At the end of 2015 there were only 2.5 months of inventory in the Forest Lake area for single family homes including all condos, townhomes and new construction. The housing market in Forest Lake is stable and stronger than has been in several years though it has come back slower than communities closer to the Minneapolis/St Paul metro. New listings were up a substantial 13% from 2014 to 2015 and closed sales up a whopping 36.4%. This is most likely due to abundant new construction in the area. The continued lack of inventory throughout the metro has pushed buyers north but that has not had a significant effect on the sales price. Prices in this north metro suburb were 2% under the average price in 2015 but home sellers have little to complain about as this is still well above a few years back when the average price was under $200,000. Days on market in 2015 were down a tad but it sellers still waited almost 3 months on average for a buyer. Average price per square foot rose from $114/sq ft in 2014 to $122/sq ft last year. This is comparable to other communities in the Washington County/east Anoka County area. Solid sales prices and low inventory would give a slight market edge to sellers in the Forest Lake area as we head into the 2015 spring market.
SEARCH for Forest Lake Homes
What is my Forest Lake Home Worth?
Comments(1)