Builders’ incentives to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area. While existing single family homes are holding their own in the competition against builders, it does not appear to be the same case in the existing townhome market. Over 77% of the townhomes sold at prices over $200,000 were new construction. Existing townhome sellers in Blaine really need to be competitive to sell when in competition with a brand new property. Homes remained affordable throughout 2009 and with 874 homes sold, Blaine’s inventory of property for sale is very manageable across all price points. Currently there is 2-6 months of inventory for homes with price points under $500,000 and just under 18 months of inventory for homes priced over $500,000. These are better inventory statistics for Blaine than I have seen in the past 3 years! The overall CDOM statistic at 143 for Blaine is down from 154 in 2008 and is significantly better than any of the surrounding communities in the north metro such as Forest Lake, Lino Lakes and Ham Lake.
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 7 months of inventory compared with 18 months at the end of 2008 and nearly 3 years of inventory in 2007. Existing townhome sellers have their work cut out for them as they continue to sharpen their pencils and make their prices very attractive. Pricy existing executive townhomes listed over $500,000 are currently at a standstill with 5 listed homes and no buyers in the past year.
2009 Average Sales Price of all homes sold in Blaine:
All Homes $195,793
Single Family Homes $215,361
2009 Average Cumulative Days on Market in Blaine:
All Homes 143
Single Family Homes 140
Year End Blaine residential real estate statistics for single family homes:
Under $200,000~ 78 Active Listings, 35 Pending Listings, 331 Sold Listings, 117 CDOM (New Construction Subgroup 3 Active, 9 Pending, 4 Sold, 256 CDOM)
$200,000-300,000~80 Active Listings, 13 Pending Listings, 172 Sold Listings, 132 CDOM (New Construction Subgroup 22 Active, 4 Pending, 36 Sold, 136 CDOM)
$300,000-$400,000 ~ 29 Active Listings, 10 Pending Listings, 63 Sold Listings, 217 CDOM (New Construction Subgroup 13 Active, 4 Pending, 30 Sold, 239 CDOM)
$400,000-$500,000 ~ 11 Active Listings, 2 Pending Listings, 27 Sold Listings, 284 CDOM (New Construction Subgroup 3 Active, 2 Pending, 9 Sold, 259 CDOM)
$500,000-$1,000,000~ 23 Active Listings, 5 Pending Listings, 16 Sold Listings, 272 CDOM (New Construction Subgroup 9 Active, 3 Pending, 5 Sold, 135 CDOM)
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (All existing homes)
Year End Blaine residential real estate statistics for townhomes and condos:
Under $200,000~ 87 Active Listings, 22 Pending Listings, 243 Sold Listings, 147 CDOM (New Construction Subgroup 17 Active, 0 Pending, 48 Sold, 241 CDOM)
$200,000-300,000~19 Active Listings, 2 Pending Listings, 12 Sold Listings, 276 CDOM (New Construction Subgroup 10 Active, 2 Pending, 11 Sold, 252 CDOM)
$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 7 Sold Listings, 259 CDOM (New Construction Subgroup 5 Active, 0 Pending, 4 Sold, 361 CDOM )
$400,000-$500,000 ~ 0 Active Listings, 0 Pending Listings, 3 Sold Listings, 359 CDOM (New Construction Subgroup 0 Active, 0 Pending, 2 Sold, 410 CDOM)
$500,000-$1,000,000~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction activity)
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 1/1/09 through 12/30/09.
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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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 2010 Teri Eckholm http://www.terieckholm.com/