2012 Prior Lake Real Estate Recap

Currently the Prior Lake real estate market is seeing dimishing listing inventory which is a great sign for sellers as inventory has been moving and selling pretty steady. As of early January only 139 homes remain active on the mls and only 118 of those homes for sale in Prior Lake are available with no offers currently on them. There ar 50 homes pending waiting to close.  In 2012 the market was very similar as inventory was down almost all year creating high demand and the homes that were priced well sold within a week. 520 homes sold in 2012 for a total of $146,255,936 in sales; 452 homes sold in 2011. The average sales price for all real estate in Prior Lake was $281,261 and those homes on average had 2,447 total sqft at an average price per sqft of $121.91, up 14.2% from an average sales price of $246,370 in 2011. It took the average house to sell 129 days and sellers received on average 97.8% of their asking price. This does not account those homes that expired and relisted their properites a week later at a different price. About 30.6% of the market were “distressed property sales, foreclosures and short sale in Prior Lake. 61 homes (11.7%) that sold in 2012 were short sale homes in which the seller owed more on the home than the property was worth and the bank took a lesser amount owed. 98 homes ( 18.9%) were bank owned foreclosure properties. The postive sign is that if you take out all the short sale and foreclopsure properties the average sales price of traditional real estate sales in Prior Lake was $325,312, 16% higher than the overall average sales price number.

Prior Lake Townhomes

Excluding condo sales in order to compare apples to apples the average sales price of Prior Lake townhomes in 2012 was $171,430. Townhomes sold quite a bit faster than the overall Prior Lake real estate market only taking on average 115 days to sell.

Homes on Prior Lake

Taking a look at 2012 real estate home sales on Upper and Lower Prior Lake was interesting. 40 homes sold in 2012 on Prior Lake compared to 26 homes in 2011. In 2012 it took the average home 247 days to sell 243 in 2011, with an average sales price of $696,663, compared to $525,573 in 2011. The average price per sqft in 2012 was under under $215 per sqft. Sellers received on average only 90.7% of asking price on average. The least expensive home to sell on Prior Lake this year was at 16534 Inguadona Beach Circle SW which sold for $267,500 and the most expensive home sold for $2,425,000 at 5201 Frost Point Circle SE. Here is a look at the best homes for sale on Prior Lake today:

Prior Lake Foreclosures

As previously stated we know 18.9% of the total inventory sold in Prior Lake in 2012 were consider lender owned, bank owned, REO or foreclosures which all mean essentially the same thing. Those numbers hoever did drag down the overall averages of Prior Lake real estate average prices. The average price of Prior Lake Foreclosures was only $165,838 compared to 57 were single family homes, 31 townhomes or twinhomes and 10 were condos. Below are the current Prior Lake Foreclosure listed on the RMLS/IDX:


2013 Real Estate Predictions

I think the real estate market in Prior Lake will remain quite similar as far as activty for 2013 hoever I do expect to see more inventory than last year. I also expect prices to continue to climb as demand has stayed pretty steady. The Prior Lake real estate market has been oe of the most desireable area in the Southwest metro. Below are the most recently listed homes for sale in Prior Lake:

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