Home > Blogs > Teri Eckholm > Minneapolis & St. Paul Real Estate Blog ~ by Native Minnesotan Teri Eckholm

2009 3rd Quarter Real Estate Market Statistics for Forest Lake MN

By Teri Eckholm

Real Estate Agent with Boardman Realty Minnesota License#90858

October 01, 2009 04:47 AM

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 farm FL Ranger Watertower in Forest Lake MN by Realtor Teri Eckholm s 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 Lake
1 Home on Shields 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 7 /1/09 through 9/30/09.

Click HERE to Search for Minnesota Lakeshore Home!

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

Home Sales Statistics for other communities in the north metro:
· Forest Lake, MN Real Estate Market Statistics First Quarter 2009
· Forest Lake MN Real Estate Market Statistics 2nd Quarter 2009
· Forest Lake, MN Real Estate Market Statistics 2008 Year End Report
· Blaine, MN Real Estate Market Statistics for Second Quarter 2009
· Lino Lakes MN Real Estate Market Statistics 2nd Quarter 2009
· Ham Lake Real Estate Market Statistics 2nd Quarter 2009

Comments(3)

Comment

Show All Comments

Sort:

Tom Braatz Waukesha County Real Estate 262-377-1459

Coldwell Banker - Oconomowoc, WI

Waukesha County Realtor Real Estate agent. SOLD!

Teri

It looks like Forest Lake, MN is coming along pretty well.

Oct 01, 2009 05:23 AM

William Johnson

Retired - La Jolla, CA

Retired

Hi Teri, As I was reading this, had an epiphany. One of the interesting things about Sellers across the whole country is that many are migrating. But without some sort of survey, many are just moving to art unknown, even if across town. In our area, we have over the many years enjoyed a steady immigration from all over the country seeking warm climate. with are state economy in a bust, as well as local governments, utilities so expensive that some of the foreclosure liens are from utility companies. Water is getting very scarce and income and sales taxes are record highs. We now a migration away from Southern CA. But where are they going.

We need surveys conducted regularly to determine where people are going. ( following industry, technology and manufacturing changes is a clue) .I am hearing reports that retirees are buying in Mexico, Belize , the Caribbean and other warm parts of the world. Since we have to think globally even if we do act locally, I would bet there are some patterns forming that are unlike anything we have known before. Someone left these homes for the first time buyers and since the second and third higher levels of properties are not selling, that tells me other things are happening that changes the dynamics. Investors here are buying many of the low priced homes with all cash taken from the market before or the stock market and other investments. They are serving as income properties. We are talking whole neighborhoods. I fear the dynamic of slum neighborhoods being formed as family ownership moved away and tenants and landlords take advantage of the opportunity. It will take years of course to chart these changes but I see these as changes that will permanently affect some of our communities and render their status to less than they were.

Oct 01, 2009 06:51 AM

Bonnie & Terry Westbrook

Westbrook Realty - Ada, MI

Grand Rapids MI Real Estate

HI Teri! We are seeing the same trends here in slow moving, higher priced inventory. You are correct, there are some great buys out there for people looking in the $400K + category. We have found that motivation is the key factor. If the sellers aren't serious about selling, it isn't worthwhile for us to take an expensive listing that is over-priced. It looks like you have the pulse of the areas you cover, so you can advise buyers and sellers about pricing.

Oct 03, 2009 04:10 PM

2009 3rd Quarter Real Estate Market Statistics for Forest Lake MN

Comments(3)

Teri Eckholm

Service Areas

Real Estate Resources

Additional Information