Thursday, October 11, 2007

Forest Lake, MN Real Estate Market Statistics 3rd Quarter 2007

Real estate in Forest Lake, MN in north Washington County and east Anoka County is selling—though admittedly at a slower pace than most sellers would like. The third quarter numbers show area homes are staying on the market an average of 171 days. Looking at current inventory levels and the rate of sales for homes priced under $300,000, there is about 7-8 months of inventory as it stands today.

While homes under $300,000 have a manageable inventory level, similar to other areas of the Twin Cities, high end homes are selling at a much slower pace. Note the abundance of existing inventory in the over $400,000 category. With 23 homes to sell over $400,000, there is currently 2 years of inventory. Looking at properties priced over $500,000, there are 32 homes on the market and with four homes selling every 3 months, it will take nearly three years to sell the entire inventory if home sales do not pick up.

The real story is that lakeshore is available in Forest Lake! The combination of an amazing inventory of 50 lakeshore homes, long market times, and low interest rates, creates the perfect situation as sellers should be ready to negotiate an acceptable deal for the sale of your piece of paradise!

3rd Quarter Forest Lake residential real estate statistics for single family homes:

Under $300,000~ 78 Active Listings, 9 Pending Listings, 20 Sold Listings (Lakeshore Subgroup ~ 3 Active, 0 Pending, 0 Sold)

$300,000-$400,000 ~ 47 Active Listings, 2 Pending Listings, 7 Sold Listings (Lakeshore Subgroup ~ 12Active, 0 Pending, 0 Sold)

$400,000-$500,000 ~ 23 Active Listings, 0 Pending Listings, 4 Sold Listings (Lakeshore Subgroup ~ 12 Active, 0 Pending, 3 Sold)

$500,000 and Up~ 32 Active Listings, 1 Pending Listings, 3 Sold Listings (Lakeshore Subgroup ~ 23 Active, 1 Pending, 3 Sold)

Lakeshore available in the Forest Lake Area:

Forest Lake lakeshore price range: $250,000-$2,900,000

41 Homes on Forest Lake
7 Homes on Clear Lake
1 Home on Sylvan Lake
1 Home on Neds Lake

For details on Forest Lake listings and lakeshore homes available, contact Teri Eckholm directly at 651-3336-7073.

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/07 through 9/30/07.
Featured Listing in Forest Lake Minnesota: 20685 Georgia Ave N

Articles on Forest Lake, 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