As we move from blizzards and ice fishing, into April showers, and May flowers, the Shakopee real estate market typically will begin to heat up. Since the market here in Shakopee has been anything but normal the last two years, how is this year going?
Here is a snapshot of what happened in the Shakopee real estate market for the month of February:
New Listings (87)
-Short Sale New Listings (11)
-Bank Owned New Listings (25)
Pending Sales (52)
-Average Sales Price ($175,134)
Closed Sales (30)
-Average Closed Price ($165,432)
Total Active Listings (296)
-Average List Price ($213,974)
-Active Short Sales (81)
-Active Bank Owned (49)
Roughly 41% of the new inventory in Shakopee 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 44% are distressed. Many of these are made up of townhomes and duplexes.
There is a fairly sizable gap in prices of current listings at $213,974 and the average list price at which homes are selling at $175,134. The more expensive neighborhoods of Southbridge, Valley Creek Crossing, and Stonebrooke still appear to be holding their values steady.
Since we are coming into what should be a very good spring market, it would be wise to be sure you have your home properly priced to sell. If you are currently on the market, request an updated market analysis from your listing agent, and approach it with an open mind. The market will soon be here, and the peak will be gone as quickly as it arrives! If your home is not currently listed, but you are thinking about selling, or just curious as to what it may be worth, click here to contact an agent who is an expert in analyzing current market data and comparing it to your home in Shakopee.
And, as always, stay tuned for future monthly market updates!