The Ham Laker Newsletter arrived last week with some great news for our semi-rural community. We are not going to be facing the drastic tax increases that are plaguing many other communities in the Minneapolis/St Paul metro area. Ham Lake is a community without the expensive infrastructure of water and sewage utilities so our costs were down this year. In fact, Ham Lake boasts one of the lowest tax bases in Anoka County; second only by a small margin to the small community of Nowthen. But has that helped the sales and market values of Ham Lake homes? Letâ€™s take a look.
Though the sluggish real estate market has affected Ham Lake, MN and Anoka County in 2010, homes did sell. Homes did sell just a bit more quickly with an average Cumulative Days-on-Market (CDOM) of 175 days for homes during 2010 versus 180 CDOM in 2009. Note that CDOM increase exponentially with the price point of the home. Homes under $200,000 sold in an average of 110 days where homes priced over $400,000 the CDOM was closer to 290 days. The average price of a home sold in Ham Lake was down to $237,092 in 2010 versus $248,424 in 2009.
Inventory is about the same as last year at this time with 84 active single family homes in Ham Lake now compared to January 2009 (84 versus 88 active listings). Homes are continuing to taking a bit longer to sell and even with the now expired $8000 tax incentive for home buyers that boosted the last two yearsâ€™ market, there continues to be more homes on the market than buyers. But we are making progress. Homeowners considering selling a home in the Ham Lake area must understand the average time to sell a home in the area is approximately 6 months, but inventory levels indicate a more complex story depending on the homeâ€™s list price.
Inventory levels are manageable for homes under $300,000 with about 7 months of inventory. This is higher than last year at this time when the under $300K absorption rate was closer to 6 months. But inventory levels are much better on homes with prices between $300,000 and $500,000. These price points stand at just over 4 months but this could be a seasonal decrease in inventory as many traditional sellers will remove their homes over the winter. But still it is a good sign of stability for Ham Lake prices. Another positive sign is that homes over $500,000 have about 12 months of inventory in the Ham Lake area versus 18 months at this time last year. This is much better than how Ham Lake real estate started 2009 when there was upwards of 5 YEARS of inventory in the half million plus properties. Seller have seem to have gotten the message that having a home properly priced and prepared for showings was essential to sell a home in this Anoka County community in 2010.
Year End 2010 Ham Lake residential real estate statistics for single family homes:
Lakeshore available in the City of Ham Lake
2 Active Listings
Ham Lake lakeshore price range: $259,900-$279,900
1 Home on Ham Lake
1 Home on Little Coon Lake
Acreage Listings in the City of Ham Lake
37 Properties listed on 1-2 Acres Priced from $74,900-$739,900
10 Properties listed on 2-3 Acres Priced from $215,900-$399,900
6 Properties listed on 3-5 Acres Priced from $175,000-$645,000
2 Properties listed on 5-10 Acres Priced from $180,000-$449,000
3 Properties listed on 1-2 Acres Priced from $439,900-$759,000
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 12/31/10.
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