2012 Shakopee Real Estate Market Recap

2012 was a great year for the Shakopee real estate market.$118,804,566 in volume was sold, up from $112,846,879 in 2011 but fewer homes were sold 596 in 2012 vs 626 in 2011. Home prices were up from 2011 RMLS numbers, more volume sold, homes sold in fewer days and interest rates dropped even further than the record levels they were at. The average sales price of all Shakopee homes for 2012 was just under 200k at $199,337 which was up about 9.6% from the 2011 average price of $180,267. Price per sqft was $91.34 for 2012.

Shakopee Townhomes

shakopee real estate recap 2012As previously stated there are not many Shakopee townhomes currently on the market, but that did not stop them from selling this year. Shakopee had a total of 237 townhomes sold in 2012 representing 39.8% of all real estate sold, not too far off of typical years. I saw and personal represented many investors who purchase townhomes for rental properties. One future concern I have is how will these townhome developments hold up in future years with so many rentals. I do see assn dues rising across the board. The average sales price of townhomes in Shakopee rose from $110,572 in 2011 to $119,202 (average price per sqft was $78.02) in 2012, a 7.2% increase.  Townhomes only took on average 107 days to sell compared to 153 in 2011 to sell. We were even seeing multiple offers on short sale homes toward to end of the year because of the lack of inventory on the market. Speaking of short sales and other distressed property, about 64% of all townhome sales in Shakopee in 2012 were either short sales of foreclosures. 24% were short sale in which the seller negotiated with the bank to take a lesser value than what was owed due to a hardship. 40% were foreclosures/ banked owned properties.

Shakopee Single Family Homes

There were still plenty of Shakopee foreclosures as well as short sales with single family homes. 358 single family homes sold in Shakopee in 2012, 78 foreclosures (21.8%)and 31 short sales (8.7%). At first comparing town homes to single family distressed properties seemed very high given only 22.6% of all single family sales were consider “distressed” property vs a whopping 64% of a town home sales, but when you look at the explosion of townhomes being built in the early 2000’s that makes a ton of sense. Many buyers purchase townhomes at the height of the market and now many were unloaded. In hindsight purchasing single family would have made much more sense for those buyers and even the average sales price indicates that being the  sales price in SHakopee was $254,533 in 2012, up 11.7% from of $224,784 in 2011. Average market time fell 23.3% to only 102 average days on the market and price per sqft settled in at just over $100 per sqft ($100.46).

Shakopee Homes For Sale

The current Shakopee real estate market is a bit of a slow one, but that is pretty common this time of year. This is the lowest inventory that I have seen for years if not even since 2001 when I started. Only 106 Shakopeee homes for sale are listed on the RMLS of Minnesota. Currently there are only 77 that do not currently have an offer, 62 single family homes and 15 townhouses. In previous years Shakopee would have about 40-45% of the market represented by townhouses compared to the rest of the homes on the market. The cheapest home in Shakopee right now is listed at only $59,900 at 9081 13th Ave E Shakopee and the most expensive home in Shakopee at $912,000 however that home is a “to be built” new construction home on Pribyl Pond. The most expensive home standing right now on the market is at 630 Bluebill Circle Shakopee list at $799,900.

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