Shakopee Real Estate Monthly Market Update – May, 2008

It’s summer time in Shakopee, Minnesota! Valleyfair the amusement park is getting busier and busier I am sure. Unfortunately the real estate scene in this great town is not as “hopping” right now. Taking a look at May of 2008 to the month of May in 2007, Shakopee saw a drop of 25% in closed sales, going from 72 closings last May to 54 in May of 2008. The average sales price also dropped, from $280,774 to $233,172 in May of 2008. Average days on market rose 36.1%, going from 117 days in May of 2007 to 159 this May. There was only a 2.3% increase in overall inventory levels for single family homes on the market, and the townhome and condo market decreased in active listings from 218 to 216 of this year.

When we compare January through May of 2007 to January through May of 2008, the Shakopee real estate market has seen a drop of 11% in the amount of listings that have gone on the market. Closed sales have dropped 14.7% this year as well, going from 218 in 2007 to 186 this year. The average sales price dropped 13.8%, going from $261,850 to $225,783. Market time has increased from 133 days in 2007 to 162 days here in 2008. The percent of original list price received at the sale dropped from 96.6% to 92.5% here in 2008.