Coon Rapids, a northern suburb to Minneapolis, saw a significant decrease in new listings but a huge increase in closed sales in 2011 over 2010. The average sales price of a home in this vibrant Anoka County community was down a whopping 13.1% which caused a subsequent drop in price per square footage from a very affordable $81/sq ft in 2010 to a extremely low $69/sq ft in 2011. It is one of the lowest in the north metro but keep in mind that there are many starter home and townhome developments with significant lender mediated properties. Coon Rapids area remains very affordable but prices will be leveling off again. Inventory dropped to less than 4 months at the end of 2011. Compare this to 7 months of inventory at the end of the previous year and there is a good potential for a rebound in prices into 2012. Market time is on the rise with an average 139 days on the market. The ratio of original price to received price is down in Coon Rapids but only by a bit under 3% so it looks like Coon Rapids will be continuing toward a balanced market in 2012.
For additional details on the inventory levels in Coon Rapids, MN at the end of 2011, Click HERE.
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