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MN Real Estate Update

Teri Eckholm's Notes and Anecdotes on Minnesota Real Estate

By Teri Eckholm | Agent in White Bear Lake, MN

Ham Lake, MN Real Estate Market Statistics 3rd Quarter 2010

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 acreage, executive, luxury and lakeshore homes in the Ham Lake area. The real estate market is not quite as sluggish in Ham Lake, MN as it was in early 2009. But the sales slowed considerably after the expiration of the tax credit. Still homes did sell in all price categories and inventory seems to be down.

The lower inventory levels is not just due to sales in the Ham Lake area. There are currently 109 homes active on the market. A few homes listed at higher prices did move off the market but builder’s are being much more conservative as there are fewer new construction homes in the area with price points over half a million. Likewise, all the lakeshore homes with the high price points have been removed from the market as just weren’t selling. There are still 9 listed homes over $500,000 and only 2 sold in the 3rd quarter of 2010 and one in pending, the absorption rate is just over a year. Lower priced inventory did continue to sell pretty well into the third quarter. With 33 actives and 8 sales this quarter, it seems that homes under $200K have slowed from a 6 month to an 8 month absorption rate. Sales in the $200,000-$300,000 price points have slowed considerably and now the absorption rate has slowed to over a year. While in the $400,000-$500,000 range, the inventory is down either due to people removing their homes from the market or dropping their prices. Now the absorption rate in this price point is about 8 months. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is still over 6 months but in some price points it could take a year or longer. Right now inventory levels indicate there is about roughly a year of inventory in the Ham Lake market. Homes that are properly priced and prepared for showings in this Anoka County community are selling.

3rd Quarter 2010 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 33 Active Listings, 9 Pending Listings, 12 Sold Listings, CDOM 97 (No New Construction)

$200,000-300,000 ~ 39 Active Listings, 6 Pending Listings, 8 Sold Listings, CDOM 159 (New Construction Subgroup ~ 4 Active, 1 Pending, 1 Sold)

$300,000-400,000 ~ 20 Active Listings, 1 Pending Listings, 6 Sold Listings, CDOM 124 (New Construction Subgroup ~ 6 Active, 0 Pending, 1 Sold)

$400,000-$500,000 ~ 8 Active Listings, 1 Pending Listings, 2 Sold Listings, CDOM 281 (New Construction Subgroup ~ 0 Active, 1 Pending, 1 Sold)

$500,000 and Up~ 9 Active Listings, 1 Pending Listings, 2 Sold Listings, CDOM 317 (New Construction Subgroup ~ 1 Active, 0 Pending, 2 Sold)

Lakeshore available in the City of Ham Lake
4 Active Listings

Ham Lake lakeshore price range: $195,000-$299,000

1 Homes on Coon Lake
1 Homes on Ham Lake
1 Home on Lake Netta
1 Home on Little Coon Lake

**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 Minnesota Lakeshore or Acreage Homes!

Articles on Ham Lake, Lakeshore and Minnesota that might be of interest:

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 HOME BUYER'S BLOG!

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


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