Wednesday, July 2, 2008

Ham Lake, MN Real Estate Market Statistics Mid Year 2008

Even though existing single family home sales in Ham Lake, Minnesota remained sluggish during the first half of 2008 the numbers show that homes are still selling. The Days on Market (DOM) statistic has stayed pretty consistent with 217 days as compared to 214 in the first quarter and 220 in the fourth quarter of 2007. However, homes in the higher price categories remain stalled.

For the first six months of 2008, only one home is in pending and one sold in the over $500,000 price category. While that three days on the market for the high price point looks like a bright beacon, it is not reflective of the actual market. Since DOM is based on sold properties and only one property sold, the number is an anomaly. The very low DOM for this price point can be attributed to one very unique home on Majestic Oaks Golf Course that sold as soon as it listed. This shows that unique properties priced correctly are selling but is not indicitive of the market when looking at whole picture including the market time of active homes.

Currently, active homes priced over half a million have an average CDOM of 257 as of 7/1/08. One property has been on the market over 600 days! With 67 listings currently on the market priced at $400,000 or more, Ham Lake continues to be over saturated with high end homes.

Lower priced homes under $300,000 are showing some good activity. If homes continue to sell at this current rate, we are looking at just over a year’s worth of inventory in the lower priced categories. In the $300,000-400,000 price range things are moving a bit slower with about 17 months of inventory but not a bad pace considering the changed market place.

An excellent opportunity remains for move up buyers. If you have a starter home in good condition and well priced, it should sell in a decent time frame. Move up buyers with sold homes have quite a selection of properties to choose from in the higher price categories. After 300+ days on the market, many homeowners and builders are ready to negotiate with a strong, non-contingent buyer!

Mid-Year Ham Lake residential real estate statistics for single family homes:

Under $300,000~ 54 Active Listings, 5 Pending Listings, 23 Sold Listings, DOM 184 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$300,000-400,000~ 27 Active Listings, 2 Pending Listings, 10 Sold Listings, DOM 229 (New Construction Subgroup ~ 4 Active, 0 Pending, 3 Sold)

$400,000-500,000~ 30 Active Listings, 4 Pending Listings, 10 Sold Listings, DOM 287 (New Construction Subgroup ~ 3 Active, 1 Pending, 2 Sold)

$500,000 and Up~ 37 Active Listings, 1 Pending Listings, 1 Sold Listings, DOM 3 (New Construction Subgroup ~ 10 Active, 1 Pending, 0 Sold)

Lakeshore available in the City of Ham Lake:

6 Active Listings on Ham Lake lakeshore with prices ranging from: $259,900-$1,350,000

1 Home on Coon Lake
1 Home on Ham Lake
1 Home on Lake Amelia
1 Home on Lake Emily
1 Home on Lake Netta
1 Home on Little Coon Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/08 through 3/31/08.

Photo Featured Listing in Ham Lake, Minnesota: 15139 E Vermillion Circle NE, 55304

Other Anoka and Chisago County Listings:
601 86th Lane NW, Coon Rapids, MN 55433
401 Village Parkway, Circle Pines, MN 55014
25797 Freeport Avenue, Wyoming, MN 55092

Articles on Ham Lake, Lakeshore and Minnesota that might be of interest:

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