October 2009 Twin Cities Real Estate Market Video Update—Not a Total Comeback but Still Moving Forward!

Althought it is the last day of October, there is still time to share this month's update from the Minneapolis Area Association of REALTORS®.

The October Monthly Skinny points out that even in the cooler September temperatures, theTwin Cities real estate market was hotter than average for early fall. The Twin Cities area saw a 23.5% increase in pending sales in September 2009 as compared to September 2008. Many of these purchase agreements were for homes in the very affordable under $120,000 price range. No doubt due this surge in sales contracts were due to the soon to expire tax credit for first time home buyers. That credit has been such a boon to the lower priced homes that it has really worked down the amount of bank owned properties and there is considerably less inventory in that category going forward. Short sale properties did not see nearly the same amount of action as there is often timeframe issues when placing an offer on a home that is in a short sale position. With the tax credit deadline looming few first time buyers want to take a chance on a short sale not closing prior to the November 30, 2009 expiration date of the credit as it stands today. Yes, the credit could be extended but it is obvious from the numbers that few buyers wanted to take that chance.

So how does this compare to the real estate market is that for single family homes in Anoka County, Ham Lake, Forest Lake and throughout the Twin Cities north metro? The north metro market has had a similar pattern to the rest of the metro area. We are still dealing with a stagnant townhomes and condo market and single family homes in the higher price points. In both of these catagories, there continues to be some amazing opportunities for buyers as compared to just a few years ago. Move up buyers and downsizers can benefit in this market if they own a home valued under $200,000, the price-point where most first time buyers are looking. Seniors who are down sizing from a reasonably sized/priced home can sell to first time buyers and obtain a condo at a steal of a price. Young families who have overgrown their starter home can move up to a larger home in the $250,000-$300,000 price range and have quite a selection to choose from.

Enjoy the video and remember that positive trends don't equate a comeback as there are still many challenges facing the Twin Cities real estate market. But we are moving forward.



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 , Homebuyers Success Packet or sign up for Listingbook Twin Cities Home Search. 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.



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

Lino Lakes, MN Real Estate Market Statistics Third Quarter 2009

Looking for a good deal on lakeshore or acreage in the Minneapolis/St. Paul area north metro? Lino Lakes, MN in Anoka County might be just the ticket. 2009 had seen an abundance of sales in the lower price points with bank owned and lender mediated properties impacting the market. Traditional homes had longer market times and by the end of the 3rd quarter properties were starting to move in even the higher price points.

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.

Like other communities in the Twin Cities, Lino Lakes homes priced under $300,000 are selling while those priced over $300,000 are lingering on the market. Inventory is way down in the under $200,000 single family home category and sales are strong up in the $200,000 to $300,000 categories for both single family and townhomes. The third quarter cumulative days on market (CDOM) statistic is much lower than for the average CDOM first quarter of 2009 (142 versus 192). It is also better than the CDOM for all of 2008 (142 versus 160). Looking at current inventory levels and the rate of sales for single family homes priced under $200,000, there is about 3-4 months of inventory. And a bit higher with 7-8 months of inventory at the $200K-$300K price point. Surprisingly even the inventory levels in the $300K-$400K range of Lino Lakes single family homes has made quite a bit of progress this summer. This category also is under a year’s worth of inventory as it has about 10-11 months worth. Hopefully this will be a trend we see continue as we end 2009 and one that will continue into the new year.

Townhomes continue to struggle even with the $8000 tax credit for first time buyersthat helped make so much difference in the single family home market. In every price category, there continues to be significant inventory and this doesn’t include all of the non-MLS listed new construction townhomes in the area either. Motivated sellers will have to be very aggressive with their pricing if they need to sell a townhome in Lino Lakes. Buyers considering townhomes in the Twin Cities north metro have quite an opportunity to make a deal in the Lino Lakes area.

1st Quarter Lino Lakes residential real estate statistics for single family homes:

Under $200,000~ 11 Active Listings, 10 Pending Listings, 8 Sold Listings, 164 CDOM
$200,000-$300,000 ~ 42 Active Listings, 9 Pending Listings, 16 Sold Listings, 146 CDOM
$300,000-$400,000 ~ 28 Active Listings, 4 Pending Listings, 9 Sold Listings, 101 CDOM
$400,000-$500,000 ~ 20 Active Listings, 1 Pending Listings, 1 Sold Listings, 91 CDOM
$500,000 and Up~ 10 Active Listings, 0 Pending Listings, 0 Sold Listings

1st Quarter Lino Lakes residential real estate statistics for townhomes and condos:

Under $200,000~ 26 Active Listings, 1 Pending Listings, 4 Sold Listings, 162 CDOM
$200,000-$300,000 ~ 11 Active Listings, 4 Pending Listings, 0 Sold Listings
$300,000-$400,000 ~5 Active Listings, 0 Pending Listings, 0 Sold Listings

Lakeshore available in Lino Lakes as of 10/11/2009

6 Active Listings

Lino Lakes lakeshore price range: $342,900-$1,118,000

1 Home on Amelia Lake
1 Home on Otter Lake
4 Homes on Reshanau Lake
Acreage properties available in Lino Lakes as of 10/11/2009
15 properties listed on 1-2 Acres priced between $149,900-$619,000.
5 properties listed on 2.1-5 Acres priced between $180,000-$349,900
5 properties listed on 5.1-10 Acres priced between $349,000-$1,118,000
1 property listed on 10.96 Acres priced at $595,000
1 property listed on 29.52 Acres priced at $749,000
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 7/1/09 through 9/30/09.

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

Ham Lake, MN Real Estate Market Statistics for 3rd Quarter 2009

It will probably not come as a surprise that the unique Ham Lake name wasn't the first choice by the settler's to the area. After all, not many towns would chose to be named after a cut of pork (but the lake really does look like a ham hock from an aerial view). Incorporated in 1974, Ham Lake became a city after over a hundred years of humble but steady growth. The area was first settled in 1855 by a group of Scottish men on the southwest side of Ham Lake. The original name of the community was Glen Carey, which is the Scottish translation of "beautiful valley". Following a prairie fire in 1857, the first settlers moved but the community was resettled again. The new Scandinavian settlers had a hard time with the pronunciation of Glen Carey and soon the fledging community was known as Ham Lake...most probably because the lake in the area has a unique "ham-hock" shape. Anoka County officially was recognized Ham Lake as a township in 1871. In the early 1900's Central Avenue (Highway 65) was a slow commute as it was a wagon trail through the sand and swampland. And we think going through stop light after stop light slows traffic. Though it was graveled and paved at some point, it 1954 before was expanded to four lanes.
There are still four lanes on Highway 65 but traffic is traveling at a brisk 65 mph round the clock now as more people commute to the north. There are many people who look to the Ham Lake area for acreage, executive, luxury and lakeshore homes. However, lately the real estate market has been quite sluggish throughout Anoka County. Ham Lake, MN is seeing homes sell in 2009. There are bright spots across the board with homes selling in all price categories under $400,000, but the bulk of sales is found in the under $300,000 price categories.
New construction sales are not just stagnant; they have completely stopped with only one builder owned new construction home sold since the first of the year. The average Cumulative Days-on-Market (CDOM) is bouncing around in this Anoka County town…down a bit from first quarter in Ham Lake at 202 days, to 158 in the 2nd quarter and back up to 175 for the 3rd quarter.
Inventory is down in Ham Lake from the levels seen in 2008. There are currently 122 homes listed as active on the Twin Cities MLS but a good portion of those homes are in high price categories that are not seeing much activity. Homes over $500K continue to linger on the market for month after month. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the Twin Cities north metro is approximately 6-8 months but high priced homes are selling in 2-3 years! Right now average inventory levels indicate there is about 15-16 months of inventory in Ham Lake. Having a good price strategy for your home and being prepared for showings will be essential if planning to sell a home in this Anoka County community in 2009.
3rd Quarter 2009 Ham Lake residential real estate statistics for single family homes:
Under $200,000~ 25 Active Listings, 6 Pending Listings, 10 Sold Listings, CDOM 202 (All existing homes)
$200,000-300,000~ 33 Active Listings, 2 Pending Listings, 10 Sold Listings, CDOM 120 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$300,000-400,000~ 36 Active Listings, 5 Pending Listings, 3 Sold Listings, CDOM 295 (New Construction Subgroup ~ 8 Active, 1 Pending, 0 Sold)
$400,000-$500,000~ 9 Active Listings, 1 Pending Listings, 1 Sold Listings, CDOM 130 (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
$500,000 and Up~ 19 Active Listings, 1 Pending Listings, 0 Sold Listings, (New Construction Subgroup ~ 2 Active, 0 Pending, 0 Sold)
Lakeshore available in the City of Ham Lake
6 Active Listings
Ham Lake lakeshore price range: $185,000-$950,000
7 Homes on Coon Lake
1 Home on Lake Netta
1 Home on Ham Lake
2 Homes on Little Coon Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/09 through 9/30/09.

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

Forest Lake MN Real Estate Market Statistics 3rd 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 or as 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 continue to sell in the 3rd quarter which is consistent with most of the Twin Cities area. A total of 24 single family homes priced under $200K were sold in Forest Lake and Forest Lake Township during this time period. This is a 50% increase in unit sales from the previous quarter. The Cumulative Days on Market (CDOM) Statistic was again slightly lower than the previous quarter with 126 CDOM compared to 129 CDOM in the 2nd quarter. This is quite a bit better than what was seen in the first half of 2008 when the CDOM ranged from 211-286. This surge in home sales in the lower price points is almost certainly a result of the $8000 first time homebuyer tax credit.
It appears the high end homes will continue to struggle into 2009 with only 2 homes sold over $400,000. Obviously, there weren’t too many first time buyers looking at homes in THIS price range. And as most of the homes sold in the lower price points were foreclosures or vacant homes, there wasn’t the “move-up” activity seen in a normal market. When the lower value home sold in the past, a family generally moved to a larger more valuable home. Not the case in this market…and the statistics in Forest Lake back this scenario up. Forest Lake continues to have about 5-6 YEARS of lakeshore and executive home inventory…much of it on the very desirable Forest Lake's picturesque First Lake.
With this abundance of inventory, some sellers have aggressively priced their home to sell. Facing another winter with an empty home is not an option many home sellers want to consider so it is now a great time for buyers to get deals. 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.
There are 45 active lakeshore homes for sale in the Forest Lake area and some are at attractive and affordable price points. Many have been on the market for several months; some over a year. With the amazing low interest rates and few high-end buyers, it could be a great time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!
3rd Quarter 2009 Forest Lake real estate statistics for single family homes:
Under $200,000~ 34 Active Listings, 10 Pending Listings, 24 Sold Listings, 126 CDOM (Lakeshore Subgroup ~ 0 Active, 1 Pending, 2 Sold)
$200,000-$300,000 ~ 56 Active Listings, 8 Pending Listings, 9 Sold Listings, 207 CDOM (Lakeshore Subgroup ~ 7 Active, 1 Pending, 0 Sold)
$300,000-$400,000 ~ 32 Active Listings, 4 Pending Listings, 4 Sold Listings, 87 CDOM (Lakeshore Subgroup ~ 4 Active, 2 Pending, 0 Sold)
$400,000-$500,000 ~ 13 Active Listings, 0 Pending Listings, 3 Sold Listing, 306 CDOM (Lakeshore Subgroup ~ 8 Active, 0 Pending, 1 Sold)
$500,000 and Up~ 38 Active Listings, 0 Pending Listings, 1 Sold Listings, 306 CDOM (Lakeshore Subgroup ~ 26 Active, 0 Pending, 1 Sold)
Lakeshore available in the Forest Lake area:
45 Active Listings, 4 Pending Listings, 4 Sold Listings
Forest Lake lakeshore price range:
$259,000-$2,600,000
41 Homes on Forest Lake
1 Homes on Clear Lake
2 Home on Comfort Lake1 Home on Shields Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7 /1/09 through 9/30/09.

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