Thursday, January 8, 2009

Forest Lake, MN Real Estate Market Statistics Year End 2008

Forest Lake, Minnesota is well known throughout the Twin Cities area. Many people from the city remember the northeast St. Paul suburb fondly from years gone by as a summer vacation spot, an annual ice fishing tournament tradition or as a destination when going for a Sunday a drive in the country. Today, the lakeside cabins have been replaced with year round residences, the fishing tourney is but a memory and the farms are few and far between in this third ring St. Paul suburb. Though housing sales have slowed down considerably in many northern suburbs during the past few years due to continued concern of increased 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. A total of 125 single family homes were sold in Forest Lake and Forest Lake Township during 2008. The Cumulative Days on Market (CDOM) Statistic ran at 165 days for all homes sold during the year. In the first and second quarter the CDOM was well over 211-286, so at the end of the year homes started selling at a faster pace.

Not surprisingly, the price category of under $200,000 is the high point of the year. With 49 listings sold at an average CDOM of just under 4 months, it appears buyers are out there shopping for homes under $200K. It is a bit slower in the $200,000-300,000 category in this market, 6 months worth of inventory is very manageable.

All year, high end homes struggled for sales. In the second half of the year three times the number of homes sold in the $300,000-400,000 category than in the first six months. Sellers are becoming more realistic on pricing and inventory is starting to move. Homes over $500,000 have sales at a near standstill. Currently, the Forest Lake community sits with nearly 5 years of inventory in this price range and no relief appears to be in sight.

Great homes are currently on the market in Forest Lake at amazing prices; many are lakeshore and acreage properties. With this much inventory, sellers will need to be flexible on pricing. It might be the perfect time to negotiate a GREAT deal on a lakeshore home!

Lakeshore opportunities have been abundant in the Forest Lake area throughout 2008! There are more listings than ever before at incredible prices too! The inventory is awesome…40 lakeshore homes are currently active and some at attractive and affordable price points. Many have been on the market for several months. With the amazing low interest rates and few buyers looking at frozen lakeshore, it could be a great time to negotiate a deal on your piece of Minnesota shoreline!

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

Under $200,000~ 35 Active Listings, 8 Pending Listings, 49 Sold Listings, 118 CDOM (Lakeshore Subgroup ~ 0 Active, 2 Pending, 1 Sold)

$200,000-$300,000 ~ 35 Active Listings, 3 Pending Listings, 45 Sold Listings, 168 CDOM (Lakeshore Subgroup ~ 4 Active, 0 Pending, 2 Sold)

$300,000-$400,000 ~ 22 Active Listings, 1 Pending Listings, 19 Sold Listings, 240 CDOM (Lakeshore Subgroup ~ 6 Active, 0 Pending, 5 Sold)

$400,000-$500,000 ~ 10 Active Listings, 0 Pending Listings, 7 Sold Listing, 144 CDOM (Lakeshore Subgroup ~ 6 Active, 0 Pending, 2 Sold)

$500,000 and Up~ 27 Active Listings, 9 Pending Listings, 5 Sold Listings 349 CDOM (Lakeshore Subgroup ~ 24 Active, 0 Pending, 4 Sold)

Lakeshore available in the Forest Lake area:

47 Active Listings, 1 Pending Listings, 16 Sold Listings

Forest Lake lakeshore price range: $224,900-$2,100,000

35 Homes on Forest Lake
3 Homes on Clear Lake
1 Home on Shields Lake
1 Home on Howard Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/08 through 12/31/08.

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 or Homebuyers Success 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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