Saturday, January 3, 2009

Blaine, MN Real Estate Market Statistics 2008 Year End

Blaine is expanding by leaps and bounds in the north metro of the Twin Cities over the past few years. Just drive down Highway 65 and see the Main Street (125th) overpass to get an idea of how the changes have affected the community. Though housing construction has slowed during 2008, it has not stopped. New developments have continued to expand the housing base, especially in the townhome and lower level price points. 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.

Builders’ incentives to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. I predict this affordability to continue throughout 2009. Home sales slowed at year end but overall the year was not bad for lower priced homes. Single family homes under $400,000 and townhomes/condos under $200,000 were the bright spot selling at averages of 132-146 Cumulative Days on Market (CDOM). Single family homes are selling faster than townhomes/condos with lower average CDOMs in all price points. The overall CDOM statistic at 154 for Blaine compares favorably with other areas in the north metro such as Forest Lake, Lino Lakes and Ham Lake.

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. Buyers looking at single family homes under $300,000 in Blaine currently have an inventory of nearly 200 homes to choose from. At a rate of 28 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 attrition rate is holding steady with rates seen earlier this year.

Higher price new construction homes are selling even better than earlier this year as they now account for nearly 50% of total sales up from 33% at mid year. Traditional home sellers need to better compete with the extremely attractive builder incentives in order to get their homes sold.

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 about 18 months of inventory compared with nearly 3 years of inventory in 2007. Existing townhome sellers still must make their prices very attractive even though some of the builders’ inventory is down. Townhomes under $300,000 have a manageable inventory level but over $300,000, the inventory level is approaching 2 years.
2008 Average Sales Price of all homes sold in Blaine:
  • All Homes $225,300

  • Single Family Homes $253,143

  • Townhomes/Condos $171,218

2008 Average Cummulative Days on Market in Blaine:
  • All Homes.........................154

  • Single Family Homes......150

  • Townhomes/Condos....... 162
Year End Blaine residential real estate statistics for single family homes:
Under $200,000~ 107 Active Listings, 15 Pending Listings, 184 Sold Listings, 138 CDOM
$200,000-300,000~88 Active Listings, 9 Pending Listings, 160 Sold Listings, 142 CDOM (New Construction Subgroup 13 Active, 1 Pending, 15 Sold, 151 CDOM)
$300,000-$400,000 ~ 52 Active Listings, 6 Pending Listings, 74 Sold Listings, 133 CDOM (New Construction Subgroup 23 Active, 2 Pending, 28 Sold, 152 CDOM)
$400,000-$500,000 ~ 21 Active Listings, 1 Pending Listings, 35 Sold Listings, 245 CDOM (New Construction Subgroup 6 Active, 1 Pending, 16 Sold, 204 CDOM)
$500,000-$1,000,000~ 40 Active Listings, 2 Pending Listings, 20 Sold Listings, 295 CDOM (New Construction Subgroup 13 Active, 1 Pending, 11 Sold, 297 CDOM)
$1,000,000 and Up ~2 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
Year End Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 110 Active Listings, 10 Pending Listings, 196 Sold Listings, 146 CDOM (New Construction Subgroup 22 Active, 1 Pending, 18 Sold, 40 CDOM)
$200,000-300,000~19 Active Listings, 2 Pending Listings, 38 Sold Listings, 213 CDOM (New Construction Subgroup 11 Active, 1 Pending, 15 Sold, 151 CDOM)
$300,000-$400,000 ~ 10 Active Listings, 0 Pending Listings, 5 Sold Listings, 325 CDOM (New Construction Subgroup 9 Active, 0 Pending, 0 Sold )
$400,000-$500,000 ~6 Active Listings, 0 Pending Listings, 2 Sold Listings, 166 CDOM (New Construction Subgroup 5 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 1 Active Listings, 0 Pending Listings, 2 Sold Listings, 202 CDOM (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 1/1/08 through 12/30/08.
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