Shakopee Real Estate Recap – January 2012

Many residents of the Shakopee community one way or another have Shakopee real estate on their minds because the newspapers, newscasts and radio stations have been inundated with real estate market updates.

This is what the Shakopee real estate market looks like here in our community. According to the Shakopee RMLS, in January, there were a total of 35 homes sold at an average of $84.21 per square foot. The average market time for a home to sell was about 126 days. The average sales price of those homes was $178,764 and a good positive sign was on average those homes were getting about 6.5% more than asking.

Two SOLID positive sign the market is slowly starting to recover 1) days on market shrinking and 2) higher sale prices.

Right now we are seeing many Shakopee homes for sale receive multiple offers on their properties, and many of those homes are receiving above asking price. For the month of January, Shakopee was about split down the middle having 17 single family homes close and 18 Shakopee townhomes close escrow.

The average price of Shakopee townhomes has drastically shrunk since its peak in 2006. Currently the average sales price of a townhouse is $108,467, and single family prices are hovering around $253,000.

Shakopee homes for sale over $400,000 has been very slow; the largest sale closed in January on the RMLS in Shakopee was $374,515 and for townhomes the largest sale technically was $169,900, although that home should have been classified in the single family category. That home was an MW Johnson built two story off of Wyndam that is tied to an association. Many Realtors classify the home as a townhome listing. Outside of that sale, the next most expensive Shakopee townhome sold was at $168,000, a one level townhome near Canterbury Park.

I foresee the Shakopee real estate market picking up a bit this spring. We see a large pent up demand in many areas as buyers are sitting waiting for inventory to come on. If you're a seller, now may be a great time to get your home listed. Typically Shakopee has about 300-350 homes for sale at any given time and currently active inventory is around 183 homes. 28 of those are bank owned properties and another 59 are considered short sales, indicating we are not quite yet at the end.