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POTW | Wayzata

pickoftheWeek_June2016

 

 

 

 

 

 

 

The name “Wayzata” is from a Lakota Sioux phrase meaning “North Shore”—a rather fitting name for the city that occupies a hearty share of Lake Minnetonka’s northeasternly shore. Wayzata is a water-oriented community with a 2010 population of 3,688. Newsweek included Wayzata High School on its list of the top 1,000 public high schools in America.

The Wayzata housing market has always trended above that of the metro area as a whole. The city has a median sales price of $415,000 for single family, previously owned, traditional properties. That compares to a figure of $245,000 for the Twin Cities metro as a whole, meaning the city has a 70.0 percent premium in median sales price versus the metro area.

Thanks to its orientation around water, there are notable differences in the various waterfront types for different market segments. Based on the data, it seems like a phenomenal time to purchase private waterfront property in Wayzata! That segment is having a 50.0 percent off sale (that is, of course, if you can successfully acquire one of the five active listings).

After creating some custom price ranges by clicking on the “custom” button next to the price range variables, we can quickly ascertain that roughly 25.0 percent of the single family pending sales in Wayzata are above $1,000,000.

Absorption rates vary notably by price segment. There are 4.9 months supply of inventory of homes under $1,000,000 which is more or less considered balanced. But there are 8.9 months supply of inventory of listings over $1,000,000—which indicates a slight oversupply. However, 8.9 months is far more balanced than the nearly 20.0 months supply in this segment back in 2009.

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