New Listing – 8315 2nd Avenue S., Bloomington MN 55420
January 18, 2010
Just listed – This one story home in East Bloomington is in great move-in ready shape with a ton of upgrades. The kitchen has been completely redone with new cabinets and stainless steel appliances. In addition, there are speakers in the ceiling to integrate you music throughout the house. It has hardwood floors and a newly finished family room/media room in the basement. Outside is a 2 1/2 car garage and a professionally landscaped yard with brick patio for outdoor entertainment. The 3rd bedroom can also serve as an office or formal dining room.
You can find more details about this listing, including a 16 pictures here – Realtor.Com Showcase Listing
For more information texted to your cell phone including pictures call 866-831-8621 and use property code “32043″
or
Text “32043″ to 21691
High End Home Sales Trends in Dakota County Since 2005
January 9, 2010
As we all know, the real estate market has been in a free fall for the past 3 years but that is especially evident for homes in the $500,000+ price range in Dakota County. Now that 2009 is behind us it allows us to get a much clearer picture of what that looked like from a statistical standpoint.
High End Home Sales In Dakota County By Year
As you can see from the graph below, high end single-family home sales have dropped off of a cliff since 2006.
Sales were down year over year by 4.5% in 2006, 20.1% in 2007, 38.1% in 2008 and 45.9% in 2009. Overall, sales of $500k+ homes in Dakota County in 2009 were almost 75% less than they were in 2005.
For the year, high end home sales were down 45.9% in Dakota County which was a much bigger percentage than the Twin Cities as a whole experienced. According to the Minneapolis Area Association of Realtors, there were 2,319 sales in 2008 and 1,758 in 2009 for a drop of 24.2%. As you can see, Dakota County made up only 4% of overall sales in this category. MAAR Housing Supply Outlook
Dakota County Townhouse Sales Statistics – December 2009
January 8, 2010
Townhouses continue to make up a good portion of the home inventory and sales in Dakota County so today I’m analyzing the sales of these properties in December as compared to their tax assessed value. Single Family homes have been moving relatively quickly during the past 6 months and my most recent blog entries have shown that, on average, non-bank owned homes sold for 86.6% of tax assessed value in December Dakota County Single Family Home Analysis – December 2009. I thought it would be valuable to see how well townhouses are doing with that same comparison.
Parameters For Analysis
For the month of December I found 27 closed deals that I could use to assess.
- I only used townhomes from traditional sellers. Therefore, I removed all bank-owned & short sales that might skew the data even lower.
- I removed any new townhome sales as they don’t have an accurate 2009 tax assessed value (there was just 1 that I removed from December’s total that was new)
- I am using an Adjusted Sales Price which is the sales price less any seller concessions so it more accurately reflects the price received by the seller
Dakota County Bank Owned Home Sales Analysis – December 2009
January 5, 2010
Today I continue my series of reports by analyzing single-family, bank-owned homes sold in Dakota County during the month of December 2009. This is the 3rd part of my series which looked at traditionally sold homes (Dakota County Traditional Home Sales Analysis) and homes sold as part of a short sale (Dakota County Short Sale Analysis). I am comparing the final adjusted sales price (sold price less seller concessions) against the 2009 tax assessed value.
Bank-Owned Analysis
For the month of December there were 28 bank owned homes identified in MLS as having closed in Dakota County. Typically, these properties sell for the least amount as banks are anxious to get rid of these homes and they are in the worst saleable condition. On average, these bank owned properties sold for 59.7% of their tax assessed value.
One thing continues to be evident – the market in South St. Paul continues to be very weak as there were an abundance of bank owned properties in that city and they almost all sold below the average.
Therefore, the final breakdown for single family homes sold in December is as follows:
| Type of Home | Avg % Of Tax Value |
| Traditional | 86.6% |
| Short Sale | 73.4% |
| Bank Owned | 59.7% |
Conclusion
Having a Realtor that helps set correct pricing expectations is critically important for both buyers and sellers of homes. The big variables that I help provide as a full-time, full-service Realtor is to help sellers get their home to its peak selling condition and to put in place the most comprehensive marketing plan in the industry.
To get your own Market Analysis using some of the most in-depth research along with our custom Market Analysis tools contact me for a no obligation meeting – Contact Form
Dakota County Short Sale Analysis – December 2009
January 4, 2010
Yesterday, I posted an analysis showing the relationship of successful single family home sales in Dakota County as compared to their tax assessed value for the month of December 2009 (Single Family Home Sales Analysis). The data used in that report showed that the average traditional home (one that is not a bank owned or short sale) sold for 86.6% of tax assessed value.
Short Sale Analysis
For those new to what a short sale is I did a more detailed breakdown in a previous post here (Short Sale Rules Benefit Dakota County Homeowners). Because the bank is negotiating to take less than owed before the property goes through foreclosure you would expect that these homes would sell for less than a traditionally sold home. Here is the report -
For the month, there were 19 homes that successfully closed using a short sale (or at least were identified that way in MLS). On average, the average short sale home sold for 73.4% of the Dakota County tax assessed value. So, buyers who were patient enough to make it through the short sale process were rewarded with a better deal. Of course, we don’t know the condition of these homes and many times a short sale home will not be the move-in ready property that a traditional seller is marketing.
Statistical Note
One property that stands out on this list is the one at 10853 Alameda. It looks like they did a terrible job of negotiating based on these numbers. That property started on the market at $899,000 so maybe they thought they were getting a good deal but the statistics here would seem to indicate that the home should have sold for $100,000 less than it did. In fact, the property actually skews my results. If you took out that one property the average of the other 18 homes sold for 70.7% of tax assessed value in Dakota County.
Certified Distressed Property Expert
I am uniquely qualified to help buyers who need to sell a property through a short sale as I have acquired the CDPE designation (I’m A CDPE). In addition, I bought a short sale property in 2009 as my primary residence so I have a lot of experience on that side of the short sale transaction as well.
If you know of someone facing a hardship contact me via e-mail or cell phone (651-338-0355) for a confidential consultation about the options. – Contact Bill
Dakota County Single Family Home Sales Analysis – December 2009
January 3, 2010
Last month I started analysis showing the relationship between a homes sales price and the tax assessed value for single family homes sold in Dakota County Minnesota (November 2009 Sales Analysis). It showed that of the 32 homes sold in November, the average home sold for 90.1% of it’s 2009 tax assessed value.
This was interesting data and it really helps give a rough estimate for homeowners on setting expectations for their final sales price in this tough real estate market. I thought it would be valuable to do this on a regular basis to analyze how things might be changing and maybe look at some additional dimensions, like how the numbers might be different for each city in Dakota County.
Parameters For Analysis
For the month of December we have a larger sample to compare as there were 75 closed single family homes in Dakota County to compare. The homes included are -
- I only used single-family homes. I plan on expanding my analysis to townhouses later this month.
- I only used homes from traditional sellers. Therefore, I removed all bank-owned & short sales that might skew the data even lower.
- I removed any new home sales as they don’t have an accurate 2009 tax assessed value (there were 7 homes that I removed from December’s totals as they were new)
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