POTW | Lino Lakes
By David Arbit on Monday, April 18th, 2016
Lino Lakes is a north metro city in Anoka County with a population of over 20,000. Located just south of the confluence of Highways 35W and 35E, the city contains not only several notable lakes, but also wholly contains the City of Centerville—similar to how Swaziland and Lesotho are land-locked within the borders of South Africa.
Like most of the metro area, Lino Lakes has seen stable market recovery since 2012, but home prices are still below their prior peak before the downturn. A typical buyer might expect to spend roughly $255,000 for an average home within the city.
It’s not every day you find a city wholly contained within another city, so it’s fair to say that warrants further statistical investigation. For the vast majority of the last 11+ years, home values were higher in Lino Lakes than in Centerville—even after adjusting for the size of homes selling. But that seems to be shifting slightly. The Centerville price per square foot took a step up in Q4-2015, leaving Lino Lakes values behind.
Similarly, Lino Lakes homes have tended to go under contract in less time compared to Centerville homes. This is the case after filtering down to just single-family, previously-owned properties. At the beginning of 2016—for the first time since 2013—Centerville homes are now going under contract after fewer cumulative days on market.
Digging into Lino Lakes activity by price point, there are now more sales priced above $250,000 than there are below $250,000. That trend—and we use the term loosely—only began in December 2015. The last time there was more sales activity above $250,000 than below was September 2008.
- A mostly strong start to the year
- On your radar: MAR inclement weather policy
- 2019 Leadership Installation and Awards Celebration
- Peek behind the curtain at MAR with Todd Urbanski
- Home Prices Reach Record High; Sales Down but Inventory Up
- Minneapolis: Proposal Adds Residential Energy Scoring Disclosures to TISH
- NEWS FROM NAR: Preparing for Possible Partial Shutdown of Federal Government
- Long-awaited inventory gains finally arrive
- Plymouth Council Votes Down Short-Term Rental Restrictions
- Position Announcement: MAR Seeks a Chief Executive Officer