Median Selling Prices for Cities Within Sherburne County,MN

by Michael Bolton on December 27, 2011

A couple of weeks ago I blogged about how I calculate the concentration of distressed sales within the different cities in Sherburne County. This helps to explain as to why or why not distressed sales (bank REO’s and short sales) should be used for comparable sales within an appraisal report.

The chart below indicates the different median selling prices for bank owned (REO’s), short sales, and traditional sales. The chart clearly indicates that distressed properties sell for significantly less, and what’s even more revealing is the median selling price for REO’s compared to the other types of sales, especially  traditional sales.

If you have any questions, or real estate appraisal needs (divorce, bankruptcy, tax appeal, or estate planning) please contact Michael at 612.599-2581, or use the form on the contact page.

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