Friday, June 13, 2008

Coon Rapids, MN Real Estate Market Statistics May 2008

cIn spite of the real estate slow down Coon Rapids continues to evolve as it has for over 150 years. It has changed from the community’s humble beginnings of a dirt road farm community to the 9th largest city and 5th largest suburb in the state of Minnesota. The affects of the real estate market change on Coon Rapids is tempered by its convenient location to downtown Minneapolis and its easy access to Interstate 35, Hwy 65 and Hwy 47/10 for a commute to a lakeside cabin. Coon Rapids is a community with something for everyone: encompassing 23 square miles it boasts several neighborhood and regional parks, indoor and outdoor ice skating rinks, softball and baseball fields, tennis courts, hiking and biking trails, swimming pools, a golf course, and two major regional shopping developments.

Like its neighbors Blaine and Andover, the residential real estate construction boom in Coon Rapids during the past decade has slowed but not stopped making new and existing home purchase opportunities very affordable. Conveniently between Anoka and Blaine, it is connected by Highway 10 just north of the Twin Cities, Coon Rapids is an attractive location for both business and residential development. The entire community of Coon Rapids is served by one school district;
Anoka Hennepin District #11.

Real estate in Coon Rapids, MN in Anoka County is affordable and selling—though admittedly at a slower pace than most sellers would like. In the first five months of 2008 numbers show single family homes are staying on the market an average of 148 cumulative days. This is very similar to the neighboring community of Blaine with an average of 150 CDOM for the first quarter.

But when broken down to single family homes versus townhomes/ condos, the single family homes have a 132 average CDOM while townhomes/condos are selling nearly a month slower with a 168 CDOM. In Blaine, condos/townhomes were selling faster than their higher priced single family homes. This could be do to builder incentives on the abundance of new construction properties in Blaine and the many executive homes that are asking well over $500,000. There are extremely high priced homes in Coon Rapids and few new construction townhomes.

Like Blaine, the cumulative days on market numbers for Coon Rapids is better than in other areas of the north metro like Forest Lake, Lino Lakes and Ham Lake where homes have a cumulative days-on-market rate (CDOM) of well over 200 days. (Links to statistical reports for these communities are listed below.)

Inventory levels of single family homes under $200,000 in Coon Rapids have remain quite manageable with approximately 6-7 months of inventory. Town homes and condos are going quite a bit slower; with nearly 18 months of inventory. As Coon Rapids’ real estate is for the most part moderately priced, it should adjust to the changed market relatively quickly but it’s significant condo/townhome market will take time to recover as it will have to compete with new townhome developments in the neighboring community of Blaine.

Jan-May 2008 Coon Rapids residential real estate statistics for single family homes:

Under $200,000~ 137Active Listings, 26 Pending Listings, 102 Sold Listings, CDOM 124

$200,000-$300,000~ 130 Active Listings, 10 Pending Listings, 43 Sold Listings, CDOM 134

$300,000-$400,000~ 30 Active Listings, 2 Pending Listings, 11 Sold Listings, CDOM 185

$400,000 and up~ 13 Active Listings, 2 Pending Listings, 1 Sold Listings, CDOM 233

Jan-May 2008 Coon Rapids residential real estate statistics for townhomes and condos:

Under $200,000~ 228 Active Listings, 12 Pending Listings, 73 Sold Listings, CDOM 166

$200,000-$300,000~ 36 Active Listings, 1 Pending Listings, 6 Sold Listings, CDOM 340

$300,000-$400,000~ 9 Active Listings, 0 Pending Listings, 0Sold Listings, CDOM N/A

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/08 through 5/31/08.

Featured Townhome Listing in Anoka County (pictured above)

601 86th Lane NW, Coon Rapids, MN

For additional information on this home or any current Coon Rapids real estate listing contact Teri Eckholm directly at 651-336-7073.

Other Real Estate Articles that might be of interest:
Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
· Understanding Risk of Loss—How Severe Weather Affects Real Estate
· First Time Home Buyer in Anoka County, MN? Low Interest Loans Available!
· Lino Lakes, MN Real Estate Market Statistics 1st Quarter 2008
Forest Lake, MN Real Estate Market Statistics 1st Quarter 2008
Ham Lake, MN Real Estate Market Statistics 1st Quarter 2008
· Blaine, MN Real Estate Market Statistics 1st Quarter 2008

If you are buying, selling or relocating to Minnesota and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.

Copyright 2008