Coon Rapids, a northern suburb to Minneapolis, experienced a third year in a row with a significant decrease in new listings. But unlike the previous two years, the amount of homes closed also was down, but not for lack of interested buyers. This caused average sales price of a home in this vibrant Anoka County community to rise a healthy 17.7% pushing the price per square footage from an extremely low $69/sq ft in 2011 and a modest $75/sq ft in 2012 to a respectable $88/sq ft in 2013. This is still very affordable compared to other communities in Anoka County. Coon Rapids remains one of the most affordable options in the north metro. But for how long? Inventory dropped to an approximately two month absorption rate in 2013. Compare this to 7 months of inventory at the end of the 2010. These low inventory levels indicate that this community will see a continued to rebound in prices as we head into the 2014 spring market. The ratio of original price to received price is also up again to where Coon Rapids sellers are receiving over 97.4% of their original listing price. It is indeed a good time to be selling a home in Coon Rapids. Though this is an affordable area, home buyers looking in this area need to be prepared to pay close to the asking price as it appears to be more of a seller’s market.
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