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 farms are few and far between in this third ring St. Paul suburb.
The fall off of home sales in the 3rd Quarter was evident in Forest Lake, MN in north Washington County which is consistent with most of the Twin Cities area due to the ending of the homebuyer tax credit. However the quarter was not a total washout. A total of 23 single family homes priced under $200K were sold in Forest Lake and Forest Lake Township during the summer months. This is comparable to the same period last year. The Cumulative Days on Market (CDOM) Statistic at 96 are down considerably from this time period last year when the CDOM was at 126. This is quite a bit better than what was seen in the first half of 2008 when the CDOM ranged from 211-286.
It appears the high end homes are continuing to struggle but there has been some movement with a handful of sales in the 3rd quarter. There continues to be very few buyers looking at homes in the high end price range. The handful of homes sold in the higher price points does indicate that most of the REO properties in the Forest Lake area have been absorbed and a few traditional sellers were able to “move-up” to larger, more expensive homes. This normal moving up activity has been very scarce these past few years while buyers snapped up foreclosures or vacant homes, leaving traditional sellers’ for sale signs to gather dust as their homes sat month after month on the market. Unfortunately, a handful of sales has not helped the high end inventory absorption rate. 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 60 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 two years. With the amazing low interest rates and few high-end buyers, is is an AWESOME time to negotiate a deal on your piece of Forest Lake Minnesota shoreline!
3rd Quarter 2010 Forest Lake real estate statistics for single family homes:
Under $200,000~ 52 Active Listings, 11 Pending Listings, 23 Sold Listings, 96 CDOM (Lakeshore Subgroup ~ 0 Active, 1 Pending, 1 Sold)
$200,000-$300,000 ~ 51 Active Listings, 7 Pending Listings, 11 Sold Listings, 187 CDOM (Lakeshore Subgroup ~ 7 Active, 1 Pending, 2 Sold)
$300,000-$400,000 ~ 27 Active Listings, 0 Pending Listings, 2 Sold Listings, 563 CDOM (Lakeshore Subgroup ~ 15 Active, 0 Pending, 0 Sold)
$400,000-$500,000 ~ 17 Active Listings, 0 Pending Listings, 0 Sold Listings (Lakeshore Subgroup ~ 14 Active, 0 Pending, 0 Sold)
$500,000 and Up ~ 19 Active Listings, 1 Pending Listings, 3 Sold Listings, 733 CDOM (Lakeshore Subgroup ~ 14 Active, 1 Pending, 3 Sold)
Lakeshore available in the Forest Lake area:
60 Active Listings Price range: $259,000-$2,600,000
- 42 Homes on Forest Lake
- 4 Homes on Clear Lake
- 2 Home on Comfort Lake
- 1 Home on Sylvan Lake
- 1 Home on NEDS Lakeshore (natural/environmental wetland)
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 7/1/10 through 9/30/10.
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Articles on Forest Lake, Lakeshore and Minnesota Real Estate that might be of interest:
- Relocating to Forest Lake MN? The Schools are Full of Ranger Pride!
- Think Now is a GREAT Time to Make a DEAL on a MN Lakeshore Home? You Are SO Right!
- Minnesota Lakeshore and Wetland Homesellers--What Should be on the Disclosure?
- Does "Minnesota Nice" Affect the Real Estate Market? "Yah, You Betcha!"
- Twin Cities First Time Homebuyer Class—What You Really Need to Know to Buy YOUR First House
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