Blaine, MN Real Estate Market Statistics First Quarter 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, it has not stopped and continues to be a force in 2009. 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 to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. As I predicted, this affordability did continue throughout 2009. Home sold more quickly in 2009 and at better prices than in 2008 (Click Here to see stats for Blaine for the first quarter of 2008). The homes that are selling best in Blaine continue to be in the under $200,000 price point. There is currently only about 5 months of single family homes in prices under $200,000 in Blaine.

I would speculate that the tax credit incentive boosted the lower end sales considerably by enticing first time buyers into the market. Cumulative days of the market (CDOM) picked up a bit in the lower price points as compared with 2009 by a few days. It is good to note that there were a few more sales in the higher price points too. There is approximately 9 and 11 months of inventory of single family homes in the $200,000- $300,000 and $300,000-$400,000 ranges, respectively. 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. Builders seem to finally realize that buyers are not buying as many “McMansions” in Blaine as they had in years past.

The townhome and condominium market is still selling slower than single family homes but inventory levels have come down considerably in the past year in Blaine. 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. Townhomes under $200,000 have about an 16-18 month absorption rate but little is selling in higher price ranges so it is difficult to assess how long the current new townhome inventory will stay on the 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 Quarter Blaine residential real estate statistics for single family homes:

Under $200,000~ 104 Active Listings, 53 Pending Listings, 59 Sold Listings, 115 CDOM (New Construction Subgroup 4 Active, 2 Pending, 0 Sold)
$200,000-300,000~109 Active Listings, 33 Pending Listings, 34 Sold Listings, 167 CDOM (New Construction Subgroup 35 Active, 15 Pending, 7 Sold, 113 CDOM)
$300,000-$400,000 ~40 Active Listings, 10 Pending Listings, 16 Sold Listings, 119 CDOM (New Construction Subgroup 14 Active, 5 Pending, 7 Sold, 119 CDOM)
$400,000-$500,000 ~ 21 Active Listings, 3 Pending Listings, 4 Sold Listings, 319 CDOM (New Construction Subgroup 4 Active, 1 Pending, 3 Sold, 378 CDOM)
$500,000-$1,000,000~ 20 Active Listings, 4 Pending Listings, 3 Sold Listings, 156 CDOM (New Construction Subgroup 10 Active, 3 Pending, 1 Sold, 47 CDOM)
$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction over $1,000,000)
1st Quarter Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 115 Active Listings, 40 Pending Listings, 20 Sold Listings, 95 CDOM (New Construction Subgroup 14 Active, 6 Pending, 7 Sold, 40 CDOM)
$200,000-300,000~18 Active Listings, 7 Pending Listings, 0 Sold Listings (New Construction Subgroup 10 Active, 6 Pending, 0 Sold)
$300,000-$400,000 ~ 4 Active Listings, 1 Pending Listings, 2 Sold Listings, 193 CDOM (New Construction Subgroup 3 Active, 1 Pending, 1 Sold, 151 CDOM)
$400,000-$500,000 ~4 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)
$500,000-$1,000,000~ 5 Active Listings, 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 1/1/10 through 3/31/10.

Copyright 2010 Teri Eckholm 

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/

Blaine, MN Real Estate Market Statistics First Quarter 2009

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, it has not stopped and continues to be a force in 2009. 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 to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area extremely affordable. I predict this affordability to continue throughout 2009. Home sales slowed at year end but overall the year was not bad for lower priced homes. The homes that are selling best in Blaine are in that under $200,000 price point. My guess is a majority of the sold homes were lender-mediated, either foreclosure or short sale properties. Cumulative days of the market (CDOM) has stayed consistent with the numbers from 2008 in the lower price points. Fluctuation in the higher price points are mostly skewed due to few sales.

Last year, homes in Blaine were selling a bit faster than other areas of Anoka County but the slowdown in existing sales seems to have overtaken this community as well. Buyers looking at single family homes under $300,000 in Blaine quite a bit of inventory to choose from but the choices are down from 2008. At a rate of 28 per month sold, the inventory is manageable. Looking at current inventory levels and the rate of sales for single family residential homes priced under $200,000, there is about 9 months of inventory as it stands today. But in higher price points the absorption rate still nearly 2 years.

New construction homes sales are slow in the first quarter just as builders added inventory for the Parade of Homes. Traditional home sellers need to be aware that builder incentives continue to be very attractive to entice buyers to build rather than buy existing.

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 6 months of inventory compared with nearly 3 years of inventory in 2007. Existing townhome sellers must make their prices very attractive even though builders’ inventory is down. Townhomes under $200,000 have about an 18 month absorption rate but little is selling in higher price ranges so it is difficult to assess how long the current new townhome inventory will stay on the market.
2008 Average Sales Price of all homes sold in Blaine:
· All Homes $225,300
· Single Family Homes $253,143
· Townhomes/Condos $171,218

2008 Average Cumulative Days on Market in Blaine:

· All Homes 154
· Single Family Homes 150
· Townhomes/Condos 162
1st Quarter Blaine residential real estate statistics for single family homes:

Under $200,000~ 88 Active Listings, 36 Pending Listings, 43 Sold Listings, 137 CDOM

$200,000-300,000~100 Active Listings, 15 Pending Listings, 20 Sold Listings, 145 CDOM (New Construction Subgroup 26 Active, 2 Pending, 1 Sold, 54 CDOM)

$300,000-$400,000 ~41 Active Listings, 3 Pending Listings, 6 Sold Listings, 286 CDOM (New Construction Subgroup 20 Active, 1 Pending, 2 Sold, 30 CDOM)

$400,000-$500,000 ~ 29 Active Listings, 3 Pending Listings, 3 Sold Listings, 156 CDOM (New Construction Subgroup 9 Active, 1 Pending, 0 Sold)

$500,000-$1,000,000~ 42 Active Listings, 3 Pending Listings, 0 Sold Listings (New Construction Subgroup 13 Active, 1 Pending, 0 Sold)

$1,000,000 and Up ~2 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)

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

Under $200,000~ 115 Active Listings, 21 Pending Listings, 20 Sold Listings, 95 CDOM (New Construction Subgroup 14 Active, 4 Pending, 7 Sold, 40 CDOM)

$200,000-300,000~24 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 9 Active, 0 Pending, 0 Sold)

$300,000-$400,000 ~ 11 Active Listings, 0 Pending Listings, 2 Sold Listings, 193 CDOM (New Construction Subgroup 10 Active, 0 Pending, 1 Sold, 151 CDOM)

$400,000-$500,000 ~4 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 3 Active, 0 Pending, 0 Sold)

$500,000-$1,000,000~ 2 Active Listings, 0 Pending Listings, 0 Sold Listings (New Construction Subgroup 2 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 1/1/09 through 3/31/09.

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