ferndale Road South closed for $6,738,417 on July 31, 2024, Edina Realty was the listing broker.
1030 Lake Street East closed for $5,394,400 on July 31, 2024 as well, Coldwell Banker was the listing broker.
Additional Market Data Available
Small Market, Big Numbers
Because Wayzata is a smaller and more specialized market, these swings can sometimes seem dramatic compared to larger, neighboring cities like Plymouth or Minneapolis. Overall, the market remains active, with new listings and year-to-date closed sales trending positively.
Ready to Buy or Sell?
For more information about the local market or to explore buying and selling opportunities, call Daniel & Elisha Gustafson today, or visit their website specializing in Wayzata Real Estate & Wayzata Homes for Sale.
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Information deemed reliable but not guaranteed. Source: Minneapolis Area Realtors. Daniel Gustafson is the publisher of Wayzata.com, and a licensed Realtor affiliated with Coldwell Banker in Wayzata, MN.
