Coon Rapids, a northern suburb to Minneapolis, saw its second year in a row with a significant decrease in new listings. Likewise the amount of homes closed also was up for in 2012 over 2011. The average sales price of a home in this vibrant Anoka County community was up a healthy 11% which caused a subsequent rise in price per square footage from an extremely low $69/sq ft in 2011 to a modest $75/sq ft in 2012. This is still very affordable for Anoka County. It remains best values in the north metro. Coon Rapids area remains very affordable but prices will continue to level off. Inventory dropped an approximately three months absorption rate at the end of 2012. Compare this to 7 months of inventory at the end of the 2010. Prices are poised to continue to rebound in prices as we head into 2013. The ratio of original price to received price is up considerably where Coon Rapids sellers are receiving over 95% of their original listing price so buyers need to be prepared to pay close to the asking price as Coon Rapids has started to tip toward a seller’s market.
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