Real estate sales statistics for the Forest Lake area have improved for the second year in a row. All major indicators improved in 2013 compared to 2012 and some quite significantly. New listings were up almost 21% but this didn’t push up inventory numbers since closed sales were up almost 30%. The additional inventory was absorbed by the rebounding market which pushed the average sales price up from just under $200K in 2012 to almost $216K in 2013. The lower inventory helped homes to sell more quickly too. Days on market in 2013 were down by almost 26%! The price per square foot statistic also saw a healthy increase to $108/sq ft which is an increase of nearly 12% from $97/square foot in 2012.
Closed sales and prices are good indicators of a stronger real estate market for sellers in the Forest Lake area as we head into the 2014 spring market. In fact, we are seeing a bit of a seller’s market, where sellers have the negotiating advantage. With continued low interest rates, home buyers have been searching for their dream homes even in subzero temperatures. Home owners considering selling in 2014 hoping to get the most leverage from the improved market should consider listing their homes before the spring market hits and there is increased competition.
READY to Make a Move?
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