Saturday, January 10, 2009

Ham Lake, MN Real Estate Market Statistics Year End 2008

The City of Ham Lake has a rich history. Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. The original name of the community was Glen Carey, which is the Scottish translation of “beautiful valley”. Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake. Anoka County officially was recognized it as a township in 1871. In the early 1900’s Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.

Those four lanes are in full use now as more and more people look to buying home on acreage in the Ham Lake area. Though the sluggish real estate market has affected Ham Lake, MN and Anoka County in 2008, homes did sell. Homes are stayed on the market longer with an average Cumulative Days-on-Market (CDOM) of 158 days for homes during 2008. Note that CDOM for homes over $500,000 are the only homes with extremely long market times, selling with an average CDOM of 287.

While there are 13% fewer homes on the market in Ham Lake now compared to January 2008 (110 versus 126 active listings), homes are taking a bit longer to sell so there continues to be more homes on the market than buyers. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the area is approximately 5-6 months but inventory levels indicate a different story. Inventory levels are manageable for homes under $200,000 with about 12 months of inventory. But it rises to 18 to 24 months in prices between $200,000 and $500,000. Over $500,000 there is over five years of inventory. Having your home properly priced and prepared for showings will be essential if planning to sell a home in this Anoka County community in 2009.

Year End 2008 Ham Lake residential real estate statistics for single family homes:
Under $200,000
~ 27 Active Listings, 2 Pending Listings, 30 Sold Listings, CDOM 144 (All existing homes)

$200,000-300,000 ~ 29 Active Listings, 2 Pending Listings, 17 Sold Listings, CDOM 166 (New Construction Subgroup ~ 1 Active, 0 Pending, 1 Sold)

$300,000-400,000 ~ 33 Active Listings, 1 Pending Listings, 18 Sold Listings, CDOM 157 (New Construction Subgroup ~ 8 Active, 0 Pending, 2 Sold)

$400,000-$500,000 ~ 24 Active Listings, 2 Pending Listings, 12 Sold Listings, CDOM 156 (New Construction Subgroup ~ 3 Active, 1 Pending, 1 Sold)

$500,000 and Up~ 22 Active Listings, 0 Pending Listings, 4 Sold Listings, CDOM 287 (New Construction Subgroup ~ 7 Active, 0 Pending, 2 Sold)

Lakeshore available in the City of Ham Lake:8 Active Listings

Ham Lake lakeshore price range: $245,000-$945,000

3 Homes on Coon Lake
2 Homes on Lake Amelia
1 Home on Ham Lake
2 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 12/31/08.

Featured Listing in Ham Lake Minnesota: 17721 Durant St NE

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 or Homebuyers Success 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.
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