Real Estate Inventory in Shakopee Declining

The Shakopee real estate inventory of homes has been slowly declining. After having about 300 or 350 home for sale at any given time the residential inventory of houses and townhomes for sale is now around 140 properties on the market.

Active MLS Listings

As of November 7th there were 142 homes listed for sale. Of those 142 homes there were 103 single family homes and 39 townhomes, twinhomes and condos listed. Still there are many short sale listings and if you remove those short sale listing that are considered “sold subject to third party approval” only 125 real estate listings remain. Furthermore many other homes are listed as active but may by waiting on the inspection contingency to expire, condo doc period to expire or waiting on signatures if it is a bank owned foreclosure. When we look at homes with NO contingencies only 108 homes are available with no offers. This creates many great opportunities for sellers if they are thinking of listing their home as competition has dwindled. Although we are getting into a slow time of year, buyers are still out there. Currently the average listing price for single family homes is $274,840 with an average time on market of 125 days; townhomes are averaging a list price of $146,307 with an average days on market of 133 days.

Homes With Pending Offers in Shakopee

Pending homes are those considered sold, but are waiting to close escrow on the home. Currently 62 homes in Shakopee are pending, 37 single family homes with an average pending price of $242,046 and 25 townhomes with an average price of $138,150. Respectively single family homes averaged 100 days on the market and while averaged 84. Pending prices are NOT the sold price, just what they were listed at when they went from active MLS listings to the pending. Over the last year the Shakopee real estate listing price to sales price averaged OVER list price but just barely at 0.3% and over the last 90 days the market bared similar statistics.

We have seen the market come to a bit slower pace than this past summer but much of that I am sure is due to the election as well the the typical cyclical real estate cycle.

New Shakopee Real Estate Listings

 

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