The fourth quarter numbers show area homes were selling just a bit faster than the previous quarter with an average of 141 days on the market for sold properties (DOM) compared with 159 days DOM in the third quarter. Looking at current inventory levels and the rate of sales for homes priced under $300,000, there is about 10-12 months of inventory. So with fewer homes selling and more coming on the market the absorbtion rate has gone up as in the third quarter it was closer to 6 months of inventory. Hopefully things will pick up again as the snow melts away.
While homes under $300,000 in Lino Lakes have a manageable inventory level, similar to other areas of the Twin Cities, high end homes are selling at a slower pace. Based on the 4th quarter statistics it will now take about tow years to sell the current inventory of homes above the $400,000 price tag. Though better than communities to the north, like Ham Lake and Forest Lake, which have about 3 years of high-end home inventory, Lino Lakes high end absorption rate is starting to edge upward.
4th Quarter Lino Lakes residential real estate statistics for single family homes:
Under $300,000~ 45 Active Listings, 2 Pending Listings, 11 Sold Listings, 132 DOM
$300,000-$400,000 ~ 32 Active Listings, 1 Pending Listings, 6 Sold Listings, 98 DOM
$400,000-$500,000 ~ 12 Active Listings, 0 Pending Listings, 3 Sold Listings, 308 DOM
$500,000 and Up~ 13 Active Listings, 2 Pending Listings, 1 Sold Listings, 128 DOM
Lakeshore available in Lino Lakes
1 Active Listings
Lino Lakes lakeshore price range: $544,900
1 Home on Otter Lake
Acreage properties available in Lino Lakes
8 properties listed on 1-2 Acres priced between $174,900-$589,900.
4 properties listed on 2-3 Acres priced between $220,970-$375,000
1 property listed on 3-5 Acres priced at $280,800
1 property listed on 5-10 Acres priced at $329,900
1 property listed on 10-15 Acres priced at $408,900
For additional information on any current Lino Lakes real estate listing or for additional information on buying a home in Lino Lakes contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 10/1/07 through 12/31/07.
Articles on Lakeshore and Minnesota that might be of interest:
- Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
- Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
- Affordable Minnesota Lakeshore
If you are buying, selling or relocating to Minnesota and need help from a professional Realtor, give me a call or visit my website for a FREE Relocation Packet. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
Copyright 2008 Teri Eckholm http://www.terieckholm.com/