Thursday, July 2, 2009

Forest Lake MN Real Estate Market Statistics 2nd Quarter 2009

Forest Lake, Minnesota is well known throughout the Twin Cities area. It was a favorite summer vacation spot, an annual ice fishing tournament tradition and a destination when going for a Sunday a drive in the country in days gone by. 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.

Real estate in Forest Lake, MN in north Washington County and east Anoka County has seen homes priced under $200,000 selling significantly faster in the 2nd quarter than in the last year, though there has not be a significant increase in the number of homes sold A total of 16 single family homes were sold in Forest Lake and Forest Lake Township during this time period. The Cumulative Days on Market (CDOM) Statistic is down considerably in the 2nd quarter from 165 days to129 days for homes under $200,000 in Forest Lake. This is quite a bit better than what was seen in the first half of 2008 when the CDOM ranged from 211-286. Homes are selling much better in the lower price points…no doubt that the $8000 first time homebuyer tax credit had something to due with the picked up rate of sales in this price range.

It appears the high end homes will continue to struggle into 2009 with virtually no sales for homes priced over $500,000. All of these properties are lakeshore and many are beautiful executive residences on Forest Lake's picturesque First Lake. Currently, the Forest Lake community sits with nearly 5 years of inventory in the highend price range and with no homes sold in the second quarter…long after the ice has melted…it appears this end of the market is at a standstill.

With all this inventory, some sellers are getting aggressive with pricing. There are a few beautiful homes are currently on the market in Forest Lake at amazing prices; many are lakeshore and acreage properties. With this much inventory, motivated sellers will need to be flexible on pricing. It might be the perfect time to negotiate a GREAT deal on a lakeshore or acreage home! There are 46 active lakeshore homes for sale in the Forest Lake area and some are at attractive and affordable price points. Many lakehomes have been on the market for several months; some over a year. With the amazing low interest rates and few highend buyers, it could be a great time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!

2nd Quarter 2009 Forest Lake real estate statistics for single family homes:

Under $200,000~ 34 Active Listings, 11 Pending Listings, 16 Sold Listings, 129 CDOM (Lakeshore Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$200,000-$300,000 ~ 51 Active Listings, 10 Pending Listings, 8 Sold Listings, 180 CDOM (Lakeshore Subgroup ~ 5 Active, 1 Pending, 1 Sold)

$300,000-$400,000 ~ 29 Active Listings, 5 Pending Listings, 2 Sold Listings, 190 CDOM (Lakeshore Subgroup ~ 6 Active, 2 Pending, 1 Sold)

$400,000-$500,000 ~ 11 Active Listings, 0 Pending Listings, 0 Sold Listing, (Lakeshore Subgroup ~ 6 Active, 0 Pending, 0 Sold)

$500,000 and Up~ 28 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 28 Active, 0 Pending, 0 Sold)

Lakeshore available in the Forest Lake area: 46 Active Listings, 3 Pending Listings, 2 Sold

ListingsForest Lake lakeshore price range: $189,900-$2,600,000
42 Homes on Forest Lake
1 Homes on Clear Lake
2 Home on Comfort Lake
1 Home on Heims Lake (Environmental Lakeshore)

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 4 /1/09 through 6/30/09.

Copyright 2009 Teri Eckholm