Thursday, April 15, 2010

Ham Lake, MN Real Estate Market Statistics 1st Quarter 2010

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 acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. Homes are selling again. There are bright spots across the board with homes selling in all price categories under $400,000. New construction sales have picked up a bit with 2 sold and 4 pending compared with zero sold in the first quarter of 2009. The average Cumulative Days-on-Market (CDOM) is down for the first quarter in Ham Lake at 181 days compared to 249 for the same time period in 2009 so there are signs of an improving market. However, first quarter average sales prices were much lower at $216,291 compared with an average sales price of $247,748 for all of 2009. (See homes sales snapshots below for additional details.)
Inventory is down in Ham Lake from the levels seen in 2009; most notably in the higher price points. There are currently 101 homes active on the market compared to 110 in January of 2009. Homes listed at higher prices continue to take months to sell but lower priced inventory seems to sell. There still are more Ham Lake homes than Ham Lake buyers but there are only a handful of homes over $500,000 this year compared to 20 last year. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months. Right now inventory levels indicate there is about 11 months of inventory in the Ham Lake area and homes are selling again in every price point. But as in 2009, having your home properly priced and prepared for showings is essential to sell a home in this Anoka County community in 2010.
First Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 19 Active Listings, 15 Pending Listings, 13 Sold Listings, CDOM 82 (All existing homes)

$200,000-300,000 ~ 41 Active Listings, 10 Pending Listings, 9 Sold Listings, CDOM 295 (New Construction Subgroup ~ 4 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 22 Active Listings, 7 Pending Listings, 2 Sold Listings, CDOM 260 (New Construction Subgroup ~ 5 Active, 2 Pending, 0 Sold)

$400,000-$500,000 ~ 13 Active Listings, 2 Pending Listings, 2 Sold Listings, CDOM 174 (New Construction Subgroup ~ 2 Active, 0 Pending, 1 Sold)

$500,000 and Up~ 6 Active Listings, 3 Pending Listings, 1 Sold Listings, CDOM 525 (New Construction Subgroup ~ 1 Active, 1 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake11 Active Listings

Ham Lake lakeshore price range: $135,000-$774,900

5 Homes on Coon Lake
3 Homes on Ham Lake
1 Home on Lake Netta
1 Home on Little Coon Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 3/31/10.

Copyright 2010 Teri Eckholm