Average Home Prices in Shakopee December 2012 vs 2011

average sales price shakopee mn homes2012 was a good year for the Shakopee real estate market and average prices in Shakopee for homes and townhomes. In December of 2012 a total of 44 homes closed escrow which was up about 12.8% from the 39 homes closed in 2011. The rise was the numer of single family homes that closed as the number of townhomes remained consistent the previous year. The overall average sales price of residences that closed in December of 2012 was $214,147 ($100.94 price per square foot), this was up drasitcally 16.7% from 2011’s average sales price in Shakopee of $183,442 ($86.02 price per square foot). Single family homes saw a drastic decrease in days on market from 159 days on the market in 2011 to only 96 days in 2012. Sales price increased 16.3% from $226,282 in 2011 to $263,211

Average Shakopee Townhome Prices

From 2011 to 2012 the same number of Shakopee townhomes sold each year. What changed slightly was the sales price, up 6.4% from $128,002 ($80.59 price per square foot) in 2011 to $136,221 ($84.22 Price per square foot) in 2012. I have seen the market as a whole the past year up quite a bit more than that. Townhomes that hit the market are selling, and selling quickly. The most drastic statistic that changed was the days on market in which it took for the town homes to sell. In 2011 the average days on market was 168 days, in 2012 only 29! 479% less market time! Tell me it’s NOT a sellers market.

Active Shakopee Homes

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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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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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Shakopee Townhomes For Sale

If you are considering buying a home or townhome in the near future consider living in a townhome. Some of the typical benefits are not having to mow your lawn or shovel snow. Besides that, living in a Shakopee townhome you also have lower insurance due to the assn usually covering the hazard insurance. With new construction townhomes,  taxes are often delayed for 18 to 24 months as they are based tax. Other benefits to town home living is that the association often will pay for outside maintenance of the home and cover expenses such as roof and siding. The homeowner often is required to maintain the deck and windows but some communities vary. Make sure to look over the association financials before buying so you know they are in a good position to replace older roofs and siding.

Shakopee Townhomes For Sale

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Less than 100 Shakopee Homes For Sale!

The Shakopee real estate market has inventory so low we have dropped below 100 homes. As of this morning, only 95 home in Shakopee remain without an offer. The market has heated up and many properties are selling quicker than ever. If you go online and search for homes for sale in Shakopee you will see about 145 properties listed, however many of those homes and townhomes are sold either subject to inspection, sold subject to bank approval or waiting on paperwork often from banks. Many MLS listings that are active in Shakopee are short sale listings. Due to banks wanting the short sale realtors to continue to market the property even after an offer, the MLS is plump full of listings with offers that show as “active” mls listings. 32 of the 145 homes currently listed on the mls are listed this way.

Now Is a Great Time to Sell Your Home

With decreased competition, low interest rates and still many buyers searching for homes now is a great time to list your home. If you are realistic with pricing your many properties are seeing multiple offers and offers over listing price.

Homes For Sale in Shakopee

Shakopee Minnesota Home Values For June 2012

Shakopee Home Values June 2012
Sold Shakopee Homes For Sale in June 2012

During the month of June there were 54 homes sold in the city of Shakopee with a total volume of $10,556,715. The average selling price for homes during the month of June was $203,014 with an average of 109 days on the market. The average square foot of a home selling in Shakopee was 2,145 which is $91.58 per square feet. The highest sold home was at $459,900 while the lowest sold home was $70,000.

Single Family Homes Sold in Shakopee June 2012

Single Family homes made up 33 of the 54 sold listings in Shakopee during the month of June. The highest selling home was $459,900 while the lowest selling home was at $70,000. Sold homes in Shakopee had an average of 113 days on the market during the month of June. The average square feet of a sold single family home was 2,503 with an average of $102 per square foot. Single family homes had a total volume of $7,946,215 during the month of June.

Sold June Townhomes in Shakopee

The average selling price of a townhome in the month of June was $124,310. Townhomes made up 21 of the 54 sold listings in Shakopee. The average days on the market for a townhome were 104 days.  Shakopee sold townhomes averaged 1,616 square feet costing an average of $76.08 per square feet. The highest selling townhome was sold at $249,000 while the lowest was sold at $72,000. Townhomes had a total volume of $2,610,500 during the month of June.

Shakopee Homes For Sale in June of 2012

There are currently 157 active listings and Shakopee homes for sales;  72 of these homes currently have offers that are contingent upon inspection or third party approval. When a home is listed as a short sale, the banks require the Realtors listing the property to continue to market the home and look for bak up offers. You can contact myself or another Shakopee realtor to check into the status as most real estate websites do not differentiate the active listings that are sold contingent. To the general public they appear to be active listings. ANNOYING!!!  The total volume for the Shakopee real estate market this week is $37,942,196. Listings in Shakopee are averaging about 120 days on the market with an average price of $99.57 per square foot. Homes are selling at an average price of $241,670 while the highest price listing is $1,195,000 and the lowest priced listing is priced at only $69,900.

Single Family Homes For Sale in Shakopee

Shakopee Homes For SaleSingle Family homes make up 99 of the 157 listing currently available in Shakopee. 47 of these listings have offers accepted and are pending. These listings average 123 days on the market with an average listing price of $307,762. The average price per square foot of a single family home in Shakopee is $107.78. Currently the highest listing price is $1,195,000 and the lowest listing price is $69,900. Single family homes in Shakopee have a total volume of $30,468,396.

Shakopee Townhomes For Sale

Shakopee Townhomes For SaleCurrently there are 58 townhome listings in the city of Shakopee. 25 of the 58 listings are pending with an offer contingent on inspection or third party approval. The average listing price is $128,859 with an average price per square foot of $85.56. Townhomes in Shakopee are averaging 117 days on the market. The total volume is $7,473,800 this week for townhomes. The highest listing price is $259,900 and the lowest listing price is $69,900

 

Multiple Offers on Homes

The inventory is down still and properties that are listed are see quick turnarounds, offers over list price and multiple offers. If you are a buyer, be patient and have your Shakopee real estate agent do a market analysis. Just because a foreclosure listing is priced at $200,000, does not mean they won’t get $210,000 or $215,000. Banks try to create demand and the easiest way of doing so if to price the home low and let the market bid up the property. Sellers can be aggressive. With limited inventory even traditional sales are seeing multiple offers on MLS listings.

136 Arabian Avenue W Shakopee MLS 4162382

This gorgeous two story home at 136 Arabian Ave W in Shakopee shows like a model home in the Countryside development of Shakopee, Minnesota. South of Minneapolis about 25 minutes, Shakopee has many shopping opportunities and is within 15-20 minutes of 4 shopping malls in Edina, Eden Prairie, Burnsville and the Mall of America in Bloomington. Shakopee also has local area attractions such as Canterbury Park horse races, Mystic Lake Casino and Valleyfair.

Shakopee Countryside Development

136 Arabian Ave W Shakopee MN 55379
136 Arabian Ave W Shakopee MN 55379

The Countryside Neighborhood development in Shakopee is a newer development with numerous phases. Where 136 Arabian Avenue is located is in the single family portion of the development phase. The is a park within walking distance only about 1-2 blocks away and just across the street from the Countryside development is the Shakopee High School. The high school in Shakopee offers the most post secondary education classes available in the state. Also near by is the new elementary school, Jackson Elementary in Shakopee. My wife is a 5th grade teacher at the school and the school is just down the street about 1/2 mile. You can take sidewalks all the way there. The community center in Shakopee is also very close only about 1 1/2 miles down Spencer St. The sellers love having the schools so close because they can take advantage of the tennis courts near the home.

Video Tour of 136 Arabian Avenue W Shakopee MN 55379

This home has a walkout main/lower level with room to grow your family. The lower level at 136 Arabian Ave W in Shakopee can be finished to include a 3rd bedroom with large 9×5 walk in closet, house the mechanical room and laundry, a 3/4 bathroom as well as a huge family room around 23 x18. The garage is also over sized at 24 feet deep and 22 feet wide. There is storage space both on the side and in front of your vehicles. Even room for an extended cab truck. This is a very nice feature as many builders make garages so small they are often 20 x 18.

The upper level of Arabian Ave is GOREGOUS. One of the most pristine homes I have even been in! This home shows like a model home and you question is the owners have ever lived here. TOP of the line stainless appliances including a gas range and refrigerator with french doors. The owners also lit this house like a Christmas tree. Numerous lighting upgrades through the home, even in the unfinished lower level. The stairs are equipped with lighting that is set on a sensor when it get dark. The flooring throughout the main level is also upgrades. Very nice neutral carpet throughout the bedrooms and hallway, but in the living room, kitchen and dining room are stunning Brazilian red wood hardwood floors the gleam throughout. This home is move in ready and a great house for one lucky owner.

Showings and Open Houses?

Private showings can be set up on 136 Arabian Ave W in Shakopee with Shakopee Realtor Tom Scott of Re/Max Advantage Plus. If you are already working with a local real estate agent contact them directly. For updated pricing infomation and open houses feel free to email us with any questions.

 

 

 

 

Shakopee Open Houses June 2nd and 3rd 2012

Tom Scott of Re/Max Advantage Plus invites you to visit our featured Shakopee open house listings for Re/Max and the Twin City Real Estate Team during the weekend of June 2nd and 3rd, 2012.

Open Houses in Shakopee Saturday June 2nd

1Shakopee Open Houses June 2nd and 3rd:00 pm – 3:00pm 6493 Oxford Road S , Shakopee, MN 55379 First open house for the gorgeous home in the Savanna Oak Southbridge Shakopee neighborhood. Bank owned foreclosure home.

11:00 am – 2:00 pm The Re/Max Advantage Plus Office in Shakopee will also be holding their Grand Opening of their newly renovated location previously occupied by Edina Realty. There is be food grilled, numerous vendors and children activities.

Shakopee Open Houses June 3rd

Noon – 2:00 pm 6493 Oxford Road S , Shakopee, MN 55379 This is a bank owned Freddie Mac property. Large two story with four bedrooms on the upper level and a HUGE master bedroom.

2:30 – 4:30 pm 6806 Falmouth Curve , Shakopee, MN 55379 This will be the first open house for the 4 bedroom Southbridge Shakopee two story. The home is a walkout with a nice flat yard, 4 bedroom on the upper level, and a gorgeous basement with walnut floors, custom woodwork and a wine cellar.

In total this week ,Shakopee will be holding 13 open houses times for 10 properties. Download our FREE PDF list of Shakopee Open Houses available including times, directions and more. No sign in or information required. Although, if you are not working with a Realtor in the area we would love to help. We do not make our buyers sign contracts the instant we start looking. Most of our clients sign contracts once we find them a home. To search all Shakopee homes for sale you can use our website or call us.  For questions call 612-384-2178. Have a great weekend!

List of Shakopee Open Houses June 2nd and June 3rd

 

Shakopee Homes Are Selling In Multiple Offers In Days

Shakopee Real Estate Market Heating Up

Shakopee homes are selling fast. If this real estate market continues, we will see some nice appreciation this year. The foreclosures and even short sales in Shakopee are flying off the market in less the a week. Traditional sales seem to lag a bit, but are not quite at the discount that the Shakopee foreclosure homes and short sales are priced. Inventory is about at a 7 year low in the city of Shakopee and Realtors in Shakopee can’t list homes fast enough for buyers to come in and throw down purchase agreements. If you are considering putting you home on the market, now is the time.

See all Shakopee homes for sale in the hot price range of $200-300K:

Browse ALL Shakopee MLS/IDX homes for sale.

Multiple Offers on Shakopee Homes

Shakopee homes selling in multiple offersAlmost every home I have had clients write on in the last 2 months has been multiple offers. Multiple offers on home in the $100,000 range and also on homes even in the $400,000’s. This is very surprising given the news you hear about the market being poor. I attribute most of this due to Shakopee homes being in limited inventory. The Shakopee real estate market has shrunk especially with good quality homes for sale. The foreclosures and even short sales are flying off the market in less the a week. The most recent offer I made was on a Shakopee townhome for sale and the property was listed only 5 days. The townhome was a bank owned property and the bank would not review offers for 5 days. On the fifth day the bank had 8 other offers in hand and althought we bid OVER list price for the townhome in Shakopee, we lost out. The property I was told sold for about $18,000 over the list price. This is  huge number given the fact the townhome was only listed for around $106,000. Think about that for a minute. Shakopee homes selling in multiple offers for almost 17% OVER the list price.