Residential housing values in Coon Rapids are on the rise.
City Assessor Ned Storla presented the Coon Rapids City Council, sitting as the Local Board of Review for its annual meeting April 30, with estimated market values on residential properties for the 2012 to 2013 assessment year.
The Board of Review listens to property owners who have issues with the estimated market value placed on their property by the city assessor’s office and has the power to change the value, either up or down, or leave it the same.
But no one appeared to appeal their property’s value at the April 30 meeting.
However, the council and Storla spent several minutes reviewing data on housing values and sales in Coon Rapids.
“Both values and sales are on the upswing,” Storla said.
Overall, residential property estimated market values in the city went up between 2 and 3 percent over the past year, according to Storla.
That compares with recent years in which property values have declined, in one or two years by double-digit amounts, since the onset of the recession, Storla said.
The 2012 to 2013 assessment year estimated market value figures were compiled by the city’s assessing department by comparing sale prices of homes in neighborhoods over the period of a year – the last quarter of 2011 and the first three quarters of 2012.
In addition, the assessing department physically inspected some 4,500 residential properties during the same time frame, according to Storla.
“We physically inspect 20 percent of the city each year,” Storla said.
Also taken into account were building permits taken out by property owners over the course of the year, he said.
Storla specifically focuses on the estimated market values of 28 residential properties in his annual report to the Board of Review.
Combined, those homes show a value increase of .3 percent, ranging from a 5.23 percent value increase in one case to a value loss of 3.15 percent in another.
Of those 28 residential properties, six are considered benchmark homes on which the city has tracking both estimated market values and property taxes for decades.
Two of those properties had an estimated market value increase over the past year, one by as much as 3.66 percent, a third was flat and the other three saw value drops, one by 2.77 percent.
But Storla gave the council a more immediate example of an improvement in residential home values.
According to Storla, a home valued at $222,650 in 2008 before the recession began had dropped in value to $156,400 by January 2012.
“As of April this year, the value was up to $163,600,” Storla said.
Values are also increasing on foreclosed residential properties, he said.
Storla gave the example of a foreclosed property that was valued at $100,500 in January 2012 and by last month, the value had gone up to $117,200.
Figures show the housing market in the city is also improving, Storla said.
The sale time of homes on the market in Coon Rapids through the regular process, not short sale or foreclosure, has declined from 165 days to 74 days over the past year, according to Storla.
There is also a smaller inventory of homes in Coon Rapids on the market, Storla said.
“That means that homes are selling faster,” he said.
Peter Bodley is at firstname.lastname@example.org