Forest Lake, Minnesota is a special community in the northeast metro Twin Cities area. Many people from the city remember Forest Lake fondly from decades ago as a summer vacation spot or place to go for a drive in the country. Today, the lakeside cabins have been replaced with year round residences and the rural nature is all but a thing of the past in this thriving St. Paul suburb. Though housing growth has slowed down drastically in the past year or two in many northern suburbs due to ever increasing gas prices, Forest Lake is holding it's own.
Real estate in Forest Lake, MN in north Washington County and east Anoka County continues to sell but slowly. The Days on Market (DOM) Statistic is currently running at about 211 days for all homes sold. When the first quarter numbers showed area homes had stayed on the market an average of 287days, this is welcome news.
If we look at sold homes in the under $300,000 category the absorption rate has come back an 11 month level from earlier this year where it was nearly 24 months. But high end homes continue to struggle for sales. Only five homes sold in the last 6 months in the $400,000 plus price category. Currently, the Forest Lake community sits with nearly 5 years of inventory if sales continue at this slow pace on high priced homes. Great homes at amazing prices are out there on 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 are abundant in the Forest Lake area! There are more listings than ever before at incredible prices too! The is inventory awesome...47 lakeshore homes currently active. Many have been on the market for a quite a while. With continued low interest rates, it is a great time to negotiate a deal on your piece of Minnesota shoreline!
Mid Year 2008 Forest Lake real estate statistics for single family homes:
Under $300,000~ 99 Active Listings, 10 Pending Listings, 47 Sold Listings, 194 DOM (Lakeshore Subgroup ~ 2 Active, 0 Pending, 3 Sold)
$300,000-$400,000 ~ 39 Active Listings, 0 Pending Listings, 14 Sold Listings, 268 DOM (Lakeshore Subgroup ~ 8 Active, 0 Pending, 8 Sold)
$400,000-$500,000 ~ 13 Active Listings, 0 Pending Listings, 4 Sold Listing, 167 DOM (Lakeshore Subgroup ~ 6 Active, 0 Pending, 2 Sold)
$500,000 and Up~ 37 Active Listings, 1 Pending Listings, 3 Sold Listings 385 DOM (Lakeshore Subgroup ~ 31 Active, 1 Pending, 3 Sold)
Lakeshore available in the Forest Lake area:
47 Active Listings, 1 Pending Listings, 16 Sold Listings
Forest Lake lakeshore price range: $269,900-$2,300,000
38 Homes on Forest Lake
7 Homes on Clear Lake
1 Home on Shields Lake
1 Home on Heims Lake
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/08 through 6/30/08.
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. 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 2008 Teri Eckholm http://www.terieckholm.com/
Dedication to customer service has made Teri Eckholm/Keller Williams Premier the Realtor® of choice for families in Blaine, Forest Lake, Ham Lake, Lino Lakes and Wyoming areas. Licensed in MN.
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Great stats Teri on Forest Lake. That high end home absorption rate is staggering. I wonder if all the people that could afford those priced homes moved away?
TERI, those are some great stats and Forest Lake sounds like a great place to live. I love the picture.
Hi Teri, As more and more people come into the entry level, it eventually will have an impact on the move up Buyers that sold. Providing they are no moving away, that end of the market will eventually make a come back. But otherwise, things look pretty good and there is some good activity there.
Hi Teri, knowing the market is one of the key things you offer clients as a professional. Your market updates help both buyers and sellers make an informed decision in the buying and selling process. Nice market post.
Gary--Many of the homes are lakeshore properties. The McMansion concept was overbuilt in the Twin Cities in the last few years and without the zero down jumbo loan option, they aren't affordable. Most Minnesotans are quite practical and prefer to have an affordable home near their employment AND a second summer weekend lakeshore cabin in northern MN or WI.
Marchel--Thanks! It is one of the late blooms on a crabapple tree in our yard. It bloomed in late May this year due to the cold spring.
William--We are seeing areas selling much better than the 160 days in the heart of the Twin Cities but the north metro where I work most often is in that range for the homes under $300K. As the prices rise, there are significantly more options and fewer buyers so that price range continues to remain stagnant. The closer a seller is to the $400k range, the better the chances of selling too.
Gary--You are so right! It is as important for me to review these statistics quarterly rather than just daily as it paints a picture of the whole market that I can share with my clients.