Real Estate Market Statistics 2nd Quarter 2009 for Forest Lake, MN

By
Real Estate Agent with Boardman Realty Minnesota License#90858

Forest Lake, Minnesota is well known throughout the Twin Cities area. It was a favorite summer vacation spot, an annual ice fishing tournament tradition and a deForest Lake watertower photo by Teri Eckholm Realtorstination 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 farms 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 selling significantly faster in the 2nd quarter than in the last year, though there has not be a significant increase in the number of homes sold A total of 16 single family homes were sold in Forest Lake and Forest Lake Township during this time period. The Cumulative Days on Market (CDOM) Statistic is down considerably in the 2nd quarter from 165 days to129 days for homes under $200,000 in Forest Lake. This is quite a bit better than what was seen in the first half of 2008 when the CDOM ranged from 211-286. Homes are selling much better in the lower price points...no doubt that the $8000 first time homebuyer tax credit had something to due with the picked up rate of sales in this price range.

Fishing on Clear Lake by Teri Eckholm Realtor in Forest Lake MNIt appears the high end homes will continue to struggle into 2009 with virtually no sales for homes priced over $500,000. All of these properties are lakeshore and many are beautiful executive residences on Forest Lake's picturesque First Lake. Currently, the Forest Lake community sits with nearly 5 years of inventory in the highend price range and with no homes sold in the second quarter...long after the ice has melted...it appears this end of the market is at a standstill.

With all this inventory, some sellers are getting aggressive with pricing. 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. It might be the perfect time to negotiate a GREAT deal on a lakeshore or acreage home! There are 46 active lakeshore homes for sale in the Forest Lake area and some are at attractive and affordable price points. Many lakehomes have been on the market for several months; some over a year. With the amazing low interest rates and few highend buyers, it could be a great time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!

2nd Quarter 2009 Forest Lake real estate statistics for single family homes:

Under $200,000~ 34 Active Listings, 11 Pending Listings, 16 Sold Listings, 129 CDOM (Lakeshore Subgroup ~ 1 Active, 0 Pending, 0 Sold)

$200,000-$300,000 ~ 51 Active Listings, 10 Pending Listings, 8 Sold Listings, 180 CDOM (Lakeshore Subgroup ~ 5 Active, 1 Pending, 1 Sold)

$300,000-$400,000 ~ 29 Active Listings, 5 Pending Listings, 2 Sold Listings, 190 CDOM (Lakeshore Subgroup ~ 6 Active, 2 Pending, 1 Sold)

$400,000-$500,000 ~ 11 Active Listings, 0 Pending Listings, 0 Sold Listing, (Lakeshore Subgroup ~ 6 Active, 0 Pending, 0 Sold)

$500,000 and Up~ 28 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 28 Active, 0 Pending, 0 Sold)

Lakeshore available in the Forest Lake area: 46 Active Listings, 3 Pending Listings, 2 Sold

ListingsForest Lake lakeshore price range: $189,900-$2,600,000

42 Homes on Forest Lake
1 Homes on Clear Lake
2 Home on Comfort Lake
1 Home on Heims Lake (Environmental Lakeshore)

**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 4 /1/09 through 6/30/09.

Click HERE to Search for Minnesota Lakeshore Home!


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

Is a Home on Forest Lake Your Dream Come True? 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.

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

Copyright 2009 Teri Eckholm http://www.terieckholm.com/

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Teri Eckholm. REALTOR with Boardman Realty, is a native Minnesotan who has lived and worked in the Minneapolis St Paul metro all of her life. She specializes in lakeshore homes, acreage properties and first time home buyers but assists anyone making a move in the north and east Twin Cities metro.

If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give Teri , a call or visit her website for a FREE Home Buyer Success Guide or FREE Home Value Report She 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 2019 terieckholm.com

 

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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

Hi Teri, I would thought that lake front property anywhere would be being scoffed up. This situation may really be the telling sign that there is still way too much concern for where our cities and communities are headed. Hope you are writing lots of deals and they your business has not been hit too hard.

Jul 02, 2009 04:39 PM #1
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Anna Banana Kruchten Arizona's Top Banana!
HomeSmart Real Estate BR030809000 - Phoenix, AZ
602-380-4886

Hi Terrri - everytime I read your posts I'm tempted to move back home and/or buy a lake home!  Your local posts are fantastic.  I have learned a lot from YOU!  Thanks!

Our market is somewhat similiar - lower end is flying off the shelves, middle market 400 to 600+ is just starting to make some movement and the upper end - I heard we have 7 years inventory of milliion plus homes.  Can you say 'take them off the market'!!!  And please do so NOW!

Have a wonderful 4th of July Holiday :)

Jul 03, 2009 05:42 AM #2
Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Teri, The lower priced homes are selling quickly and that's a wonderful indication of change to come soon hopefully to Forest Lake.

Jul 03, 2009 12:59 PM #3
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720,762
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

William--Many lakeshore and high end owners still do not believe that lakeshore homes have been affected. There is a weird belief that someone who can afford it will pay ANYTHING to get what they want....so untrue. It has always been my belief that the wealthy are very smart with their money and will buy what they want, when they see it, at the right price. Of course there are those that don't know and don't care but I think they come along once in a blue moon. Lots of high end and lakeshore sellers waiting for that buyer in the blue moon. :)

Jul 05, 2009 09:55 AM #4
Rainmaker
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Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Anna--Come on up and buy a "summer" home to escape the AZ heat. Lots of great deals up here! :)

Jul 05, 2009 09:56 AM #5
Rainmaker
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Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Carole--Lower end homes are selling in every market...It is helping the move up buyers when the traditional sellers get their homes sold. As the bank-owneds get off the market, traditional sellers of starter homes are finally seeing some interest.

Jul 05, 2009 09:58 AM #6
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Teri Eckholm

REALTOR Serving Mpls/St Paul North & East Metro
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