March 2010 Twin Cities Real Estate Market Video Update—Good News Continues Despite the Snow!

The Minneapolis Area Association of REALTORS® just released the March monthly skinny video a few days ago. From the information provided it appears that snowy weather didn't slow down the home buyers in the Twin Cities market. Over 3500 purchase agreements were written during the last month. And which sellers were on the receiving end of those purchase agreements? Traditional sellers at lower price points (as opposed to lender-mediated or bank-owned properties). This is no doubt due to buyers wanting to get an agreement accepted or countered in a timely manner combined with traditional sellers willingness to negotiate as the deadline to the $8000/$6500 tax credit looms nearer. Check out the video for a full recap of the housing market in the Twin Cities area.



Looking for home sales statistics on a specific community? Check out this link to see snapshots and detailed reports on 20 different north metro communities including Ham Lake, Blaine, Forest Lake and White Bear Lake:
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Copyright 2010 Teri Eckholm 

White Bear Lake, MN Year End Real Estate Market Statistics 2009

Just about everyone who grew up in the Twin Cities north metro is familiar with the White Bear Lake community. Whether your memories are of passing the iconic gigantic white bear statue at Polar Chev, swimming at Bellaire beach or setting sail across White Bear Lake, everyone seems to know the area. But few know the legends that surround the lake and that Manitou Island is at the center of it all. The legend has been documented by several writers but the most notable was Mark Twain who wrote of the Indian warrior who killed the great monster of a polar bear to save himself and his lover in his book, “Life of the Mississippi”.

Legends aside, today the White Bear Lake community is a vibrant area that is continually growing while preserving its rich heritage. While the shores of White Bear Lake are the most well known as one of the largest lakes in the north metro as it spreads from Ramsey County into Washington County , there are two other lakes in the community: Birch Lake and Goose Lake. The community is home to White Bear Lake School District #624 and Century College encompassing 11 square miles of land. Real estate opportunities include both historic homes and more recently constructed residences. First time buyers, executive home buyers, retiring downsizers and luxury lakeshore buyers have a wide variety of options if the choose to call White Bear Lake home.

Single family home inventory levels are at very manageable levels in the City of White Bear Lake. In the price category under $200,000, there is under 3 months worth of homes currently listed as we start January. There is just under 6 months of absorption for homes priced from $200,000-$300,000, while it will take just over a year to sell all the homes listed in the $300,000-$500,000 price range. Things are not quite so rosy for the beautiful lakeshore and executive homes in the half-million plus category. At the current rate of sales, it will take over 3 years before all of the current listings sell .

White Bear Lake townhomes are selling a slightly slower pace. There is just under a 6 month absorption rate for townhomes and condos priced under $200,000 while it will take about a year to sell the current inventory of homes in the $200,000-$400,000 range. But high-end townhomes and condos are in the same predicament as with single family homes as they have about 3 years of inventory to sell through at the current rate of sales.
2009 Average Sales Price of all homes sold in White Bear Lake:
All Homes $186,735
Single Family Homes $192,195
Townhomes/Condos $150,823

2009 Average Cumulative Days on Market in White Bear Lake:

All Homes 146
Single Family Homes 133
Townhomes/Condos 153
Year End White Bear Lake residential real estate statistics for single family homes:
Under $200,000~ 36 Active Listings, 11 Pending Listings, 161 Sold Listings, 112 CDOM (Lakeshore Subgroup 0 Active, 0 Pending, 1 Sold, 246 CDOM)
$200,000-300,000~34 Active Listings, 2 Pending Listings, 67 Sold Listings, 162 CDOM (Lakeshore Subgroup 2 Active, 0 Pending, 2 Sold, 301 CDOM)
$300,000-$400,000 ~ 11 Active Listings, 1 Pending Listings, 8 Sold Listings, 214 CDOM (Lakeshore Subgroup 1 Active, 1 Pending, 1 Sold, 325 CDOM)
$400,000-$500,000 ~ 3 Active Listings, 0 Pending Listings, 4 Sold Listings, 149 CDOM (Lakeshore Subgroup 2 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 8 Active Listings, 0 Pending Listings, 3 Sold Listings, 118 CDOM (Lakeshore Subgroup 7 Active, 0 Pending, 1 Sold, 13 CDOM)
$1,000,000 and Up ~5 Active Listings, 0 Pending Listings, 1 Sold Listings, 901 CDOM (Lakeshore Subgroup 5 Active, 0 Pending, 1 Sold, 901 CDOM)
Year End White Bear Lake residential real estate statistics for townhomes and condos:
Under $200,000~ 24 Active Listings, 2 Pending Listings, 54 Sold Listings, 188 CDOM
$200,000-300,000~ 6 Active Listings, 0 Pending Listings, 5 Sold Listings, 351 CDOM
$300,000-$400,000 ~ 3 Active Listings, 1 Pending Listings, 5 Sold Listings, 198 CDOM
$400,000-$500,000 ~ 4 Active Listings, 0 Pending Listings, 1 Sold Listings, 708 CDOM
$500,000-$1,000,000~ 1 Active Listings, 0 Pending Listings, 1 Sold Listings, 52 CDOM
For additional information on any current White Bear Lake 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.
 

 

Copyright 2010 Teri Eckholm http://www.terieckholm.com/

Blaine, MN Year End Real Estate Market Statistics 2009

Blaine has continued to expand and develop by leaps and bounds in the north metro of the Twin Cities during the past few years. Just drive down Highway 65 and see the Main Street (125th) overpass as well as several others in different phases of construction and all of the new retail establishments to get an idea of how the changes have affected the community. Though housing construction slowed during 2009, it has not completely stopped. New developments have continued to 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 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
Townhomes/Condos $150,823

2009 Average Cumulative Days on Market in Blaine:

All Homes 143
Single Family Homes 140
Townhomes/Condos 153

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/

Lino Lakes, MN Year End Real Estate Market Statistics 2009

Like much of the real estate in the Minneapolis/St. Paul area, Lino Lakes, MN in Anoka County has seen reduced inventory and increased market times in 2009. This year nearly twice as many properties sold but the average selling price was directly affected by the bank owned and lender mediated properties on the market. Traditional homes had longer market times but properties were selling throughout the Lino Lakes area.

Though Lino Lakes has a good mixture of lakeshore, acreage and townhome residences but is more known for having a bit of space between the houses. It conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart of the city. Lino Lakes is committed to maintain this treasure and its natural settings and wildlife habitats for years to come.

The year end numbers for Lino Lakes sales show area homes were selling slower than last year with an average of 170 cumulative days on the market (CDOM) for sold properties compared with 160 CDOM in 2008. But current inventory levels are much lower than last year. Looking at homes priced under $300,000, there is about 4-5 months of inventory. This time last year, there were nearly 12 months of inventory in this price category.

And the lower inventories are also in higher price points too. Based on the year end statistics, it will now take about 6 months to sell the current inventory of homes with a $300,000-$400,000 price tag. This is down considerably in Lino Lakes from last year when the inventory level hovered around the 12 month mark for absorption. In the $400,000-$500,000 we are just under that one year time period for absorption while over half a million homes there is about 3 YEARS of inventory. While this is not ideal, it is certainly with in the norm when compared to surrounding Anoka County areas.
2009 Average Sales Price of all homes sold in Lino Lakes:
All Homes $229,622
Single Family Homes $251,780
Townhomes/Condos $150,266
2009 Average Cumulative Days on Market in Lino Lakes:
All Homes 170
Single Family Homes 174
Townhomes/Condos 150

4th Quarter Lino Lakes residential real estate statistics for single family homes:
Under $200,000~ 10 Active Listings, 3 Pending Listings, 49 Sold Listings, 155 CDOM
$200,000-$300,000 ~ 32 Active Listings, 3 Pending Listings, 57 Sold Listings, 180 CDOM
$300,000-$400,000 ~ 16 Active Listings, 2 Pending Listings, 33 Sold Listings, 192 CDOM
$400,000-$500,000 ~ 9 Active Listings, 0 Pending Listings, 10 Sold Listings, 167 CDOM
$500,000 and Up~ 11 Active Listings, 0 Pending Listings, 4 Sold Listings, 262 CDOM
Year End 2009 Lino Lakes residential real estate statistics for townhomes and condos:
Under $200,000~ 23 Active Listings, 6 Pending Listings, 39 Sold Listings, 143 CDOM
$200,000-300,000~5 Active Listings, 0 Pending Listings, 2 Sold Listings, 258 CDOM
$300,000-$400,000 ~ 0 Active Listings, 0 Pending Listings, 2 Sold Listings, 165 CDOM
Lakeshore available in Lino Lakes3 Active Listings

Lino Lakes lakeshore price range: $595,000-$1,118,000
1 Home on Amelia Lake
2 Homes on Reshanau Lake

Acreage properties available in Lino Lakes

16 properties listed on 1-3 Acres priced between $126,000-$595,000.
7 properties listed on 5-10 Acres priced between $300,000-$805,000
1 property listed on 29 Acres priced at $749,000
1 property listed on 80 Acres priced at $6,000,000
For additional information on any current Lino Lakes real estate listing or for additional information on buying a home in Lino Lakes contact Teri Eckholm directly at 651-336-7073.
**All Statistical information sold based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/31/09.
 

Copyright 2010 Teri Eckholm http://www.terieckholm.com/

Forest Lake, MN Year End Real Estate Market Statistics for 2009

Forest Lake, Minnesota is well known throughout the Twin Cities area. Many people from the city remember the northeast St. Paul suburb fondly from years gone by as a summer vacation spot, an annual ice fishing tournament tradition or as a destination when going for a Sunday a drive in the country. Today, the lakeside cabins have been replaced with year round residences, the fishing tourney is but a memory and the farms are few and far between in this third ring St. Paul suburb. The northern Washington County and east Anoka County community of Forest Lake is now considered an integral part of the Twin Cities.
Real estate in Forest Lake, MN did sell well in 2009 especially in the lower price points. A total of 309 properties sold in the Forest Lake Area during 2009. Roughly two thirds of these sales, 201 properties, were single family homes while the other 108 were townhomes, condos or twin homes. This number is up from the 259 homes sold in the Forest Lake area in 2008.
The Cumulative Days on Market (CDOM) Statistic ran at 160 days for all homes sold during the year. This is a 12 % decline in market time from last year’s CDOM stat of 181 for all properties sold in the Forest Lake area in 2008. Not as positive of news is that the average price of homes did see a significant drop from 2008 to 2009. The average price of a home sold in Forest Lake was $239,819 in 2008 but in 2009, that average was 26% lower with an average home price of $176,776.
Not surprisingly, the price category of under $200,000 is the high point with 210 properties sold during 2009 (107 Single family homes and 103 townhomes/condos). The $8000 tax credit really made an impact in the Forest Lake market as the first time buyer homes under $200,000 really moved quickly in 2009. Inventory is very manageable under $200,000 with just 3 months of currently listed homes available for sale. Though homes in the $200,000-300,000 category in are selling a bit slower, 8 months worth of inventory is very manageable. As is the 10 months of inventory in the $300,000-400,000 price range of homes. Even in the $400,000-500,000 priced homes have seen drop in inventory levels to where there is just over a year’s worth of inventory.

However, as in 2008, the high end homes struggled for sales throughout 2009. Homes over $500,000 remain at a near standstill with only ONE home over half a million SOLD in the Forest Lake area in all of 2009. As most lakeshore homes fall into this category, there is an abundance of high valued lakeshore homes to select from in the Forest Lake area. With one sold in the past 12 months and 23 active listings over $500,000, it will two DECADES for all the homes to sell at this pace.
What does this mean for the home buyer? Homes were well priced in Forest Lake during 2009 so there was a dramatic reduction in the number of listings to choose from. Homebuyers in 2010 will have to make quick decisions on homes in Forest Lake that appear to be good values. Lakeshore and acreage properties priced under $500,000 are selling again, with an average market time of 5-6 months so it is important to be prepared to buy when the right property comes onto the market.

A buyer looking to purchase high-end lakeshore in the Forest Lake area, is in the driver’s seat in 2010! With so much inventory, high-end lakeshore sellers will need to be flexible on pricing if they want a SOLD sign on their home any time soon. NOW might be the perfect time to negotiate a GREAT deal on a lakeshore home! The inventory is awesome…35 lakeshore homes are currently active; some are at attractive and affordable price points. Many have been on the market for several months. With the continued amazing low interest rates, the extended and expanded homebuyer’s tax credit and few buyers willing to consider buying frozen lakeshore, it could be a great time to negotiate a deal on your piece of Minnesota shoreline!

2009 Average Sales Price of all homes sold in Forest Lake:

• All Homes $176,776
• Single Family Homes $209,778
• Townhomes/Condos $122,799

2009 Average Cumulative Days on Market in Forest Lake:

• All Homes 160
• Single Family Homes 157
• Townhomes/Condos 164

Year End 2009 Forest Lake real estate statistics for single family homes:
Under $200,000~ 27 Active Listings, 12 Pending Listings, 107 Sold Listings, 136 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 6 Sold)
$200,000-$300,000 ~ 33 Active Listings, 1 Pending Listings, 60 Sold Listings, 169 CDOM (Lakeshore Subgroup ~ 4 Active, 1 Pending, 5 Sold)
$300,000-$400,000 ~ 17 Active Listings, 2 Pending Listings, 25 Sold Listings, 209 CDOM (Lakeshore Subgroup ~ 3 Active, 0 Pending, 8 Sold)
$400,000-$500,000 ~ 10 Active Listings, 0 Pending Listings, 8 Sold Listing, 188 CDOM (Lakeshore Subgroup ~ 7 Active, 0 Pending, 3 Sold)
$500,000 and Up~ 23 Active Listings, 0 Pending Listings, 1 Sold Listings 306 CDOM (Lakeshore Subgroup ~ 18 Active, 0 Pending, 1 Sold)

Year End 2009 Forest Lake residential real estate statistics for townhomes and condos:
Under $200,000~ 30 Active Listings, 11 Pending Listings, 103 Sold Listings, 163 CDOM
$200,000-300,000~8 Active Listings, 0 Pending Listings, 4 Sold Listings, 78 CDOM

$300,000-$400,000 ~ 4 Active Listings, 0 Pending Listings, 1 Sold Listings, 79 CDOMFor additional information on any current Forest Lake real estate listing or for additional information on buying a home in Forest Lake contact Teri Eckholm directly at 651-336-7073.
35 Active Lakeshore available in the Forest Lake area:

Price range: $189,900-$2,600,000

• 32 Homes on Forest Lake
• 1 Homes on Clear Lake
• 2 Home on Comfort Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/09 through 12/31/09.

Copyright 2010 Teri Eckholm http://www.terieckholm.com/

Ham Lake, MN Year End Real Estate Market Statistics for 2009

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 180 days for homes during 2009 versus 158 CDOM in 2008. Note that CDOM for homes over $500,000 are the only homes with extremely long market times, selling with an average CDOM of 261. The average price of a home sold in Ham Lake in 2009 was $248,424.
While there are 20% fewer homes on the market in Ham Lake now compared to January 2008 (88 versus 110 active listings), homes are continuing to taking a bit longer to sell and even with the $8000 tax incentive for first time home buyers that boosted last year’s market, there continues to be more homes on the market than buyers. But we are making progress. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the area is approximately 6 months but inventory levels indicate a more complex story depending on the home’s list price.
Inventory levels are manageable for homes under $300,000 with about 6 months of inventory. But inventory levels rise to approximately 12 months in prices between $300,000 and $500,000. While over $500,000 there is about 18 months of inventory in the Ham Lake area. This is much better than how Ham Lake real estate started 2009 where there was upwards of 5 YEARS of inventory in the half million plus properties. Seller have seem to have gotten the message that having a home properly priced and prepared for showings was essential to sell a home in this Anoka County community in 2009.
Year End 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 26 Active Listings, 7 Pending Listings, 59 Sold Listings, CDOM 175 (New Construction Subgroup ~ 0 Active, 0 Pending, 1 Sold)
$200,000-300,000 ~ 20 Active Listings, 6 Pending Listings, 45 Sold Listings, CDOM 173 (New Construction Subgroup ~ 1 Active, 0 Pending, 3 Sold)
$300,000-400,000 ~ 24 Active Listings, 1 Pending Listings, 31 Sold Listings, CDOM 186 (New Construction Subgroup ~ 5 Active, 1 Pending, 2 Sold)
$400,000-$500,000 ~ 6 Active Listings, 1 Pending Listings, 9 Sold Listings, CDOM 209 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)
$500,000 and Up~ 11 Active Listings, 1 Pending Listings, 8 Sold Listings, CDOM 261 (New Construction Subgroup ~ 2 Active, 0 Pending, 4 Sold)
Lakeshore available in the City of Ham Lake 7 Active Listings

Ham Lake lakeshore price range: $135,000-$804,000

4 Homes on Coon Lake
1 Home on Lake Netta
2 Home on Little Coon Lake

Acreage Listings in the City of Ham Lake

• 38 Properties listed on 1-2 Acres Priced from $67,900-$599,800
• 16 Properties listed on 2-3 Acres Priced from $113,000-$980,000
• 7 Properties listed on 3-5 Acres Priced from $145,000-$778,000
• 3 Properties listed on 5-10 Acres Priced from $249,900-$805,000
• 2 Properties listed on 1-2 Acres Priced from $241,000-$499,900

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/31/09.

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