According to the Regional Minnesota MLS as of January 25th, 2011 there are 731 single family homes, town homes, condos and twin homes for sale in the Shakopee, Savage and Prior Lake MLS areas. When breaking down the numbers 463 of those are single family listing and 268 town homes, twin homes and/or condos. One frustrating statistic to a home buyer search for MN homes for sale is the number of homes that show as active and are actually sold. Take about wasting someone’s time; agents need to do a better job to update the listings on the MLS. 72 homes show as active, but have some sort of contingency on them, inspection or sold subject to bank approval, and those are the agents who have done a good job to present the updated status. It’s best to talk to a Realtor to get an updated status of a home. With the last 30 days 54 homes in Shakopee, Savage and Prior Lake have closed escrow and there are currently 129 homes with pending contracts.
In the Shakopee real estate, Savage real estate and Prior Lake real estate markets homes are definitely selling. From the activity I have seen over the course of the last month I think the spring Minnesota real estate market will come early. I have seen showing activity increase for listings, buyers engaging in multiple offers and inventory quality ironically low. The homes that are typically sitting on the market are the short sale homes and the traditional sellers that have not adjusted to the market. The biggest question for many traditional sellers is, “Do the short sales and foreclosures in my neighborhood make a difference, as my house is not a short sale or foreclosure.” Unfortunately they do make a difference, and drag the price of your home down as well. With the high number of short sale and foreclosure sales, appraisers sometimes are forced to use them as comparables. Appraisers do however try to use a traditional sale when they have the opportunity, but when appraising homes in neighborhoods hit hard by the market downturn there may be no choice.
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