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
December 2009 Data
Therefore, the average townhouse in Dakota County sold for 82.1% of its tax assessed value in December 2009. There were 5 properties that did manage to break into the low 90% range but there were also 10 townhouses that sold for less than 80% of their tax assessed value. Therefore, townhouses are seeing a bigger discount to tax assessed value than single family homes are (at least in December).
Additional Townhouse Statistics
In addition to the tax assessed data I looked at a few other data points for townhouses during the month -
| Category | Metric |
| Expired/Cancelled Listings | 118 |
| New Listings | 133 |
| # of Bank Owned Sales | 15 |
| # of Short Sales | 8 |
| Avg. Days on Market | 82 |
| Avg. % of List Price | 95.3% |
During the month there were 118 townhouses that had cancelled or expired listings and 133 new listings. Of course, some of those properties that came off the market went back on as new listings so that’s tough to read. In addition to the 28 townhouses that sold via traditional sellers there were 15 sold as bank owned properties and 8 more that sold via a short sale. Finally, of the 27 that sold in my table above, the average number of days on the market was 82 and they sold, on average, for 95.2% of their original list price.
Taking Advantage Of The Numbers
My goal in doing this is to help my buyers know another set of data to help them negotiate and to help my sellers both set expectations and beat the averages using our marketing processes.
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.
