For the past couple months I’ve been doing analysis within Dakota County to compare the final selling price of homes sold to their tax assessed value to see if there were some common numbers that could be found to help buyers and sellers to get some rough estimates of home value. In November I looked at single-family homes that were not bank-owned or short sales and found that those homes were selling for about 90% of their Dakota County 2009 tax value.
In December, 2009 I expanded my analysis to include -
- Single Family Homes, Not lender mediated – Selling at 86.6% of Tax Value
- Single Family homes sold via Short Sale – Selling at 73.4% of Tax Value
- Single Family Bank Owned homes – Selling at 59.7% of Tax Value
- Townhouses, Not lender-mediated – Selling at 82.1% of Tax Value
So to continue the trend, I ran 3 of these statistics again to see if things were different for January 2010 sales in Dakota County and found -
- Single Family Homes, Not Lender Mediated – Sold for 88.7% of Tax Value
- Single Family, Bank-Owned Homes – Sold for 62.5% of Tax Value
- Townhouses, Not Lender Mediated – Sold for 84.1% of Tax Value (If I take out 3 oddballs that messed up the averages)(I’d be happy to make the detail available to anyone upon request showing addresses and prices – send me an e-mail at bill.wallace@results.net )
So what does this mean?
I think that with the continued decline in the number of homes available on the market (down to about 21,000 in the Twin Cities) we saw a small upward tick in home sales prices in Dakota County. With the ongoing Homeowners Tax Credit through April and low interest rates of around 5% we might see this continue to inch upward. All bets are off though after April 30th.