Forest Lake, MN Real Estate Market Statistics 1st Quarter 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 was still selling close to pace with 2009 in first quarter of 2010 especially in the lower price points. A total of 45 properties sold in the Forest Lake Area between January and March. Of these homes, 28 properties, were single family homes while the other 17 were townhomes, condos or twin homes.

The Cumulative Days on Market (CDOM) Statistic ran at 160 days for all homes sold during the year so it was only slightly higher for first quarter 2010 at 161 CDOM. Once again, the average price of homes did see a significant drop from in the first quarter of 2010 The average price of a home sold in Forest Lake was $176,776 in 2009 but in the first quarter of 2010, that average is now $158,756 which is another 10% lower.

Not surprisingly, the price category of under $200,000 is the high point with 35 properties sold during the first quarter of 2010 (19 Single family homes and 16 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. Inventory is manageable under $200,000 with about 6 months of currently listed homes available for sale. Inventory levels are rising in other price points as homes in the $200,000-400,000 categories have exploded again to over 3 year’s worth of inventory. In the $400,000-500,000 price range, homes have seen drop in inventory levels to where there is about 18 month’s worth of inventory.

However, as for the past few years, the high end homes continue to struggle into 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 the first quarter of 2010. 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 15 months and 34 active listings over $500,000, it will over four DECADES for all the homes to sell if sales continue at this rate.

What does this mean for the home buyer? Home buyers 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 in the driver’s seat 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…34 homes with are currently active in the Forest Lake area; some are at 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 it could be a great time to negotiate a deal on your piece of Minnesota shoreline!

First Quarter Average Sales Price of all homes sold in Forest Lake:

· All Homes $158,756

· Single Family Homes $182,822

· Townhomes/Condos $119,118

First Quarter Average Cumulative Days on Market in Forest Lake:

· All Homes 161

· Single Family Homes 146

· Townhomes/Condos 186

First Quarter Forest Lake real estate statistics for single family homes:

Under $200,000~ 41 Active Listings, 11 Pending Listings, 19 Sold Listings, 105 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 0 Sold)
$200,000-$300,000~ 67 Active Listings, 3 Pending Listings, 5 Sold Listings, 134 CDOM (Lakeshore Subgroup ~ 1 Active, 1 Pending, 0 Sold)

$300,000-$400,000 ~ 20 Active Listings, 2 Pending Listings, 2 Sold Listings, 174 CDOM (Lakeshore Subgroup ~ 7 Active, 0 Pending, 0 Sold)

$400,000-$500,000 ~ 13 Active Listings, 0 Pending Listings, 2 Sold Listing, 535 CDOM (Lakeshore Subgroup ~ 5 Active, 0 Pending, 2 Sold)

$500,000 and Up~ 32 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 34 Active, 0 Pending, 0 Sold)

Year End 2009 Forest Lake residential real estate statistics for townhomes and condos:

Under $200,000~ 30 Active Listings, 11 Pending Listings, 16 Sold Listings, 187 CDOM

$200,000-300,000~8 Active Listings, 0 Pending Listings, 1 Sold Listings, 1 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/ REMAX Specialists directly at 651-336-7073.

35 Active Lakeshore available in the Forest Lake area:

Price range: $175,000-$2,300,000

43 Homes on Forest Lake

1 Home on Clear Lake

2 Homes on Comfort Lake

1 Home On Shields Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/10 through 3/31/10.

Copyright 2010 http://www.terieckholm.com/

Minnesota Lakeshore Deals Are Available...Seek and Ye Shall Find!

Last night, I was on the phone with REALTOR® in the Balsam Lake, Wisconsin area (cabin country for those in the north metro). She shared with me that there is an abundance of lakehomes and lakeside cabins available this year in this resort community. Both seasonal and year round properties are available in every price point. Intriguing as vacation lakeshore used to be such a hot commodity in the summer heat.
Today, I noticed several Anoka County lake homes hit MLS. I was surprised that so many lake homes coming on the market so late in the summer. Could it be that pent up lakeshore sellers are assuming that since there is good activity in the lower starter homes, it will carry over to lakeshore? The Mpls REALTORS® Skinny blog

points to a couple of recent articles saying higher price points are continuing to struggle. So does the recent upswing in low end sales affect lakeshore?

Last fall, I asked the question, Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? I had seen a great many lakeshore bargains across the Twin Cities north metro and looked at what was selling if anything. Sales were stagnant across the board last fall and lakeshore was only selling if priced to move. I decided that since we are half way through 2009, an update on lakeshore affordability and availability would be interesting.
To see what kind of an impact the buyer’s market has had Minnesota lakes; I did some research on lake homes sold in first half of 2009. As a REALTOR® working in the north east metro for several years, I knew it was difficult to find reasonably priced Minnesota lakeshore just a few years ago…especially properties located in areas with a quick commute to downtown. The Twin Cities market has been experiencing some of the highest affordability rates it has seen in years. I wanted to see if the change in the market and affordability had made lakeshore more affordable too. What I found is that an in-town lake home is not only affordable, there are several lakeshore properties available at ALL price ranges.

Focusing on the north east metro counties of Anoka, Chisago, Ramsey and Washington, I discovered some interesting facts. I set up a search for lakeshore homes SOLD that had at least 3BR/2BA and a garage and closed between January 1, 2009 and June 30, 2009. The homes had to be a single family dwelling, not a town home or condo. There were 71 homes that met these criteria. I then took a closer look homes that sold for the lowest and highest price in each county. Since most homes sat on the market for several months, there were some unbelievable price concessions by sellers. The 71 sold lakeshore listings were on the market an average of 129 days. But when I looked closer at the listings, I realized the cumulative days on the market was significantly higher. Many of the homes were cancelled and re-listed so the DOM would start again at zero. (In my estimation, the REAL average time on the market for north metro lakeshore is 18 months to 2 years.)
So are there amazing deals on Minnesota Lakeshore? Absolutely, YES
Here are a few of the highlights:
Anoka County

• Lowest Sold Price $149,000 (Original list price $230,000)
• Highest Sold Price $780,000 (Original list price $1,100,000)
• Average $428,468
• Total Homes Sold 19

The lowest priced Anoka County lakeshore home in the first half of 2009 was on Pet Lake in the northeast community of Linwood. It was a 1988 bank-owned rambler with 3BR/2BA and a 2 car garage. It sold for $149,000 after 148 days on the market and a price drop to $164,900.On the other end of the spectrum, straight south in the community of Centerville, a 2002 built executive rambler sold with picturesque views of the popular Centerville Lake. After a price drop to $850,000 and six months on the market the home was sold for $780,000. This 4BR/4BA home was chock full of the upgrades including a 3 car heated garage, master suite and in floor heat.
Chisago County

• Lowest Sold Price $115,000 (Original list price $115,900)
• Highest Sold Price $496,000 (Original list price $724,900)
• Average $288,715
• Total Homes Sold 17

The lowest priced home was a bargain in Center City on Pioneer Lake with 125 ft of shoreline. It was a bank-owned, turn-of-the century, two-story with 3BR/3BA and a 2 car garage that sold in 6 days for $115,000, just under the asking price.

On the high end, there was a 1985 built lake home on Chisago Lake with 120 ft. of shore located in Chisago City. This 4BR/4BA rambler was owner-occupied and had been on and off the market since January 2007. It originally was listed at $724,900. When listed in 2009, the price was $500,000 and it sold in 88 days for $496,000 (with a seller contribution of $8,500). Net price: $487,500.
Ramsey County

• Lowest Sold Price $170,000 (Original list price $259,900)
• Highest Sold Price $1,515,000 (Original list price $2,450,000)
• Average $519,500
• Total Homes Sold 18

Ramsey County is the heart of the east metro and is home to the capital city, St. Paul. Surprisingly, the bargain priced home was not a foreclosure. On the low end of the spectrum, there was a 3BR/2BA/1 Car rambler in Little Canada built in 1948 on Savage Lake. It originally listed at the end of 2007 for $259,900 but after a whopping 557 days on the market and a price drop to just over $200,000, the home sold for $170,000, nearly $90K less!
The spendy side of Ramsey County featured a North Oaks executive home on Pleasant Lake. The home sits on a 1.7 acre parcel on the island area of the private community. This 1980 rambler with 4BR/5BA/3Car and 7500+ finished square footage. After being on the market for almost 2 YEARS and a $700K price drop, it finally sold for just over $1.5 Million.
Washington County

• Lowest Sold Price $200,000 (Original list price $419,900)
• Highest Sold Price $1,620,000 (Original list price $1,895,000)
• Average $523,412
• Total Homes Sold 17

There were bargains at all price points in Washington County in the first half of 2009. At the low end a corporate-owned lakeshore home on North Shore Trail in the City of Forest Lake. It sold for $200,000 cash after a huge price reduction to $295,000. This 4BR/3BA two story home in need of exterior work was originally priced in January 2007 at $419K.

The Washington County high ticket home sold so far in 2008 is located in Mahtomedi with a White Bear Lake shoreline. The 1988 two-story home was loaded with upgrades. It sold after 75 days for $255,000 less than asking price. The home has 4BR/4BA/3Car and a beautiful lakeside patio with wrought iron gate!

Currently there are hundreds of single family lakeshore homes on the market throughout the Twin Cities north metro. As of today, there are 81 listed lakeshore properties in Anoka County, 115 in Chisago County, 64 in Ramsey County and 113 in Washington County. Prices range from $99,900 to $3.2 million and everywhere in between!
The deals on Minnesota’s sandy shorelines are out there! Your lakeshore dream could be closer than you ever imagined!

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

Lino Lakes, MN Real Estate Market Statistics Second Quarter 2009

Lino Lakes in Anoka County, MN was a great place to scout out a great deal on lakeshore or acreage in the Minneapolis/St. Paul area north metro during the second quarter of 2009. Directly impacted by the promise of an $8000 tax credit for first time buyers, bank owned and lender mediated properties flew off the Lino Lakes market. Traditional homes also saw an upswing in sales in the lower price points…heck in almost every price point. Even townhomes in this area have started to sell at a quicker pace, though not at higher prices.

Lino Lakes has a good mixture of lakeshore, acreage and townhome residences but is more known for having a bit of space between the houses. It conveniently located near the junction of the 35E and 35W split, just north of the Twin Cities, Lino Lakes is a 33 square miles treasure. With 13 lakes and acres of beautiful protected wetland, the community is served by three school districts; Centennial District #12, Forest Lake District #831, and White Bear Lake District #624. The gem attraction is the pristine 2,700-acre Rice Creek Chain of Lakes Regional Park Reserve is situated within the heart of the city. Lino Lakes is committed to maintain this treasure and its natural settings and wildlife habitats for years to come.

Lino Lakes single family homes in the low price points did not lingering on the market during the second quarter. The cumulative days on market (CDOM) statistic was down considerably to 174 in the second quarter compared 192 in first quarter. It is still higher than for the average CDOM of 160 that was for all of 2008. But obviously homes are starting to sell in Lino Lakes neighborhoods. Looking at current inventory levels and the rate of sales during the 2nd quarter for homes priced under $300,000, there is about 6 months of inventory for single family homes and 10 month of inventory on town homes.

Surprisingly, Lino Lakes homes in the $300,000- $400,000 price point are also starting to sell as people look for deals on acreage and lake homes with a quick commute to either downtown area. High end homes are not selling however. With two sales in the past six months over $500,000, it will take three years for the current high end inventory to sell.

2008 Average Sales Price of all homes sold in Lino Lakes:·

All Homes $259,826

Single Family Homes $276,580

Townhomes/Condos $169,074

2008 Average Cumulative Days on Market in Lino Lakes:

All Homes 160

Single Family Homes 157

Townhomes/Condos 178

2nd Quarter Lino Lakes residential real estate statistics for single family homes:

Under $200,000~ 17 Active Listings, 2 Pending Listings, 14 Sold Listings, 159 CDOM

$200,000-$300,000 ~ 40 Active Listings, 6 Pending Listings, 13 Sold Listings, 160 CDOM

$300,000-$400,000 ~ 27 Active Listings, 7 Pending Listings, 7 Sold Listings, 155 CDOM

$400,000-$500,000 ~ 10 Active Listings, 0 Pending Listings, 5 Sold Listings, 227 CDOM

$500,000 and Up ~ 12 Active Listings, 0 Pending Listings, 2 Sold Listings, 370 CDOM

2nd Quarter Lino Lakes residential real estate statistics for townhomes and condos:

Under $200,000~ 25 Active Listings, 5 Pending Listings, 9 Sold Listings, 121 CDOM

$200,000-$300,000 ~ 8 Active Listings, 1 Pending Listings, 1 Sold Listings, 430 CDOM

$300,000-$400,000 ~ 1 Active Listings, 0 Pending Listings, 2 Sold Listings, 165 CDOM

Lakeshore available in Lino Lakes as of 6/30/2009

4 Active Listings

Lino Lakes lakeshore price range: $375,000-$648,000

1 Home on Otter Lake

2 Homes on Reshanau Lake

Acreage properties available in Lino Lakes as of 6/30/2009

14 properties listed on 1-2 Acres priced between $159,900-$648,000

4 properties listed on 2.1-5 Acres priced between $239,900-$550,000

5 properties listed on 5.1-10 Acres priced between $249,900-$750,000

1 property listed on 10.96 Acres priced at $660,000

1 property listed on 29 Acres priced at $849,900

1 property listed on 80 Acres priced at $6,000,000

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 sold 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 http://www.terieckholm.com/