Tuesday, July 6, 2010

Forest Lake, MN Real Estate Market Statistics Mid Year 2010

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. The northern Washington County and east Anoka County community of Forest Lake is now considered an integral part of the Twin Cities.

Real estate in
Forest Lake, MN sold a bit faster during the second quarter compared to the first. A total of 110 properties sold in the Forest Lake Area between January and June compared to 45 being sold prior in the first three months of the year. Of these homes, 68 properties, were single family homes while the other 42 were townhomes, condos or twin homes.

Not surprisingly, the price category of under $200,000 is the high point the bulk of homes sold during the first half of 2010 (78 properties sold with 39 Single family homes and 39 townhomes/condos). The $8000 tax credit really made an impact in the Forest Lake market as the first time buyer homes under $200,000 are not staying on the market for very long. It will be interesting to see if this momentum continues, though it seems doubtful based on early pending sales results for May and June since the credit expired.

High end homes continue to struggle though the first half of 2010. Homes over $500,000 remain are at a complete standstill with zero homes sold in the over half a million price category in the Forest Lake area during this time period. Add that to the one home sold in all of 2009 and it will is difficult to calculate an absorption rate. As most lakeshore homes fall into this category, there is an abundance of high valued lakeshore homes to select from in the Forest Lake area. With one sold in the past 18 months and 24 active listings over $500,000, it will DECADES for all the homes to sell if sales continue at this rate.

What does this mean for the home buyer? Homebuyers in 2010 looking for homes under $200,000 will have to make quick decisions on homes in Forest Lake that appear to be good values. Lakeshore and acreage properties priced under $500,000 seem to be attractive to buyers and selling quickly again, so it is important to be prepared to buy when the right property comes onto the market.

A buyer looking to purchase high-end lakeshore in the Forest Lake area, is at the wheel in the captain’s chair in 2010! With so much inventory, high-end lakeshore sellers must to be flexible on pricing if they want to be the house with the SOLD sign on their yard this summer! NOW might be the perfect time to negotiate a GREAT deal on a lakeshore home! The inventory is awesome…Over 50 lakeshore homes with are currently active in the Forest Lake area; some are at very attractive and affordable price points. Many have been on the market for several months; some have been on the market for years. With the continued low interest rates may never be a better time to negotiate a deal on your piece of Minnesota shoreline!Mid Year Average Sales Price of all homes sold in Forest Lake:
All Homes $175,317
Single Family Homes $207,204
Townhomes/Condos $125,208
Mid Year 2010 Average Cumulative Days on Market in Forest Lake:
All Homes 167
Single Family Homes 180
Townhomes/Condos 146

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

Under $200,000~ 48 Active Listings, 7 Pending Listings, 39 Sold Listings, 123 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 0 Sold)

$200,000-$300,000 ~ 60 Active Listings, 7 Pending Listings, 19 Sold Listings, 200 CDOM (Lakeshore Subgroup ~ 9 Active, 1 Pending, 1 Sold, 50 CDOM)

$300,000-$400,000 ~ 24 Active Listings, 0 Pending Listings, 4 Sold Listings, 210 CDOM (Lakeshore Subgroup ~ 8 Active, 2 Pending, 2 Sold, 86 CDOM)

$400,000-$500,000 ~ 15 Active Listings, 0 Pending Listings, 6 Sold Listing, 408 CDOM (Lakeshore Subgroup ~ 5 Active, 0 Pending, 3 Sold, 493 CDOM)

$500,000-$1,000,000~ 19 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 19 Active, 0 Pending, 0 Sold)

$1,000,000 and Up~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 5 Active, 0 Pending, 0 Sold)

Mid Year 2010 Forest Lake residential real estate statistics for townhomes and condos:

Under $200,000~ 35 Active Listings, 11 Pending Listings, 39 Sold Listings, 121 CDOM

$200,000-300,000~9 Active Listings, 0 Pending Listings, 3 Sold Listings, 200 CDOM

$300,000-$400,000 ~ 4 Active Listings, 0 Pending Listings, 0 Sold Listings

For additional information on any current Forest Lake real estate listing or for additional information on buying a home in Forest Lake contact Teri Eckholm directly at 651-336-7073.

54 Active Lakeshore Properties available in the Forest Lake area:

Price range $225,000-$4,995,000

44 Homes on Forest Lake
6 Home on Clear Lake
2 Homes on Comfort Lake
1 Home On Shields Lake
1 Home On Sylvan Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 6/30/10.

Copyright 2010 Teri Eckholm h