Minnesota Homebuyer Blog: January 2010

Saturday, January 30, 2010

Year End 2009 Snapshot of Lino Lakes, MN Home Sales Statistics

The number of closed sales made a dramatic rebound in Lino Lakes, Minnesota in 2009. After an over 25% decline in homes sold in 2008 in the Lino Lakes area, there was a similar resurgence of buyers in 2009. With the lower average price point, this was undoubtedly the result of the first time home buyer tax credit combined with bank owned and mediated inventory on the real estate market. It took about a couple of weeks longer to sell a home in Lino Lakes, Minnesota in 2009 but overall homes were selling in this Anoka County community. The number of new listings was up over 8% during the year, but that does not mean that inventory levels are high. In the lower price points, real estate inventory is very manageable. CLICK HERE for more Lino Lakes 2009 statistics by price point.

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 2010 Teri Eckholm http://www.terieckholm.com/

Year End 2009 Snapshot of White Bear Lake, MN Home Sales Statistics

Like most other communities in the north east Twin Cities metro, White Bear Lake has seen more closed sales but at lower prices in 2009 compared to 2008. In this Northern Ramsey County city home sales dropped just over 16%; that’s almost 30% over a two year period! Inventory levels are going down as there are just slightly less (4.1%) of new listings that came onto the market this past year. The average days-on-the-market statistic is down by 10% so homes are starting to sell faster in White Bear Lake. The bulk of sales has been in the lower price points as nearly 67% of all homes closed in 2009 were sold for less than $200,000. Another 27% were sold for prices in the $200,000-$300,000 range. Traditional sellers considering a move up in White Bear have an opportunity this year as there are so few starter homes but many higher valued homes to select from. For additional breakdowns by price point in the White Bear Lake area CLICK HERE.

Wednesday, January 27, 2010

Year End 2009 Snapshot of Forest Lake, MN Home Sales Statistics

The sold signs are going up faster on homes in the community of Forest Lake Minnesota in 2009 compared to 2008 but the amount they are getting for the homes is significantly less than previously. The average sales price of a home was down nearly 28% this past year for this north Washington County/east Anoka County community. One explanation; Frustrated sellers of high end lakeshore homes continue to wait for a sale as first time buyers scoop up deals on the lower end of the market in order to get the expiring tax credit. More closed sales means the inventory is down overall.

Looking for a breakdown of Forest Lake 2009 home sales by price point? CLICK HERE for Detailed Forest Lake Statistics

Year End 2009 Snapshot of Ham Lake, MN Home Sales Statistics

This past year homes sold in higher numbers but at lower prices in Ham Lake, Minnesota a community synonymous with acreage properties. In this eastern Anoka County city home sales were up a whopping 36.8% in 2009. No doubt the first time home buyer credit got things moving after 2 years of lackluster sales activity. New listings were down pretty significantly at 12.7% less than in the previous year showing progressive movement toward a balanced market. The average days on the market dropped a few days to just below from 184 to 176, which is not significant. The average price of a home sold did drop quite a bit again this year. It is 15.8% lower than in 2008, combine that with an 11.7% drop in 2007, Ham Lake values have decreased over 25% in two years. Sellers need to be aware that buyers are looking for and buying acreage homes but don’t want to pay 2003-2007 prices.

Looking for a breakdown of Ham Lake 2009 home sales by price point? CLICK HERE for Detailed Ham Lake Statistics

Tuesday, January 26, 2010

2009 Year End Snapshot of Andover Market Statistics

Closed sales are up once again in Andover in 2009. A 21% increase of closed sales shows that homes are selling again in this Anoka County suburb. However, the down side is that average price has dropped again by almost 11%. An average sale in Andover is just under $220,000 down by 8.7%. This is probably a combination of the trend for many lender-mediated sales with few high valued homes sold this past year anywhere in the Twin Cities metro. A good point is that in this Anoka County community is time on the market has stayed flat this year. While it would be better to see homes start to sell more quickly as many neighboring communities did, it is still good that the market time did not increase in 2009. Home buyers can still view Andover as one of the affordable options in the Twin Cities north metro!

Flying Solo When Home Buying is A VERY Heavy Load!

Are you a homebuyer going it alone? A renegade who doesn’t need the support and expertise of a real estate agent…at least not until you have found “THE” house. Is this the best plan to get the best deal on an Anoka County home in current real estate climate?

I read a great blog today that I wanted to share with home buyers (and sellers) in the north and east Twin Cities metro area. Will Nesbitt is a real estate agent in Fairfax, VA. As an arrogant east coast youth with Minnesota’s own Fran Tarkenton as an idol, he challenged his entire neighborhood to a game of football and was CRUSHED! (Read his full posts…The day my neighborhood crushed me. ) Will learned that day the value of having a good team behind you.

Having a good real estate team behind you is a valuable lesson lesson for home buyers too. So...Who is on YOUR team?

Do you have an expert REALTOR® to assist you through the home buying process?

A good loan officer?

An expert housing inspector?

A title and closing expert?

Septic and well inspector?

Are you a skilled negotiator?

Do you have neighborhood expertise and know the value of homes in different developments?

How many homes did you buy or sell last year? A good REALTOR® will have assisted in the purchase and/or sale of several. This is expertise that a home buyer going it alone will never achieve. As a REALTOR® I work everyday with buyers and sellers on the purchase and sale of homes throughout Ham Lake, Lino Lakes, Blaine and other communities in the Forest Lake school district. It is my job to be a real estate neighborhood expert! And I have a number of great contacts to become a part of YOUR team so you don’t have to go it alone.

Going it alone can seem like a no-pressure way to buy a home, but is flying solo in a home purchase cost effective? Maybe not…Did you know, it doesn’t cost most homebuyers a single penny to have a real estate expert in their corner? But it can cost thousands to work without one. Team up with a REALTOR® who is a neighborhood expert and don’t get crushed by the weight of going it alone.

More Homebuying Articles that might be of interest:

Want to take some weight off your homebuying shoulders? Let me on your team! 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

Monday, January 25, 2010

2009 Year End Snapshot of Blaine MN Market Statistics

The number of new listings continued to drop in Blaine, Minnesota through 2009 as did the average sales price. Blaine’s high valued home market in prices $500,000 and up continues to be at a standstill but lender mediated foreclosure/short sale homes in the lower price points continue to sell and affect the average sales price. Closed sales are up for Blaine in 2009 over 2008 so the market is seeing activity. Listings are staying on the market just slightly less this year than the previous year. Blaine has sold through most of its current home inventory as it was an affordable option for buyers in the north metro homebuyer. With less than 3 months of inventory in the lower price points, 2009 might be the year for a traditional seller with a starter home to have the opportunity to move up. For details on the inventory levels in Blaine at the end of 2009, Click HERE.

*Does not take into account time on the market or list price from previous listing contracts.
*Based on data from the Minneapolis Association of Realtors and data reported to the Regional Multiple Listing Service, Inc.

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

Wednesday, January 20, 2010

White Bear Lake, MN Year End Real Estate Market Statistics 2009

Just about everyone who grew up in the Twin Cities north metro is familiar with the White Bear Lake community. Whether your memories are of passing the iconic gigantic white bear statue at Polar Chev, swimming at Bellaire beach or setting sail across White Bear Lake, everyone seems to know the area. But few know the legends that surround the lake and that Manitou Island is at the center of it all. The legend has been documented by several writers but the most notable was Mark Twain who wrote of the Indian warrior who killed the great monster of a polar bear to save himself and his lover in his book, “Life of the Mississippi”.

Legends aside, today the White Bear Lake community is a vibrant area that is continually growing while preserving its rich heritage. While the shores of White Bear Lake are the most well known as one of the largest lakes in the north metro as it spreads from Ramsey County into Washington County , there are two other lakes in the community: Birch Lake and Goose Lake. The community is home to White Bear Lake School District #624 and Century College encompassing 11 square miles of land. Real estate opportunities include both historic homes and more recently constructed residences. First time buyers, executive home buyers, retiring downsizers and luxury lakeshore buyers have a wide variety of options if the choose to call White Bear Lake home.

Single family home inventory levels are at very manageable levels in the City of White Bear Lake. In the price category under $200,000, there is under 3 months worth of homes currently listed as we start January. There is just under 6 months of absorption for homes priced from $200,000-$300,000, while it will take just over a year to sell all the homes listed in the $300,000-$500,000 price range. Things are not quite so rosy for the beautiful lakeshore and executive homes in the half-million plus category. At the current rate of sales, it will take over 3 years before all of the current listings sell .

White Bear Lake townhomes are selling a slightly slower pace. There is just under a 6 month absorption rate for townhomes and condos priced under $200,000 while it will take about a year to sell the current inventory of homes in the $200,000-$400,000 range. But high-end townhomes and condos are in the same predicament as with single family homes as they have about 3 years of inventory to sell through at the current rate of sales.

2009 Average Sales Price of all homes sold in White Bear Lake:

All Homes $186,735
Single Family Homes $192,195
Townhomes/Condos $150,823

2009 Average Cumulative Days on Market in White Bear Lake:

All Homes 146
Single Family Homes 133
Townhomes/Condos 153

Year End White Bear Lake residential real estate statistics for single family homes:

Under $200,000~ 36 Active Listings, 11 Pending Listings, 161 Sold Listings, 112 CDOM (Lakeshore Subgroup 0 Active, 0 Pending, 1 Sold, 246 CDOM)

$200,000-300,000~34 Active Listings, 2 Pending Listings, 67 Sold Listings, 162 CDOM (Lakeshore Subgroup 2 Active, 0 Pending, 2 Sold, 301 CDOM)

$300,000-$400,000 ~ 11 Active Listings, 1 Pending Listings, 8 Sold Listings, 214 CDOM (Lakeshore Subgroup 1 Active, 1 Pending, 1 Sold, 325 CDOM)

$400,000-$500,000 ~ 3 Active Listings, 0 Pending Listings, 4 Sold Listings, 149 CDOM (Lakeshore Subgroup 2 Active, 0 Pending, 0 Sold)

$500,000-$1,000,000~ 8 Active Listings, 0 Pending Listings, 3 Sold Listings, 118 CDOM (Lakeshore Subgroup 7 Active, 0 Pending, 1 Sold, 13 CDOM)

$1,000,000 and Up ~5 Active Listings, 0 Pending Listings, 1 Sold Listings, 901 CDOM (Lakeshore Subgroup 5 Active, 0 Pending, 1 Sold, 901 CDOM)

Year End White Bear Lake residential real estate statistics for townhomes and condos:

Under $200,000~ 24 Active Listings, 2 Pending Listings, 54 Sold Listings, 188 CDOM

$200,000-300,000~ 6 Active Listings, 0 Pending Listings, 5 Sold Listings, 351 CDOM

$300,000-$400,000 ~ 3 Active Listings, 1 Pending Listings, 5 Sold Listings, 198 CDOM

$400,000-$500,000 ~ 4 Active Listings, 0 Pending Listings, 1 Sold Listings, 708 CDOM

$500,000-$1,000,000~ 1 Active Listings, 0 Pending Listings, 1 Sold Listings, 52 CDOM

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

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/30/09.

Articles on Real Estate, Lakeshore and Minnesota that might be of interest:

Thursday, January 14, 2010

Attention Veterans! 7 Steps to Buying a Home with a VA Loan

Are YOU a Veteran? If you can answer yes, the VA loan program is designed exclusively to help you buy a home. It is a GREAT option for financing your piece of the American Dream! And, it is one of the only ZERO down programs still available.

As a REALTOR® who works throughout Anoka, Chisago and Washington Counties, I have sold many homes using the DVA program. I have worked with sellers in Forest Lake, Wyoming and Coon Rapids who accepted offers from Veterans using the DVA financing program to purchase the home. I assisted Veteran home buyers to locate and purchase homes in Ham Lake, Lino Lakes, Blaine and Hugo using their DVA eligibility option. All of the sales went off without a hitch. It is a wonderful program.

Additionally, I know and work closely with loan officers and mortgage brokers who have extensive experience working with VA loans. We work together as a team to get veterans into the homes of their dreams!

Earlier this year I attended a seminar given by the Department of Veterans Affairs on the home assistance program that is available for those who have served or are actively serving in the military. What a great benefit to our brave men and women who have sacrificed for our country. Low and no money down home loan programs are almost unheard of for today’s homebuyers. But the DVA has offered this option to eligible veterans since 1944 and continues the program today.

So, are you a veteran homebuyer?

There are many ways to take advantage of the DVA program. Whether you are buying a single family home, condo, townhome or even a duplex or four-plex, as long as you plan to live in the home, this is a benefit you have earned and should consider when buying or refinancing a home.

Seven Simple Steps to Buying a Home with a VA Loan:

Apply for your Certificate of Eligibility (COE). Or ask your loan officer to request online using the webLGY application.

Work with a REALTOR® to find your perfect home with a home seller that will accept DVA financing.

Present the COE to your loan officer at the time of loan application.

Loan officer will work with VA to order appraisal of home. A Notice of Value is issued.

The lender bank will review all documentation and approve your loan if the established property value and your credit and income are acceptable.

Attend the closing on your new home where the closer will go over all the loan terms and requirements as you sign the documents for your mortgage.

The lender applies to the VA for evidence of guaranty.

On the surface, many of these steps are similar to applying for a regular loan but the benefits of coming in with a very low or maybe even no down payment are not. Veterans should note that you are not alone in the process; you will have professional assistance in every step of the way. Why wouldn’t you want to check out this unique opportunity that is only available to those who have served our great country?

Need more information on how to buy a home using your DVA benefits and need help from a professional REALTOR®? Give me a call or email me! I love helping veterans find their way home! You can also 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 2010 Teri Eckholm http://www.terieckholm.com/

Tuesday, January 12, 2010

Blaine, MN Year End Real Estate Market Statistics for 2009

Blaine has continued to expand and develop by leaps and bounds in the north metro of the Twin Cities during the past few years. Just drive down Highway 65 and see the Main Street (125th) overpass as well as several others in different phases of construction and all of the new retail establishments to get an idea of how the changes have affected the community. Though housing construction slowed during 2009, it has not completely stopped. New developments have continued to expand the housing base, especially in the townhome and lower level price points. Conveniently located along 35W and Highway 65 and connected by Highway 10 just north of the Twin Cities, Blaine is an attractive location for both business and residential development. The community is served by three school districts; Anoka Hennepin District #11, Centennial District #12, and Spring Lake Park District #16. Blaine is best known for the National Sports Center a sport and meeting facility that hosts an annual worldwide soccer event and Tournament Players Club golf course where the PGA Senior tour is played every su

mmer.

Builders’ incentives to home buyers have required home sellers to be very competitive with housing prices making homes in the Blaine area. While existing single family homes are holding their own in the competition against builders, it does not appear to be the same case in the existing townhome market. Over 77% of the townhomes sold at prices over $200,000 were new construction. Existing townhome sellers in Blaine really need to be competitive to sell when in competition with a brand new property. Homes remained affordable throughout 2009 and with 874 homes sold, Blaine’s inventory of property for sale is very manageable across all price points. Currently there is 2-6 months of inventory for homes with price points under $500,000 and just under 18 months of inventory for homes priced over $500,000. These are better inventory statistics for Blaine than I have seen in the past 3 years! The overall CDOM statistic at 143 for Blaine is down from 154 in 2008 and is significantly better than any of the surrounding communities in the north metro such as Forest Lake, Lino Lakes and Ham Lake.

The townhome and condominium market has exploded in Blaine and builders have pulled out all the stops bringing pricing down. There is considerably less new construction townhome inventory on the market with about 7 months of inventory compared with 18 months at the end of 2008 and nearly 3 years of inventory in 2007. Existing townhome sellers have their work cut out for them as they continue to sharpen their pencils and make their prices very attractive. Pricy existing executive townhomes listed over $500,000 are currently at a standstill with 5 listed homes and no buyers in the past year.

2009 Average Sales Price of all homes sold in Blaine:

All Homes $195,793
Single Family Homes $215,361
Townhomes/Condos $150,823

2009 Average Cumulative Days on Market in Blaine:

All Homes 143
Single Family Homes 140
Townhomes/Condos 153

Year End Blaine residential real estate statistics for single family homes:

Under $200,000~ 78 Active Listings, 35 Pending Listings, 331 Sold Listings, 117 CDOM (New Construction Subgroup 3 Active, 9 Pending, 4 Sold, 256 CDOM)

$200,000-300,000~80 Active Listings, 13 Pending Listings, 172 Sold Listings, 132 CDOM (New Construction Subgroup 22 Active, 4 Pending, 36 Sold, 136 CDOM)

$300,000-$400,000 ~ 29 Active Listings, 10 Pending Listings, 63 Sold Listings, 217 CDOM (New Construction Subgroup 13 Active, 4 Pending, 30 Sold, 239 CDOM)

$400,000-$500,000 ~ 11 Active Listings, 2 Pending Listings, 27 Sold Listings, 284 CDOM (New Construction Subgroup 3 Active, 2 Pending, 9 Sold, 259 CDOM)

$500,000-$1,000,000~ 23 Active Listings, 5 Pending Listings, 16 Sold Listings, 272 CDOM (New Construction Subgroup 9 Active, 3 Pending, 5 Sold, 135 CDOM)

$1,000,000 and Up ~1 Active Listings, 0 Pending Listings, 0 Sold Listings (All existing homes)

Year End Blaine residential real estate statistics for townhomes and condos:

Under $200,000~ 87 Active Listings, 22 Pending Listings, 243 Sold Listings, 147 CDOM (New Construction Subgroup 17 Active, 0 Pending, 48 Sold, 241 CDOM)

$200,000-300,000~19 Active Listings, 2 Pending Listings, 12 Sold Listings, 276 CDOM (New Construction Subgroup 10 Active, 2 Pending, 11 Sold, 252 CDOM)

$300,000-$400,000 ~ 5 Active Listings, 0 Pending Listings, 7 Sold Listings, 259 CDOM (New Construction Subgroup 5 Active, 0 Pending, 4 Sold, 361 CDOM )

$400,000-$500,000 ~ 0 Active Listings, 0 Pending Listings, 3 Sold Listings, 359 CDOM (New Construction Subgroup 0 Active, 0 Pending, 2 Sold, 410 CDOM)

$500,000-$1,000,000~ 5 Active Listings, 0 Pending Listings, 0 Sold Listings (No New Construction activity)

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

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/30/09.

Articles on Real Estate, Lakeshore and Minnesota that might be of interest:

Saturday, January 9, 2010

Lino Lakes, MN Year End Real Estate Market Statistics for 2009

Like much of the real estate in the Minneapolis/St. Paul area, Lino Lakes, MN in Anoka County has seen reduced inventory and increased market times in 2009. This year nearly twice as many properties sold but the average selling price was directly affected by the bank owned and lender mediated properties on the market. Traditional homes had longer market times but properties were selling throughout the Lino Lakes area.

Though 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.

The year end numbers for Lino Lakes sales show area homes were selling slower than last year with an average of 170 cumulative days on the market (CDOM) for sold properties compared with 160 CDOM in 2008. But current inventory levels are much lower than last year. Looking at homes priced under $300,000, there is about 4-5 months of inventory. This time last year, there were nearly 12 months of inventory in this price category.

And the lower inventories are also in higher price points too. Based on the year end statistics, it will now take about 6 months to sell the current inventory of homes with a $300,000-$400,000 price tag. This is down considerably in Lino Lakes from last year when the inventory level hovered around the 12 month mark for absorption. In the $400,000-$500,000 we are just under that one year time period for absorption while over half a million homes there is about 3 YEARS of inventory. While this is not ideal, it is certainly with in the norm when compared to surrounding Anoka County areas.

2009 Average Sales Price of all homes sold in Lino Lakes:

All Homes $229,622
Single Family Homes $251,780
Townhomes/Condos $150,266

2009 Average Cumulative Days on Market in Lino Lakes:

All Homes 170
Single Family Homes 174
Townhomes/Condos 150

4th Quarter Lino Lakes residential real estate statistics for single family homes:

Under $200,000~ 10 Active Listings, 3 Pending Listings, 49 Sold Listings, 155 CDOM
$200,000-$300,000 ~ 32 Active Listings, 3 Pending Listings, 57 Sold Listings, 180 CDOM
$300,000-$400,000 ~ 16 Active Listings, 2 Pending Listings, 33 Sold Listings, 192 CDOM
$400,000-$500,000 ~ 9 Active Listings, 0 Pending Listings, 10 Sold Listings, 167 CDOM
$500,000 and Up~ 11 Active Listings, 0 Pending Listings, 4 Sold Listings, 262 CDOM

Year End 2009 Lino Lakes residential real estate statistics for townhomes and condos:

Under $200,000~ 23 Active Listings, 6 Pending Listings, 39 Sold Listings, 143 CDOM
$200,000-300,000~5 Active Listings, 0 Pending Listings, 2 Sold Listings, 258 CDOM
$300,000-$400,000 ~ 0 Active Listings, 0 Pending Listings, 2 Sold Listings, 165 CDOM

Lakeshore available in Lino Lakes
3 Active Listings

Lino Lakes lakeshore price range: $595,000-$1,118,000
1 Home on Amelia Lake
2 Homes on Reshanau Lake

Acreage properties available in Lino Lakes

16 properties listed on 1-3 Acres priced between $126,000-$595,000.
7 properties listed on 5-10 Acres priced between $300,000-$805,000
1 property listed on 29 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 1/1/09 through 12/31/09.

More Anoka County Articles that Might be of Interest:

Friday, January 8, 2010

Forest Lake, MN Year End Real Estate Market Statistics for 2009

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 did sell well in 2009 especially in the lower price points. A total of 309 properties sold in the Forest Lake Area during 2009. Roughly two thirds of these sales, 201 properties, were single family homes while the other 108 were townhomes, condos or twin homes. This number is up from the 259 homes sold in the Forest Lake area in 2008.

The Cumulative Days on Market (CDOM) Statistic ran at 160 days for all homes sold during the year. This is a 12 % decline in market time from last year’s CDOM stat of 181 for all properties sold in the Forest Lake area in 2008. Not as positive of news is that the average price of homes did see a significant drop from 2008 to 2009. The average price of a home sold in Forest Lake was $239,819 in 2008 but in 2009, that average was 26% lower with an average home price of $176,776.

Not surprisingly, the price category of under $200,000 is the high point with 210 properties sold during 2009 (107 Single family homes and 103 townhomes/condos). The $8000 tax credit really made an impact in the Forest Lake market as the first time buyer homes under $200,000 really moved quickly in 2009. Inventory is very manageable under $200,000 with just 3 months of currently listed homes available for sale. Though homes in the $200,000-300,000 category in are selling a bit slower, 8 months worth of inventory is very manageable. As is the 10 months of inventory in the $300,000-400,000 price range of homes. Even in the $400,000-500,000 priced homes have seen drop in inventory levels to where there is just over a year’s worth of inventory.

However, as in 2008, the high end homes struggled for sales throughout 2009. Homes over $500,000 remain at a near standstill with only ONE home over half a million SOLD in the Forest Lake area in all of 2009. 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 12 months and 23 active listings over $500,000, it will two DECADES for all the homes to sell at this pace.

What does this mean for the home buyer? Homes were well priced in Forest Lake during 2009 so there was a dramatic reduction in the number of listings to choose from. Homebuyers in 2010 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 are selling again, with an average market time of 5-6 months 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 will need to be flexible on pricing if they want a SOLD sign on their home any time soon. NOW might be the perfect time to negotiate a GREAT deal on a lakeshore home! The inventory is awesome…35 lakeshore homes are currently active; some are at attractive and affordable price points. Many have been on the market for several months. With the continued amazing low interest rates, the extended and expanded homebuyer’s tax credit and few buyers willing to consider buying frozen lakeshore, it could be a great time to negotiate a deal on your piece of Minnesota shoreline!

2009 Average Sales Price of all homes sold in Forest Lake:

All Homes $176,776
Single Family Homes $209,778
Townhomes/Condos $122,799

2009 Average Cumulative Days on Market in Forest Lake:

All Homes 160
Single Family Homes 157
Townhomes/Condos 164

Year End 2009 Forest Lake real estate statistics for single family homes:

Under $200,000~ 27 Active Listings, 12 Pending Listings, 107 Sold Listings, 136 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 6 Sold)

$200,000-$300,000 ~ 33 Active Listings, 1 Pending Listings, 60 Sold Listings, 169 CDOM (Lakeshore Subgroup ~ 4 Active, 1 Pending, 5 Sold)

$300,000-$400,000 ~ 17 Active Listings, 2 Pending Listings, 25 Sold Listings, 209 CDOM (Lakeshore Subgroup ~ 3 Active, 0 Pending, 8 Sold)

$400,000-$500,000 ~ 10 Active Listings, 0 Pending Listings, 8 Sold Listing, 188 CDOM (Lakeshore Subgroup ~ 7 Active, 0 Pending, 3 Sold)

$500,000 and Up~ 23 Active Listings, 0 Pending Listings, 1 Sold Listings 306 CDOM (Lakeshore Subgroup ~ 18 Active, 0 Pending, 1 Sold)

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

Under $200,000~ 30 Active Listings, 11 Pending Listings, 103 Sold Listings, 163 CDOM

$200,000-300,000~8 Active Listings, 0 Pending Listings, 4 Sold Listings, 78 CDOM

$300,000-$400,000 ~ 4 Active Listings, 0 Pending Listings, 1 Sold Listings, 79 CDOM

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.

35 Active Lakeshore available in the Forest Lake area:

Price range: $189,900-$2,600,000

32 Homes on Forest Lake
1 Homes on Clear Lake
2 Home on Comfort Lake

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/09 through 12/31/09.

Articles on Forest Lake, Lakeshore and Real Estate that might be of interest:

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.

Buying a Home? Check out my new HOME BUYER'S BLOG!

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

Homes FOR Sale Everywhere--How Many Should a HOMEBUYER See?

Home buyers often set themselves up for a stressful situation: Too loose of criteria equaling too many homes to see. With foreclosures, short sales and traditional sellers with houses on the market, there are hundreds of homes on the proverbial real estate shelves! As a REALTOR® in the Twin Cities north metro (Forest Lake, Ham Lake, Blaine and Lino Lakes areas), I have had a number of overwhelmed potential buyers approach me with some very loose home selection criteria. Our first conversation might sound a little like this:

"Teri, I am willing to go anywhere for a single family home under $250,000. I just need a couple of bedrooms and a garage anywhere between Anoka and Lindstrom. Heck, I would even consider one of those townhomes, if the price was right."

The problem here is that with this type of open-mindedness, homebuyers could have literally dozens of homes available to choose from. While this might sound like a good thing, when faced with a plethora of choices, the amount of homes will be overwhelming to the buyer going it alone.

According to the U.S. Department of Housing and Urban Development website, the average buyer sees 15 homes before writing an offer on a home. In my experience this is a fairly accurate estimate. Most buyers begin to tire of the whole process after seeing a dozen homes. All of the homes start to look alike and become a jumble in their mind.

As we start to enter a more balanced market, how do you narrow down the list and focus on the best homes for YOU?

Write down what you must have in a home. Need a 3 car garage? Want a gas fireplace and hardwood floors? Can't live without a full finished basement? Would die without central air conditioning? Write down those must haves and weed out the homes that don't fit.
Select a neighborhood, area or school district. If you must be within 10 miles of work or your kids want to be in the same school district, use this parameter to define your search area.

Work with a knowledgeable agent. By working with an experienced agent, my clients are able to get that list of homes down to a manageable level in short order. Although many internet searches have become very detailed, they are still not as detailed as the ones used by licensed agents. The closest public internet home search that will allow you to search like a REALTOR® is Listingbook. But in order to use the Twin Cities version of Listingbook, you must sign up through a licensed agent. This search allows you to set up your very own detailed searches that meet specific wants and needs.

It doesn't cost buyers anything to work with an agent. Our fees are traditionally paid for by the seller. But a REALTOR®'s service can be invaluable by saving the homebuyer time and frustration.

As a case in point, I had a client that was looking for homes in vast area of Anoka County. She originally told me that she wanted to be in Elk River but Wyoming and Stacy in Chisago County would also be considered. She was willing to spend up to $250,000 and do some work on the home. She was needed at least three bedrooms, two baths and a garage but getting a good deal was paramount.

When we set the initial search using a map search, price point and bedrooms alone, she had nearly a hundred homes to choose from. After a first day showing homes, I learned from this client that a master suite was a "must have" and any foreclosure home in severe disrepair was not to be considered. She really didn't want to be anywhere near Elk River or Anoka County. She wanted to be within minutes of Forest Lake and 35 and have a wooded backyard. After re-setting the search and reviewing the homes, I emailed my client 6 single family homes that met her needs. We saw all six for showings. After one day of viewing homes, she was ready to write an offer on one of the homes we saw. It met her needs perfectly!

Had this client chose to go it alone, she would have been overwhelmed, distracted and frustrated running to several homes that she really didn't want to buy. By setting specific criteria and using my expertise as an experienced agent, the number of homes quickly became a manageable amount. The buyer remained focused and was able to define her concept of an ideal home.

So what happens to the homebuyer that feels there are no homes that are meeting all of the required criteria? Remember, no home will ever be 100% perfect. If too many wants are specified, there may not be a home that will ever measure up. If the list of homes available is too short, see if any of the "must haves" are really necessary.

Wednesday, January 6, 2010

Ham Lake, MN Year End Real Estate Market Statistics for 2009

The City of Ham Lake has a rich history. 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. Though, I can only assume that the lake itself got its name due to its unusual “ham hock” shape, the community started out with a different name. 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. Anoka County officially was recognized it 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.

Those four lanes are in full use now as more and more people look to buying home on acreage in the Ham Lake area. Though the sluggish real estate market has affected Ham Lake, MN and Anoka County in 2008, homes did sell. Homes are stayed on the market longer with an average Cumulative Days-on-Market (CDOM) of 180 days for homes during 2009 versus 158 CDOM in 2008. Note that CDOM for homes over $500,000 are the only homes with extremely long market times, selling with an average CDOM of 261. The average price of a home sold in Ham Lake in 2009 was $248,424.

While there are 20% fewer homes on the market in Ham Lake now compared to January 2008 (88 versus 110 active listings), homes are continuing to taking a bit longer to sell and even with the $8000 tax incentive for first time home buyers that boosted last year’s market, there continues to be more homes on the market than buyers. But we are making progress. Homeowners considering selling a home in the Ham Lake area must consider the average time to sell a home in the area is approximately 6 months but inventory levels indicate a more complex story depending on the home’s list price.

Inventory levels are manageable for homes under $300,000 with about 6 months of inventory. But inventory levels rise to approximately 12 months in prices between $300,000 and $500,000. While over $500,000 there is about 18 months of inventory in the Ham Lake area. This is much better than how Ham Lake real estate started 2009 where there was upwards of 5 YEARS of inventory in the half million plus properties. Seller have seem to have gotten the message that having a home properly priced and prepared for showings was essential to sell a home in this Anoka County community in 2009.

Year End 2009 Ham Lake residential real estate statistics for single family homes:

Under $200,000~ 26 Active Listings, 7 Pending Listings, 59 Sold Listings, CDOM 175 (New Construction Subgroup ~ 0 Active, 0 Pending, 1 Sold)

$200,000-300,000 ~ 20 Active Listings, 6 Pending Listings, 45 Sold Listings, CDOM 173 (New Construction Subgroup ~ 1 Active, 0 Pending, 3 Sold)

$300,000-400,000 ~ 24 Active Listings, 1 Pending Listings, 31 Sold Listings, CDOM 186 (New Construction Subgroup ~ 5 Active, 1 Pending, 2 Sold)

$400,000-$500,000 ~ 6 Active Listings, 1 Pending Listings, 9 Sold Listings, CDOM 209 (New Construction Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$500,000 and Up~ 11 Active Listings, 1 Pending Listings, 8 Sold Listings, CDOM 261 (New Construction Subgroup ~ 2 Active, 0 Pending, 4 Sold)

Lakeshore available in the City of Ham Lake
7 Active Listings

Ham Lake lakeshore price range: $135,000-$804,000

4 Homes on Coon Lake
1 Home on Lake Netta
2 Home on Little Coon Lake

Acreage Listings in the City of Ham Lake

38 Properties listed on 1-2 Acres Priced from $67,900-$599,800
16 Properties listed on 2-3 Acres Priced from $113,000-$980,000
7 Properties listed on 3-5 Acres Priced from $145,000-$778,000
3 Properties listed on 5-10 Acres Priced from $249,900-$805,000
2 Properties listed on 1-2 Acres Priced from $241,000-$499,900

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1/1/09 through 12/31/09.

Featured Acreage Listing in Anoka County: 22201 Holly St NW, Oak Grove MN 55011

Articles on Ham Lake, Lakeshore and Minnesota that might be of interest:

Monday, January 4, 2010

Two—O—One—O Not a Dyslexic Zip Code for Beverly Hills—An Opportunity to Change Yours!

A local television station raised an interesting question. Should the New Year be pronounced “twenty-ten”, “two thousand and ten” or “Two-O-One-O”. Frankly, the latter struck me as a dyslexic pronunciation of an eighties TV show revolving around a Beverly Hills zip code. But no matter how you say it, 2010 will be a fantastic year for a person to change their zip code…At least it will be in Minnesota.

Here are a few of the reasons 2010 should be a great year to make your move to a Minnesota home:

Affordability—In Minnesota, homeowners get more bang for their buck. The affordability index was off the charts for most of 2009. Many buyers took advantage of this and are now happy homeowners but there are still many great opportunities available.

Low Interest Rates—Yep, they are still unbelievably low but these low rates cannot last forever. As interest rates creep up, affordability will decrease.

Extended and Expanded Tax Credit—The tax credit originally scheduled to expire has been extended until April 30, 2010 and expanded to include people who already own homes or have recently sold. For additional information on the extended and expanded tax credit CLICK HERE.

Selection—Though the number of MLS-listed homes is down from the record high inventory of early 2009, there is still a good selection of homes in every price point across the Twin Cities. Whether you are looking at a foreclosure to fix up or a lakeshore paradise, there are many options available.

Want to learn more about how to change your Minnesota zip code in 2010? Requesting a FREE Homebuyers Success Packet is a great place to start! Click HERE to request yours!