Interestingly, single family home sales were solid in the $200-300K price point during the third quarter with 40 homes sold (nearly 50% new construction) in the Blaine area. This is the only segment on sales not affected by the expiring tax credit. In most other price points, sales dropped noticeably with the ending of the home buying incentive.
The townhome and condominium market in Blaine has started remained somewhat strong this summer compare to other areas. No doubt, this trend stems from the abundance of active new construction in the area enticing people down off the fence. 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.
The good news is inventory and days on the market also was down from earlier this year. Will this trend continue with the extremely low interest rates? Not likely, people who have been waiting in the wings, or on the fence, are starting to get restless. In talks with several different colleagues across the Twin Cities, we are all noticing more activity on our listings and websites. Buyers who want to get in on the proverbial “bottom of the market” might want to start their home searches now as the numbers are indicating a slow, steady recovery in Blaine.
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
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
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 or FREE Homebuyers Success Packet. 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..JPG)
Buying a Home? Check out my HOME BUYER'S BLOG!
Copyright 2012 Teri Eckholm http://www.terieckholm.com/
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Teri, great info! Love the photo of the wildlife area and teh mushroom in the background. I lived just 2 miles away from there when it was built.
Hi Teri, This is a great report and glad to hear that the market is doing so well. I would bet that after the elections come the Spring market, people will be anxious for the real estate market to pick up even more and head in a full positive direction. I think we will see signs next year of conditions improving even a bit more. That is if we can get the lending industry to participate again and not make it so hard for everyone to get through the process.
Teri there are not many agents that do the comprehensive work in putting together the local market stats. Bravo on your hard work!
Teri I agree with Bill - your reports such as this one on Blaine, MN require the type of research only a dediated professional can provide
Teri
What a complete and concise report on Blaine Minnesota
William F--I drive by Blaine watertowers all the time bu don't always have time for a close up shot. This one was taken a couple of years ago from Hwy 10 while I waited for the kids at the orthodonist...It's a cool shot with the fall leaves.
William J--I hope so too...heard projections that by 2012 inventory will be down and more balanced but only time will tell.
Bill--Look at all the Williams/Bills lined up in a roll...how interesting...Thanks for the comment and kudos! :)
Karen--Appreciate that...especially from a professional such as yourself!
Tom--Thanks for checking in...appreciate your comments!