Dakota County Housing Market Update

I work with many First Time Homebuyers in the Dakota County area and many of them take advantage of the Dakota County bond program that helps with down payment and closing costs assistance for buyers who meet certain qualifications.  For several months, I have noticed that there are not as many homes available for sale as there used to be.  Many of my First Time Homebuyer clients search for single family homes under $150,0000, so I did some research to see what has been going on in Dakota County for the past few months in the under $150,000 price range.

Since Dakota County is pretty large and my clients tend to search within 2 different parts of the County, I separated the County into 2 parts: Western Dakota County (Eagan, Lakeville, Apple Valley, Burnsville, Rosemount & Farmington) and Eastern Dakota County (South St. Paul, West St. Paul, Inver Grove Heights, Hastings etc.).

Western Dakota County: 

• Since October 1, 2012, there have been 60 single family homes priced below $150,000 that have sold in this portion of the County.  
• 30 sold for more than the listing price.
• 31 of the sales were 100% cash tranasction and 15 of them were for more than the listing price.
• 13 were sold using Conventional financing with 6 of them selling for more than the listing price.
• 14 were sold using FHA or DVA financing and 9 of those sales were sold for more than the listing price.
• 2 of the sales used FHA 203K financing and both sold at the listing price.

Eastern Dakota County:

• Since October 1, 2012, there have been 153 single family homes priced below $150,000 that have sold in this portion of the County.
• 54 of them were 100% cash transactions.
• 41 of them used Conventional financing
• 51 of the sales used FHA or DVA financing
• 7 of the sales used FHA 203K financing.

Another segment that I looked at was the number of Twin Homes (townhomes with no association) that have sold since October 1, 2012 and here is the breakdown for all of Dakota County:

• There were 21 Twin Homes sold during this time and 9 of them sold for more than the asking price.
• 11 of the sales were 100% cash
• 7 of the sales used Conventional financing
• 3 sales used FHA or DVA financing.