Agenda - Council - 06/28/2016 - Laserfiche WebLink

Home

ANOKA COUNTY HOUSING STUDY FOR -SALE HOUSING & Lexington accounted for nearly half of all home closings in the County. In each assessed year, the Blaine, Circle Pines, & Lexington submarket was always the leader for closed units. • The following chart visually displays the percent market share of annual average home closings in Anoka County submarkets from 2006 to 2010. Pet. Market Share Percent Market Share of New Construction Units Anoka County Submarkets, 2006 to 2010 40.0% - 35.0% - 30.0% - 25.0% - 20.0% - 15.0% 11.5% 10.0% - 5.0% - 1.7% 0.0% 36.1% 15.9% 5.8% ° 8.0% 4.4% 5.6% ° /° 2 . 0 % 3.6 /° 2.4% 3.1 �� 0.,£b �60 .,,a5 �ti *� .fie ro,0 �0a 5„- ,$ e �v boo y G c c4. -o. " c`. o G��1 ti~a0 ti O • a�' • Due to decreased demand for new construction units, inventory levels of vacant developed lots increased in 2007 and 2008 before developers began to decrease the number of new lots delivered annually. Even though the number of new developed lots delivered to the market has nearly halted, inventory levels have been and will continue to be high until the housing market is further into recovery. Numerically, in 2006 the ratio of closed units to vacant developed lots was 0.53 for the County overall; this figure decreased to 0.17 in 2009 and has improved slightly to 0.21 in 2010. • Based on the ratio of closed units to vacant development lots, the below listed submarkets are estimated to have the longest absorption periods of existing lots: o East Bethel & Bethel- 0.05 (ratio of closed units to VDLs) o Oak Grove & Nowthen - 0.09 o St. Francis - 0.10 o Ham Lake - 0.11 • Conversely, based on the ratio of closed units to vacant development lots, the below listed submarkets are estimated to have the quickest absorption periods of existing lots: o Coon Rapids - 0.46 (ratio of closed units to VDLs) MAXFIELD RESEARCH INC. 87