Wednesday, October 17, 2007

Blaine, MN Real Estate Market Statistics 3rd Quarter 2007

Blaine is expanding by leaps and bounds in the north metro of the Twin Cities. The residential real estate construction boom in Blaine during the past decade has slowed but not stopped making new and existing home purchase opportunities very affordable. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16. Blaine is best known for the National Sports Center a sport and meeting facilility that hosts an annual worldwide soccer event and Tournament Players Club golf course where the PGA Senior tour is played every summer.

Real estate in Blaine, MN in Anoka County is affordable and selling—though admittedly at a slower pace than most sellers would like. The third quarter numbers show area homes are staying on the market an average of 139 days. This number is better than in other areas of the north metro like Centerville, Forest Lake, Lino Lakes and Ham Lake where homes have a days-on-market rate (DOM) between 157-198 days. (Links to statistical reports for these communities are listed below.) Looking at current inventory levels and the rate of sales for single family residential homes priced under $300,000, there is about 5-6 months of inventory as it stands today. Townhomes in Blaine have a higher DOM than single family residential with a 157 DOM.

While single family homes under $300,000 in Blaine have over 200 homes to choose from currently on the market, at a rate of 20 per month sold, the inventory is manageable. Higher price homes are not only selling at a slower pace, they have to compete with new construction for the buyers. Note that one third of the homes sold in the $300,000-$400,000 category and half of all homes over $400,000 sold in the 3rd quarter are new construction. If you have a higher priced existing home on the market, be aware of the builder incentives being offered as they do affect your ability to sell.

The townhome and condominium market has exploded in Blaine. At the current rate of sale, there is nearly 3 years of inventory currently on the market. Existing townhome sellers must make their prices very attractive as there is a significant number of builders with new townhomes available in the same area.

3rd Quarter Blaine residential real estate statistics for single family homes:

Under $300,000~ 211 Active Listings, 10 Pending Listings, 59 Sold Listings (New Construction Subgroup 33 Active, 0 Pending, 0 Sold)

$300,000-$400,000 ~ 85 Active Listings, 3 Pending Listings, 15 Sold Listings (New Construction Subgroup 23 Active, 1 Pending, 5 Sold)

$400,000-$500,000 ~ 37 Active Listings, 4 Pending Listings, 6 Sold Listings (New Construction Subgroup 14 Active, 4 Pending, 3 Sold)

$500,000-$1,000,000 ~ 75 Active Listings, 2 Pending Listings, 7 Sold Listings (New Construction Subgroup 26 Active, 1 Pending, 4 Sold)

$1,000,000 and Up ~ 6 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)

3rd Quarter Blaine residential real estate statistics for townhomes and condos:

Under $300,000 ~ 202 Active Listings, 6 Pending Listings, 23 Sold Listings (New Construction Subgroup 35 Active, 5 Pending, 6 Sold)

$300,000-$400,000 ~ 5 Active Listings, 1 Pending Listings, 6 Sold Listings (New Construction Subgroup 3 Active, 2 Pending, 0 Sold)

$400,000-$500,000 ~ 4 Active Listings, 0 Pending Listings, 2 Sold Listings (New Construction Subgroup 4 Active, 0 Pending, 0 Sold)

$500,000-$1,000,000 ~ 1 Active Listings, 2 Pending Listings, 4 Sold Listings

$1,000,000 and Up ~ 0 Active Listings, 2 Pending Listings, 4 Sold Listings

For additional information on any current Blaine real estate listing or for additional information on buying a home in Blaine contact Teri Eckholm directly at 651-336-7073.

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/07 through 9/30/07.

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If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2007