Shakopee Real Estate Update

By
Real Estate Agent with Re/Max Advantage Plus

Minnesota

Historically, January is a fairly slow month for real estate sales in Shakopee.  Much of this is because of the cold weather and deep snow.  Who wants to trudge through 3’ of snow to go look at some houses?  I do!

One of the most frequent questions that we as Realtors receive is, “How is the market?” and "How are short sales and foreclosures affecting the market?" Here is what happened in the Shakopee real estate market for the month of January:

New Listings (73)

-Short Sale New Listings (14)

-Bank Owned New Listings (22)

Pending Sales (32)

-Average Sales Price ($174,824)

Closed Sales (23)

-Average Closed Price ($168,174)

Total Active Listings (298)

-Average List Price ($215,126)

-Active Short Sales (81)

-Active Bank Owned (55)

Roughly 50% of the new inventory is made up of distressed properties (foreclosures or short sales), which is above average compared to the other cities in Scott County.  It is also relatively close to the current make up of the homes on the market in Shakopee, of which 46% are distressed.  Many of these are made up of townhomes and duplexes.

There is a fairly sizable gap in prices of current listings at $215,126 and the average price at which homes are selling at $174,824.  We’ve been saying it for a couple years, and it is true now, more than ever.  In order to get your home sold, you will be engaged in a price war; and a beauty contest.

Although many homeowners cannot compete with the foreclosures and short sales on pricing, they do have a trump card in their hand.  Condition.  A vacant foreclosure, or worn out short sale just does not have the same emotional appeal to buyers, of a well cared for, pristine home.  You can further your chances for success at selling your home by utilizing the tools of a top full-service real estate brokerage, and the services of an experienced, knowledgeable Realtor utilizing the latest technology.

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Real Estate Market Trends
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Minnesota Scott County Shakopee
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