In spite of the real estate slow down Coon Rapids continues to evolve as it has for over 150 years. It has changed from the community's humble beginnings of a dirt road farm community to the 9th largest city and 5th largest suburb in the state of Minnesota. The affects of the real estate market change on Coon Rapids is tempered by its convenient location to downtown Minneapolis and its easy access to Interstate 35, Hwy 65 and Hwy 47/10 for a commute to a lakeside cabin. Coon Rapids is a community with something for everyone: encompassing 23 square miles it boasts several neighborhood and regional parks, indoor and outdoor ice skating rinks, softball and baseball fields, tennis courts, hiking and biking trails, swimming pools, a golf course, and two major regional shopping developments.
Like its neighbors Blaine and Andover, the residential real estate construction boom in Coon Rapids during the past decade has slowed but not stopped making new and existing home purchase opportunities very affordable. Conveniently between Anoka and Blaine, it is connected by Highway 10 just north of the Twin Cities, Coon Rapids is an attractive location for both business and residential development. The entire community of Coon Rapids is served by one school district; Anoka Hennepin District #11.
Real estate in Coon Rapids, MN in Anoka County is affordable and selling-though admittedly at a slower pace than most sellers would like. In the first five months of 2008 numbers show single family homes are staying on the market an average of 148 cumulative days. This is very similar to the neighboring community of Blaine with an average of 150 CDOM for the first quarter.
But when broken down to single family homes versus townhomes/ condos, the single family homes have a 132 average CDOM while townhomes/condos are selling nearly a month slower with a 168 CDOM. In Blaine, condos/townhomes were selling faster than their higher priced single family homes. This could be do to builder incentives on the abundance of new construction properties in Blaine and the many executive homes that are asking well over $500,000. There are extremely high priced homes in Coon Rapids and few new construction townhomes.
Like Blaine, the cumulative days on market numbers for Coon Rapids is better than in other areas of the north metro like Forest Lake, Lino Lakes and Ham Lake where homes have a cumulative days-on-market rate (CDOM) of well over 200 days. (Links to statistical reports for these communities are listed below.)
Inventory levels of single family homes under $200,000 in Coon Rapids have remain quite manageable with approximately 6-7 months of inventory. Town homes and condos are going quite a bit slower; with nearly 18 months of inventory. As Coon Rapids' real estate is for the most part moderately priced, it should adjust to the changed market relatively quickly but it's significant condo/townhome market will take time to recover as it will have to compete with new townhome developments in the neighboring community of Blaine.
Jan-May 2008 Coon Rapids residential real estate statistics for single family homes:
Under $200,000~ 137Active Listings, 26 Pending Listings, 102 Sold Listings, CDOM 124
$200,000-$300,000~ 130 Active Listings, 10 Pending Listings, 43 Sold Listings, CDOM 134
$300,000-$400,000~ 30 Active Listings, 2 Pending Listings, 11 Sold Listings, CDOM 185
$400,000 and up~ 13 Active Listings, 2 Pending Listings, 1 Sold Listings, CDOM 233
Jan-May 2008 Coon Rapids residential real estate statistics for townhomes and condos:
Under $200,000~ 228 Active Listings, 12 Pending Listings, 73 Sold Listings, CDOM 166
$200,000-$300,000~ 36 Active Listings, 1 Pending Listings, 6 Sold Listings, CDOM 340
$300,000-$400,000~ 9 Active Listings, 0 Pending Listings, 0Sold Listings, CDOM N/A
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/08 through 5/31/08.
Featured Townhome Listing in Anoka County (pictured above)
601 86th Lane NW, Coon Rapids, MN
For additional information on this home or any current Coon Rapids real estate listing contact Teri Eckholm directly at 651-336-7073.
Other Real Estate Articles that might be of interest:
· Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
· Understanding Risk of Loss-How Severe Weather Affects Real Estate
· First Time Home Buyer in Anoka County, MN? Low Interest Loans Available!
· Lino Lakes, MN Real Estate Market Statistics 1st Quarter 2008
· Forest Lake, MN Real Estate Market Statistics 1st Quarter 2008
· Ham Lake, MN Real Estate Market Statistics 1st Quarter 2008
· Blaine, MN Real Estate Market Statistics 1st Quarter 2008
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. 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 2008 Teri Eckholm http://www.terieckholm.com/
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, Coon Rapids is a very popular community. Not only is it affordable, but also family friendly.
Teri, That's pretty impressive growth statistics over the years! It sounds like a lovely area, growing but with plently of room to enjoy nature.
TERI, the 9th largest city and 5th largest suburb that is something to tout. It sounds like things are hopping in Coon Rapids. So how did they get their name?
Hi Teri, The market certainly points to the entry markets doing quite well. In time that will most assuredly have a positive effect for the move up buyers. The numbers look solid.
Teri, I wish we had homes that look so great at those prices, thank you for your post
Nice market update Teri, keeping buyers and sellers informed offers the opportunity to make a intelligent real estate decision. Nice market update.
Very nice narrative report, Teri. You really paint a picture for consumers in your area.
Great market update Teri! Why the difference between single family and condos dom? Are condos slowing down appreciably or are there more of them on the market?
Marzena--You are right! Coon Rapids certainly is full of amenities!
Carole--Absolutely!! Coon Rapids, like all of Anoka County, has many parks and areas to enjoy green space!
Marchel--According to the Coon Rapids city website it was originally called Anoka Township but due to its proximity to Coon Creek, it was renamed Coon Creek Rapids and eventually shortened to Coon Rapids.
William--You are correct! Every market will begin moving when the starter homes sell...that is always the first step toward recovery!
Jean--We are fortunate in MN to have many wonderful homes at affordable price points!
Gary--Thank You!!
Margaret--There are many wonderful communities in Anoka County...Each one is a different picture; statistically that is!
Chris--Great question! There were many new townhome developments in the works thoroughout the Twin Cities prior to the market slow down...Construction continued and builders have offered amazing incentives to buyers so the existing town homes sellers to all the new inventory to compete with. Combine that new construction townhome market with the amazingly priced single family starter homes and the fact that townhomes sell a bit slower anyway and it is easy to understand why there is a descrepency.
This is great news for downsizers as there are now affordable one level townhomes available on the market which were extremely rare in the past. Also well maintained, affordable townhomes are available in almost any community or area of the Twin Cities. Most of the townhomes in the Twin Cities are owner occupied and primary residences so the foreclosure rate is no worse on this catagory of properties than other properties in the area.
Teri,
nice information for all buyers who wants more solid information about your state, nice to see you again !
ray saenz
Ray--Thank you! Nice to see you again too!!
Teri - Great report! Coon Rapids has become such a nice community. You really give a thorough and informative summary of the area and the market. There seems to be some bright spots - I hope the balance of 2008 continues to see strong sales in your area.