Saturday, July 14, 2007

Mid-Year 2007 Real Estate Market Statistics for Forest Lake Minnesota--Including Lakeshore Statistics

The first half of 2007 has been a mixed bag for the Forest Lake real estate market in northern Washington County. Homes in priced below $300,000 are selling well but time on the market is lengthy in all price categories. Per the St. Paul Area Association of Realtors, sales for the 13 county Twin Cities area are down 16% in the first half of 2007 compared with sales in the first half of 2006. The average home price fell 2%.
This mid-year update for Forest Lake real estate reflects the sluggish market with many listings. Homes are stagnant in the high price ranges with the exception of lakeshore. 4 of the 7 homes priced over $400,000 were lake homes. Homes in Forest Lake are moving a bit faster selling with 168 DOM, than those in neighboring Ham Lake and Lino Lakes which have an average DOM of 173 and 208 respectively. (Click here for complete Lino Lakes Statistics.) (Click here for complete Ham Lake Statistics.)

The following are statistics of current single family residential market activity in the Forest Lake area for the first six months of 2007:

Under $300,000~ 88 Active Listings, 9 Pending Listings, 45 Sold Listings; Average Cumulative Days on Market for Sold Listings: 150

$300,000-400,000 ~ 53 Active Listings, 0 Pending Listings, 14 Sold Listings; Average Cumulative Days on Market for Sold Listings: 204

$400,000-$500,000 ~ 24 Active Listings, 0 Pending Listings, 1 Sold Listings; Average Cumulative Days on Market for Sold Listings: 181

$500,000 and Up~ 42 Active Listings, 2 Pending Listings, 6 Sold Listings; Average Cumulative Days on Market for Sold Listings: 155

Lakeshore available in Forest Lake:
61 Active Listings, 3 Pending Listings, 5 Sold Listings
Forest Lake lakeshore price range: $334,900-$749,000
  • 48 Home on Forest Lake

  • 10 Home on Clear Lake

  • 2 Homes on Sylvan Lake

  • 1 Home on Natural Environmental Wetland or NEDS Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/07 through 6/30/07.

Selling Tips: With homes in Washington and Anoka County staying on the market for months, it is important for sellers to remember to keep the front of the home showing ready at all times.
Here are a few quick tips to keep your home looking hot from the street:

  • Flowers add color! If your spring blooms haven't blossomed yet, buy a dried floral wreath or colorful flag.

  • Spruce up the landscaping with new wood chips. Make certain all of the landscaping bricks in the retaining wall are in place.

  • Pick up trash from the yard.

  • Rake any leaves that have blown in over the winter.

  • Fix up that rusted mailbox at the end of the driveway.

  • Seal coat the blacktop drive.
    Move Boats, Trailers and Campers to another location.

  • Wash dirt and cobwebs from front of home paying special attention to door where buyers will enter. Paint door if necessary.

  • Replace tattered American flags with new ones. (Remember proper to dispose of old one properly.)
    Repair any wind damage to gutters, siding, shutters and storm doors. If the shutters or trim has faded, replace or repaint.

  • Paint or stain siding and front deck as necessary.

Buying Tips: There are many awesome deals on homes throughout the north and east Twin Cities metro for home buyers looking for a great opportunity to purchase a lakeshore or acreage home. But keep in mind that there are many misconceptions in a buyers market too. Here are a few points to remember as you consider purchasing a home in today’s market.

  • A home with a high DOM is not always a problem house. The only problem with the home could be that it was priced too high when first listed.

  • Not all sellers are so desperate that they will take any written offer. Sellers will not give away their homes. Homes are selling for fair prices in this market but not less than what they are worth.

  • Buyers in this market it is more important than ever to have an experienced Realtor on your side to assist with negotiations. It is not a time to view homes “agent-free”. The listing agent represents the seller. With widely fluctuating prices, it is imperative to have someone representing YOUR interests in the transaction.

Featured Listings in the north and east Twin Cities:

Articles on Lakeshore and Minnesota that might be of interest:
If you are relocating to Minnesota, are looking for Homes for Sale in the north and east Twin Cities metro area and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage properties! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2007