Wednesday, July 1, 2009

Blaine, MN Real Estate Market Statistics 2nd Quarter 2009

In spite the economic downturn of the past few years, the community of Blaine has continued to grow and expand in the north metro of the Twin Cities. Just drive down Highway 65 and see just completed Main Street (125th) overpass to get an idea of how the significant changes have affected the community. Though housing construction had slowed during 2008, it has not stopped and continues to affect the 2009 market. New developments 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 and lender mediated home sales have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. As I predicted this affordability is continuing in 2009. It seems a builder or two has finally caught on that under $200K is the price point where the bulk of the buyers are as there are single family new construction homes in Blaine UNDER $200K for the first time in years!
While the homes moving the quickest in Blaine continue to be in that under $200,000 price point, we are finally starting to see a little more movement in the $300K-$600K priced homes (the over $600K market remains pretty static). My guess is that all the first time buyers have bought up a few of those starter homes owned by traditional sellers that are now able to finally move up to the next price point.
Cumulative days of the market (CDOM) are pretty consistent in the lower price points. But notice the high CDOM’s for high valued homes…475+ days on the market is a very long time. With 55 homes on the market above $500,000, there is currently almost 3 YEARS of inventory!
Additionally, the $8000 first time homebuyer tax credit really affected the inventory levels in the lower price points. Looking at current inventory levels and the rate of sales (including pending sales) for single family residential homes priced under $200,000, there is about 3 months of inventory for single family homes in Blaine as it stands today.
Lower priced townhomes in Blaine have similar statistics with very low inventory. Of the townhomes and condominiums on the market in Blaine, roughly 25% of those sold were new construction. Townhomes are still a popular option for first time homebuyer in the Blaine area and builders price incentives have affected the market, as has lender mediated pricing. The average price of Blaine townhomes sold has dropped significantly in the first half of the year. Existing townhome sellers must make their prices very attractive to compete with the aggressive lender mediated and builder pricing. Townhomes under $200,000 have about a four month absorption rate but higher priced units have well over a year of inventory.
Average Sales Price of all homes sold in Blaine 2008 vs 2009 to date:
  • All Homes $225,300 in 2008 vs $194,321 in the first half of 2009
  • Single Family Homes $253,143 in 2008 vs $211,725 in the first half of 2009
  • Townhomes/Condos $171,218 in 2008 vs $149,652 in the first half of 2009

Average Cumulative Days on Market in Blaine 2008 vs 2009 to date:
  • All Homes 154 in 2008 vs 159 in the first half of 2009
  • Single Family Homes 150 in 2008 vs 155 in the first half of 2009
  • Townhomes/Condos 162 in 2008 vs 172 in the first half of 2009
2nd Quarter Blaine residential real estate statistics for single family homes:
Under $200,000~113 Active Listings (20 Disclosed as Lender Mediated), 50 Pending Listings, 54 Sold Listings, 121 CDOM (New Construction Subgroup 1 Active, 1 Pending, 0 Sold)
$200,000-300,000~94 Active Listings (9 Disclosed as Lender Mediated), 23 Pending Listings, 31 Sold Listings, 162 CDOM (New Construction Subgroup 17 Active, 6 Pending, 6 Sold, 298 CDOM)
$300,000-$400,000 ~37 Active Listings(2 Disclosed as Lender Mediated) , 13 Pending Listings, 9 Sold Listings, 175 CDOM (New Construction Subgroup 13 Active, 7 Pending, 5 Sold, 116 CDOM)
$400,000-$500,000 ~ 26 Active Listings (2 Disclosed as Lender Mediated), 1 Pending Listings, 8 Sold Listings, 484 CDOM (New Construction Subgroup 8 Active, 0 Pending, 2 Sold, 272 CDOM)
$500,000-$1,000,000~ 29 Active Listings (3 Disclosed as Lender Mediated), 3 Pending Listings, 2 Sold Listings, 496 CDOM (New Construction Subgroup 7Active, 1 Pending, 1 Sold, 170 CDOM )
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 0 Active, 0 Pending, 0 Sold)
2nd Quarter Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 110 Active Listings (12 Disclosed as Lender Mediated), 43 Pending Listings, 42 Sold Listings, 162 CDOM (New Construction Subgroup 13 Active, 10 Pending, 8 Sold, 313 CDOM)
$200,000-300,000~24 Active Listings (2 Disclosed as Lender Mediated), 2 Pending Listings, 3 Sold Listings, 325 CDOM (New Construction Subgroup 13 Active, 2 Pending, 0 Sold)
$300,000-$400,000~ 7 Active Listings, 0 Pending Listings, 3 Sold Listings, 150 CDOM (New Construction Subgroup 6 Active, 0 Pending, 1 Sold, 276 CDOM)
$400,000-$500,000~3 Active Listings, 1 Pending Listings, 0 Sold Listings (New Construction Subgroup 3 Active, 1 Pending, 0 Sold)
$500,000-$1,000,000~ 2 Active Listings(1 Disclosed as Lender Mediated), 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 4/1/09 through 6/30/09.


Copyright 2009 Teri Eckholm http://www.terieckholm.com/