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 2010 especially in the lower price points but surprisingly a handful of upper bracket homes sold too. A total of 244 properties sold in the Forest Lake Area during 2010. Roughly two thirds of these sales, 155 properties, were single family homes while the other 89 were townhomes, condos or twin homes. While this number is down quite a bit from the 309 homes sold in the Forest Lake area in 2009, there is some good news. The average sales indicators stayed roughly the same as last year and that shows some stabilization in the Forest Lake market.
The Cumulative Days on Market (CDOM) Statistic ran at 161 days for all homes sold during the year. This is just a slight increase in market time from last year’s CDOM stat of 160 for all properties sold in the Forest Lake area in 2009. Additionally, 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 $176,776 in 2009 but in 2010, average home price was just slightly lower at $173,190.
Not surprisingly, the price category of under $200,000 is the high point with 177 properties sold during 2010 (94 Single family homes and 83 townhomes/condos). It is probably a residual affect of the $8000 tax credit that expired in mid-2010. Inventory is manageable under $200,000 with approximately 5 months of currently listed homes available for sale. Though homes in the $200,000-300,000 category in are selling a bit slower, 10 months worth of inventory is also manageable. However, the home inventory in the $300,000-400,000 price range has expanded this year to over 2 years again after being under a year’s worth of inventory at this time last year. While in the $400,000-500,000 price range the inventory level has been pretty stable at just over a year’s worth of inventory.
However, as in 2008 and 2009, the high end homes continue to struggle for sales. Homes over $500,000 moved a bit (finally) with FOUR homes over half a million SOLD in the Forest Lake area in 2010. (This is good as only ONE home had sold in the past two years in this price category in the Forest Lake area!) As most lakeshore homes fall into this price point, there are an abundance of high valued lakeshore homes to select from in the Forest Lake area. With four sold in the past 12 months and only 15 active listings over $500,000, it will still take nearly 4 years for all the homes to sell at this pace.
What does this mean for the home buyer? Homes continued to be attractively priced in Forest Lake during 2010 so there was a reduction in the number of listings to choose from early in the year but when the tax credit expired the inventory jumped up a bit in the lower price points. But it is likely that homebuyers in 2010 will have to make quick decisions on homes in Forest Lake that are the best deals. Lakeshore and acreage properties priced under $500,000 are selling again, with an average market time of 10-12 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, remains in the driver’s seat in 2010! With continued abundant 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 and fewer buyers willing to consider buying frozen lakeshore, this winter might be a great time to negotiate a deal on your piece of Minnesota shoreline!
2010 Average Sales Price of all homes sold in Forest Lake:
· All Homes $173,190
· Single Family Homes $202,657
· Townhomes/Condos $121,873
2010 Average Cumulative Days on Market in Forest Lake:
· All Homes 161
· Single Family Homes 175
· Townhomes/Condos 135
Year End 2010 Forest Lake real estate statistics for single family homes:
Under $200,000~ 46 Active Listings, 6 Pending Listings, 94 Sold Listings, 125 CDOM (Lakeshore Subgroup ~ 0 Active, 0 Pending, 3 Sold)
$200,000-$300,000 ~ 35 Active Listings, 4 Pending Listings, 41 Sold Listings, 192 CDOM (Lakeshore Subgroup ~ 4 Active, 1 Pending, 7 Sold)
$300,000-$400,000 ~ 18 Active Listings, 1 Pending Listings, 9 Sold Listings, 272 CDOM (Lakeshore Subgroup ~ 9 Active, 0 Pending, 0 Sold)
$400,000-$500,000 ~ 9 Active Listings, 2 Pending Listings, 7 Sold Listing, 352 CDOM (Lakeshore Subgroup ~ 11 Active, 2 Pending, 3 Sold)
$500,000 and Up~ 15 Active Listings, 0 Pending Listings, 4 Sold Listings 658 CDOM (Lakeshore Subgroup ~ 18 Active, 0 Pending, 4 Sold)
Year End 2010 Forest Lake residential real estate statistics for townhomes and condos:
Under $200,000~ 24 Active Listings, 7 Pending Listings, 83 Sold Listings, 133 CDOM
$200,000-300,000~5 Active Listings, 1 Pending Listings, 6 Sold Listings, 188 CDOM
$300,000-$400,000 ~ 1 Active Listings, 0 Pending Listings, 0 Sold Listings
34 Active Lakeshore available in the Forest Lake area:
Price range: $169,900-$4,995,000
- 29 Homes on Forest Lake
- 3 Homes on Clear Lake
- 2 Home on Comfort Lake
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.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/10 through 12/31/10.
Articles on Forest Lake, Lakeshore and Real Estate that might be of interest:
- Dreaming of Life on MN Acreage?--What YOU Need to Know Before YOUR Move!
- Extremely Affordable Minnesota Lakeshore!Relocating to Forest Lake MN? The Schools are Full of Ranger Pride!
- The Good, the Bad & the Ugly of Buying a Minnesota Lakehome in the Winter
- Frigid Weather means there are Foreclosure Priced BARGAINS on Minnesota Lakeshore Homes!
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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.
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