Monday, October 20, 2008

Blaine, MN Real Estate Market Statistics 3rd Quarter 2008

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 facility 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 162 days. Single family homes are selling faster than townhomes/condos with an average of 154 CDOM (Cumulative Days on Market) verses 183 CDOM. And newly constructed homes are out pacing existing homes with 107 CDOM to 164 CDOM. The overall CDOM statistic for Blaine compares with other areas of the north metro like Lino Lakes with a 151 CDOM, Forest Lake with a 167 DOM and Ham Lake with 210 CDOM. (Links to statistical reports for these communities are listed below.)

Last year, homes in Blaine were selling a bit faster than other areas of Anoka County but the slowdown in existing sales seems to have overtaken this community as well. New Construction is a bright spot with homes selling at a brisk 107 CDOM and in less than 6 weeks in some price points.

Buyers looking at single family homes under $300,000 in Blaine have an inventory over 200 homes to choose from currently on the market. At a rate of 30 per month sold, the inventory is manageable. Looking at current inventory levels and the rate of sales for single family residential homes priced under $300,000, there is about 7 months of inventory as it stands today. This is up a bit from last year at this time when there was about 5-6 months of inventory at the same time period.

Higher price homes are selling faster than last year. Still, they have to compete with new construction for the buyers. Note that one third of the homes sold over $300,000 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 and builders have pulled out all the stops bringing pricing down. There is considerably less new construction townhome inventory on the market with only about 8 months of inventory compared with nearly 3 years of inventory at this time last year. Existing townhome sellers still must make their prices very attractive even though some of the builders’ inventory is down. There are still a significant number of builders with new townhomes available in the same area and they are making deals as evidenced by their very low 40 CDOM compared with 183 CDOM for existing townhomes and condos.

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

Under $300,000~ 222 Active Listings, 36 Pending Listings, 95 Sold Listings, 152 CDOM (New Construction Subgroup 17 Active, 2 Pending, 6 Sold, 167 CDOM )

$300,000-$400,000 ~ 51 Active Listings, 8 Pending Listings, 28 Sold Listings, 143 CDOM (New Construction Subgroup 15 Active, 5 Pending, 10 Sold, 49 CDOM)

$400,000-$500,000 ~ 26 Active Listings, 3 Pending Listings, 9 Sold Listings, 135 CDOM (New Construction Subgroup 8 Active, 3 Pending, 3 Sold, 44 CDOM)

$500,000-$1,000,000~ 47 Active Listings, 4 Pending Listings, 4 Sold Listings, 285 CDOM (New Construction Subgroup 12 Active, 2 Pending, 2 Sold, 77 CDOM)

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

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

Under $300,000~ 143 Active Listings, 26 Pending Listings, 64 Sold Listings, 183 CDOM (New Construction Subgroup 36 Active, 5 Pending, 18 Sold, 40 CDOM)

$300,000-$400,000 ~ 33 Active Listings, 1 Pending Listings, 0 Sold Listings (New Construction Subgroup 10 Active, 1 Pending, 0 Sold )

$400,000-$500,000 ~ 11 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 6 Active, 0 Pending, 0 Sold)

$500,000-$1,000,000~ 11 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)

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 7/1/08 through 9/30/08.

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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