Halloween is over so it gives me a chance to take a look at the latest home sales statistics for September and October 2011 in Dakota County. Now certainly the Minneapolis Association of Realtors does some detailed reports for every city but I wanted to dive in to a few statistics that goes behind their numbers and into a little more depth that will especially help traditional sellers.
To do my analysis I pulled data for all sold transactions in September & October from the Northstar MLS for all listings in Dakota County.
There were 848 transactions in Dakota County during the period in the primary cities within the County. The columns I used are Average Sold Price, Average Total Finished Square Feet, Count is the number of transactions in each city, Average Days on Market and the Average Price Per Square Foot.
The report doesn’t start really getting instructive until we dive into it using an Excel Pivot Table function to pull out data. What I really want to do is separate out distressed properties (bank owned & short sales) and single family from townhouses.
Traditional Seller, Single Family, Previously Owned
When I pull out data for just traditional sellers of previously owned, single family houses in Dakota County (my primary seller) we see the following -
Now we can see data that helps us to make some analysis:
- The average Price Per Square Foot for single family, traditional sellers is almost exactly $100/foot but that varies quite a bit by city. Mendota Heights continues to have the strongest home sales although they do take the longest to sell there.
- Surprisingly to me, Farmington actually is tracking near the Dakota County average while Rosemount is trailing behind.
- Hastings shows some weakness with longer market times and sales averages that are 2nd from the bottom
These numbers can help sellers to get some overall feel for what to expect from a pricing and time on market standpoint.
Comparing Traditional Sellers to Bank Owned and Short Sales
The following chart compares the number of sales transactions in Dakota County by house type and the type of sale. PPSF is the price per square foot for finished space in each type of home and a way to measure home prices no matter the size of the house.
- Overall 42.3% of all home sales transactions for Dakota County in the last 2 months have been distressed properties. This is the primary reason that home sales prices are stagnant despite in higher sales than last year and fewer listings than last year.
- There is a big spread in prices paid for single family homes depending on whether it’s a traditional seller, bank owned or short sale. Interestingly, for townhouses the difference in price between bank owned and short sale is much smaller.
Other Dakota County Statistics
Some other data that might be of interest:
- There were 31 new construction homes sold or 3.7% of all homes sold
- The average Days on Market for a short sale was 158 days compared to 68 days for non short sales. Therefore, it looks like it is taking almost exactly 3 months on average to get bank approval.
Wrapping It Up
Knowing the Fall 2011 home sales statistics for Dakota County can make you a more informed buyer or seller. While every home is different and needs to be evaluated on specific characteristics these overall numbers can give you some better perspective on what’s happening in the current challenging market we face. If you’d like more information about the Dakota County real estate market contact me.
Bill Wallace is a Realtor at RE/MAX Results in Apple Valley, MN with a focus on Dakota County and the Southern Twin Cities including – Apple Valley, Bloomington, Burnsville, Eagan, Farmington, Inver Grove Heights, Lakeville, Mendota Heights, Prior Lake, Richfield, Rosemount, Savage, Shakopee, South St. Paul and West St. Paul. He is licensed to practice real estate in both Minnesota and Wisconsin.