New Prague Real Estate Update-Feb. 2011

By
Real Estate Agent with Re/Max Advantage Plus

As we move from blizzards and ice fishing, into April showers, and May flowers, the New Prague real estate market typically will begin to heat up.  Since the market here in New Prague has been anything but normal the last two years, how is this year going? 

Here is a snapshot of what happened in the New Prague real estate market for the month of February:

New Listings (36)

-Short Sale New Listings (5)

-Bank Owned New Listings (9)

Pending Sales (18)

-Average Sales Price ($209,036)

Closed Sales (13)

-Average Closed Price ($199,426)

Total Active Listings (194)

-Average List Price ($250,661)

-Active Short Sales (31)

-Active Bank Owned (40)

Roughly 38% of the new inventory in New Prague is made up of distressed properties (foreclosures or short sales), which is slightly below 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 New Prague, of which 37% is distressed.  Many of these are made up of town homes.

There is a fairly sizable gap in prices of current listings at $250,661 and the average list price at which homes are selling at $209,036. 

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 New Prague. 

And, as always, stay tuned for future monthly market updates!

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Topic:
Real Estate Market Trends
Location:
Minnesota Scott County New Prague
Tags:
new prague
real estate
homes
foreclosure
short sale
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jesse schneider
distressed
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