Tuesday, October 7, 2008

Forest Lake, MN Real Estate Market Statistics Third Quarter 2008

Forest Lake, Minnesota in the northeast metro Twin Cities area holds a special place in the hearts of many Minnesotans. Many residents of Minneapolis, St. Paul or one of the first ring suburbs will remember Forest Lake fondly from decades ago as a summer vacation spot or place to go for a drive in the country. Today, the lakeside cabins have been replaced with year round homes and the rural nature is all but a thing of the past in this thriving St. Paul suburb. Though housing growth has slowed down drastically in the past year or two in many northern suburbs due to ever increasing gas prices, Forest Lake is holding its own.

Real estate in Forest Lake, MN in north Washington County and east Anoka County continues to sell but slowly. The Days on Market (DOM) Statistic is currently running at about 167 days for all homes sold. When the six month numbers showed area homes had stayed on the market an average of 211days, this is welcome news.If we look at sold homes in the under $300,000 category the absorption rate is at a 7 month level which is down from 11 months at mid-year and significantly lower than the first quarter 24 month high. Summer weather for selling lakeshore may have contributed to this lower statistic. But high end homes continue to struggle for sales. Only eight homes sold in the 3 summer months in the $400,000 plus price category. Currently, the Forest Lake community sits with over 4 years of inventory when factoring in the sales of the first three quarters sales on high priced homes. Great homes at amazing prices are out there on lakeshore and acreage properties. With this much inventory, sellers will be forced to consider offers and be flexible when negotiating if they NEED to sell their home. However, it is an ideal time for and astute buyer to negotiate a GREAT deal on a lakeshore home!

Lakeshore opportunities are abundant in the Forest Lake area! There are more listings than ever before at incredible prices too! The inventory levels are awesome…49 lakeshore homes currently active. Many have been on the market for a quite a while. With continued low interest rates, it is a great time to negotiate a deal on your piece of Minnesota shoreline!

Mid Year 2008 Forest Lake real estate statistics for single family homes:

Under $300,000~ 86 Active Listings, 6 Pending Listings, 38 Sold Listings, 164 DOM (Lakeshore Subgroup ~ 5 Active, 0 Pending, 0 Sold)

$300,000-$400,000 ~ 32 Active Listings, 2 Pending Listings, 8 Sold Listings, 175 DOM (Lakeshore Subgroup ~ 6 Active, 0 Pending, 0 Sold)

$400,000-$500,000 ~ 17 Active Listings, 0 Pending Listings, 4 Sold Listing, 138 DOM (Lakeshore Subgroup ~ 8 Active, 0 Pending, 3 Sold)

$500,000 and Up~ 35 Active Listings, 2 Pending Listings, 4 Sold Listings 231 DOM (Lakeshore Subgroup ~ 30 Active, 1 Pending, 4 Sold)

Lakeshore available in the Forest Lake area:

49 Active Listings, 1 Pending Listings, 7 Sold Listings

Forest Lake lakeshore price range: $210,900-$2,100,000

43 Homes on Forest Lake
3 Homes on Clear Lake
1 Home on Shields Lake
1 Home on Heims Lake
1 Home on Comfort Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/08 through 9/30/08.

Articles on Forest Lake, Lakeshore and Minnesota that might be of interest:

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.
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