Tuesday, July 6, 2010

Blaine, MN Real Estate Market Statistics Mid Year 2010

The community of Blaine has continued to grow and expand in the north metro of the Twin Cities despite the economic downturn. Just drive down Highway 65 and see the Main Street (125th) overpass to get an idea of how the significant changes have affected the community. Though housing construction had slowed during 2008-2009, it has not stopped and continues to affect the market in 2010. 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 along with the tax incentives seemed to boost sales in the Blaine area during the first half of 2010. Looking at pending sales, it is doubtful that the trend will continue during the second half of the year but time will tell. The homes that are selling best in Blaine continue to be in the under $200,000 price point. I think that the tax credit incentive boosted the lower end sales considerably by enticing first time buyers into the market. Move up buyers had opportunities too as more homes sold in some of the higher priced categories too…but compared to completely stagnate sales of the past few years, it could have been due to pent up demand. It is also important to note that there are fewer new construction properties in the over $500,000 price range and that builders are starting to construct both townhomes AND single family homes under $200,000. Sales were brisk in the 2nd quarter in these price points for new construction. However, momentum has seemed to decline with the tax credit expiration.

The townhome and condominium market has started to sell at a rate similar to single family homes. This is affected directly by the number of new townhomes available at lower price points and how quickly they flew off of active status. Existing townhome sellers must continue to be aggressive in their pricing to compete with builders if they want to sell their properties in this market.

2009 Average Sales Price of all homes sold in Blaine:

· All Homes $196,174
· Single Family Homes $216,254
· Townhomes/Condos $150,523
2009 Average Cumulative Days on Market in Blaine:
· All Homes 143
· Single Family Homes 140
· Townhomes/Condos 150

1st Half Blaine residential real estate statistics for single family homes:

Under $200,000~ 109 Active Listings, 14 Pending Listings, 141 Sold Listings, 105 CDOM (New Construction Subgroup 5 Active, 1 Pending, 2 Sold, 21 CDOM)

$200,000-300,000~104 Active Listings, 14 Pending Listings, 78 Sold Listings, 138 CDOM (New Construction Subgroup 37 Active, 6 Pending, 23 Sold, 88 CDOM)

$300,000-$400,000 ~40 Active Listings, 2 Pending Listings, 28 Sold Listings, 158 CDOM (New Construction Subgroup 15 Active, 1 Pending, 13 Sold, 142 CDOM)

$400,000-$500,000 ~ 18 Active Listings, 1 Pending Listings, 11 Sold Listings, 216 CDOM (New Construction Subgroup 2 Active, 1 Pending, 3 Sold, 282 CDOM)

$500,000-$1,000,000~ 20 Active Listings, 6 Pending Listings, 4 Sold Listings, 180 CDOM (New Construction Subgroup 7 Active, 4 Pending, 3 Sold, 53 CDOM)

$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction over $1,000,000)

1st Half Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 143 Active Listings, 27 Pending Listings, 103 Sold Listings, 123 CDOM (New Construction Subgroup 16 Active, 9 Pending, 15 Sold, 124 CDOM)

$200,000-300,000~ 11 Active Listings, 1 Pending Listings, 16 Sold Listings, 177 CDOM (New Construction Subgroup 8 Active, 1 Pending, 13 Sold, 162 CDOM)

$300,000-$400,000 ~ 5 Active Listings, 2 Pending Listings, 1 Sold Listings, 137 CDOM (New Construction Subgroup 3 Active, 2 Pending, 1 Sold, 137 CDOM)

$400,000-$500,000 ~ 6 Active Listings, 1 Pending Listings, 1 Sold Listings, 1 CDOM (New Construction Subgroup 2 Active, 1 Pending, 1 Sold, 1 CDOM)

$500,000-$1,000,000~ 3 Active Listings, 1 Pending Listings, 1 Sold Listings, 371 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 1/1/10 through 6/30/10.

Copyright 2010 Teri Eckholm