Real Estate Blog for the North & East Twin Cities

The number of new listings decreased considerably in Blaine, Minnesota through 2011 as did the average sales price. Blaine’s lender mediated foreclosure/short sale homes in the lower price points that worked their way through the system continued to affect the average sales price. With this the average price per square foot dropped over 11% from triple digits to $88/sq ft. The lower pricing has brought out the buyers as closed sales are up for Blaine in 2011 over 2010. Listings are moving at relatively the same pace taking just a week longer to sell than in the previous year, up from 125 to 132 days on the market. Blaine sellers did receive a bit less than asking than in 2010 but still over 92% This north metro community has sold through most of its current home inventory and remains an affordable option for first time home buyers. With low levels of inventory in the lower price points, 2011 might be the year for a traditional seller with a starter home to have the opportunity to move up in Blaine, Minnesota.

For additional details on the inventory levels in Blaine, MN at the end of 2011, Click HERE.

• All Homes $198,506
• Single Family Homes $219,873
• Townhomes/Condos $153,881

2010 Average Cumulative Days on Market in Blaine:

• All Homes 131
• Single Family Homes 129
• Townhomes/Condos 134

Year End Blaine residential real estate statistics for single family homes:

Under $200,000~ 133 Active Listings, 26 Pending Listings, 263 Sold Listings, 117 CDOM (New Construction Subgroup 8 Active, 1 Pending, 4 Sold, 231 CDOM)

$200,000-300,000~82 Active Listings, 12 Pending Listings, 169 Sold Listings, 134 CDOM (New Construction Subgroup 31 Active, 3 Pending, 64 Sold, 124 CDOM)

$300,000-$400,000 ~ 35 Active Listings, 4 Pending Listings, 52 Sold Listings, 146 CDOM (New Construction Subgroup 17 Active, 2 Pending, 28 Sold, 176 CDOM)

$400,000-$500,000 ~ 14 Active Listings, 2 Pending Listings, 21 Sold Listings, 240 CDOM (New Construction Subgroup 4 Active, 1 Pending, 8 Sold, 353 CDOM)

$500,000-$1,000,000~ 13 Active Listings, 4 Pending Listings, 17 Sold Listings, 137 CDOM (New Construction Subgroup 2 Active, 1 Pending, 11 Sold, 81 CDOM)

Year End Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 115 Active Listings, 13 Pending Listings, 216 Sold Listings, 126 CDOM (New Construction Subgroup 19 Active, 2 Pending, 35 Sold, 187 CDOM)

$200,000-300,000~13 Active Listings, 0 Pending Listings, 23 Sold Listings, 276 CDOM (New Construction Subgroup 11 Active, 2 Pending, 18 Sold, 177 CDOM)

$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 4 Sold Listings, 259 CDOM (New Construction Subgroup 3 Active, 0 Pending, 4 Sold, 270 CDOM )

$400,000-$500,000 ~2 Active Listings, 0 Pending Listings, 4 Sold Listings, 359 CDOM (New Construction Subgroup 1 Active, 0 Pending, 2 Sold, 1 CDOM)

$500,000-$1,000,000~2 Active Listings, 0 Pending Listings, 3 Sold Listings (No New Construction)

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.

• Resolve to Save for a First Home in 2011!
• Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
• Inspection, Pre-Inspection, Truth-In-Housing and Disclosures? What Does a Seller Need to Sell a Home?
• Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
• Foreclosure Priced BARGAINS on Minnesota Lakeshore Homes

• 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

3rd Quarter Blaine residential real estate statistics for single family homes:

Under $200,000~ 139 Active Listings, 23 Pending Listings, 39 Sold Listings, 116 CDOM (New Construction Subgroup 8 Active, 0 Pending, 2 Sold, 21 CDOM)

$200,000-300,000~94 Active Listings, 23 Pending Listings, 40 Sold Listings, 98 CDOM (New Construction Subgroup 33 Active, 6 Pending, 18 Sold, 100 CDOM)

$300,000-$400,000 ~39 Active Listings, 3 Pending Listings, 11 Sold Listings, 120 CDOM (New Construction Subgroup 17 Active, 3 Pending, 8 Sold, 135 CDOM)

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

$500,000-$1,000,000~ 22 Active Listings, 2 Pending Listings, 6 Sold Listings, 153 CDOM (New Construction Subgroup 7 Active, 1 Pending, 2 Sold, 73 CDOM)

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

3rd Quarter Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 127 Active Listings, 29 Pending Listings, 42 Sold Listings, 117 CDOM (New Construction Subgroup 17 Active, 5 Pending, 11 Sold, 306 CDOM)

$200,000-300,000~ 13 Active Listings, 1 Pending Listings, 2 Sold Listings, 231 CDOM (New Construction Subgroup 11 Active, 0 Pending, 1 Sold, 344 CDOM)

$300,000-$400,000 ~ 5 Active Listings, 2 Pending Listings, 0 Sold Listings (New Construction Subgroup 3 Active, 2 Pending, 0 Sold)

$400,000-$500,000 ~ 36 Active Listings, 0 Pending Listings, 1 Sold Listings, 176 CDOM (New Construction Subgroup 1 Active, 0 Pending, 0 Sold)

$500,000-$1,000,000~ 3 Active Listings, 1 Pending Listings, 1 Sold Listings, 272 CDOM (No New Construction townhomes/condos over $500,000)

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 7/1/10 through 9/30/10.

Click HERE to Search for Homes in Blaine MN!

Articles on Lakeshore and Minnesota Real Estate that might be of interest:

• Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? You Are SO Right!
• Minnesota Lakeshore and Wetland Homesellers--What Should be on the Disclosure
• Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
• Twin Cities First Time Homebuyer Class—What You Really Need to Know to Buy YOUR First House

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.

Home Sales Statistics for other communities in the north metro:

• 2009 Year End Snapshot of Andover, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Blaine, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Centerville Market Statistics
  
• 2009 Year End Snapshot of Chisago City, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Circle Pines, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Columbus, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Coon Rapids Market Statistics
  
• 2009 Year End Snapshot of East Bethel, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Forest Lake MN Home Sales Statistics
  
• 2009 Year End Snapshot of Ham Lake, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Hugo, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Lino Lakes, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Linwood, MN Home Sales Statistics
  
• 2009 Year End Snapshot of White Bear Lake, MN Home Sales Statistics
  
• 2009 Year End Snapshot of White Bear Township, MN Home Sales Statistics
  
• 2009 Year End Snapshot of Wyoming, MN Home Sales Statistics

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.

Home Sales Statistics for other communities in the north metro:

• 2009 Year End Snapshot of Andover, MN Home Sales Statistics
• 2009 Year End Snapshot of Blaine, MN Home Sales Statistics
• 2009 Year End Snapshot of Centerville Market Statistics
• 2009 Year End Snapshot of Chisago City, MN Home Sales Statistics
• 2009 Year End Snapshot of Circle Pines, MN Home Sales Statistics
• 2009 Year End Snapshot of Columbus, MN Home Sales Statistics
• 2009 Year End Snapshot of Coon Rapids Market Statistics
• 2009 Year End Snapshot of East Bethel, MN Home Sales Statistics
• 2009 Year End Snapshot of Forest Lake MN Home Sales Statistics
• 2009 Year End Snapshot of Ham Lake, MN Home Sales Statistics
• 2009 Year End Snapshot of Hugo, MN Home Sales Statistics
• 2009 Year End Snapshot of Lino Lakes, MN Home Sales Statistics
• 2009 Year End Snapshot of Linwood, MN Home Sales Statistics
• 2009 Year End Snapshot of White Bear Lake, MN Home Sales Statistics
• 2009 Year End Snapshot of White Bear Township, MN Home Sales Statistics
• 2009 Year End Snapshot of Wyoming, MN Home Sales Statistics

The number of new listings continued to drop in Blaine, Minnesota through 2009 as did the average sales price. Blaine's high valued home market in prices $500,000 and up continues to be at a standstill but lender mediated foreclosure/short sale homes in the lower price points continue to sell and affect the average sales price. Closed sales are up for Blaine in 2009 over 2008 so the market is seeing activity. Listings are staying on the market just slightly less this year than the previous year. Blaine has sold through most of its current home inventory as it was an affordable option for buyers in the north metro homebuyer. With less than 3 months of inventory in the lower price points, 2009 might be the year for a traditional seller with a starter home to have the opportunity to move up. For details on the inventory levels in Blaine at the end of 2009, Click HERE.

*Does not take into account time on the market or list price from previous listing contracts.

*Based on data from the Minneapolis Association of Realtors and data reported to the Regional Multiple Listing Service, Inc.

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.

Articles on Real Estate, Lakeshore and Minnesota that might be of interest:

• Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
• Inspection, Pre-Inspection, Truth-In-Housing and Disclosures? What Does a Seller Need to Sell a Home?
• EXTREMELY Affordable Minnesota Lakeshore!
• It Passed! Details on the Extended and Expanded Tax Credit for Homebuyers
• Could it be the WINTER to Move Up to a Bigger House? YES!!Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"

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.

Articles on Real Estate, Lakeshore and Minnesota that might be of interest:

• Dreaming of Life on Affordable Minnesota Acreage? Acreage Foreclosures in Anoka, Chisago, Washington and Ramsey Counties
• EXTREMELY Affordable Minnesota Lakeshore!
• First Time Homebuyers ARE Getting Deals on Foreclosures in MN!
• Seven Simple Steps to a VA Home Loan-Are YOU a Veteran?
• Minnesota Lakeshore and Wetland Homesellers--What Should be on the Disclosure?
• Foreclosure Investors Beware--House Flips Can Flop No Matter How GREAT the Deal!
• Blaine, MN Real Estate Market Statistics 2008 Year End
• Blaine, MN Real Estate Market Statistics First Quarter 2009
• Snapshot of Blaine MN Year End 2008 Home Sales Statistics
• Snapshot of Centerville Year End 2008 Market Statistics
• Snapshot of Coon Rapids Year End 2008 Market Statistics
• Snapshot of Ham Lake Year End 2008 Home Sales Statistics
• Snapshot of Lino Lakes Year End 2008 Home Sales Statistics
• Snapshot of Andover Year End 2008 Home Sales Statistics
• Snapshot of Forest Lake Year End 2008 Home Sales Statistics

Looking to Buy or Sell a home in Blaine, MN? 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.

Buying a Home? Check out my new HOME BUYER'S BLOG!

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

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