Many people throughout the Minneapolis/St. Paul area have fond memories of Forest Lake, Minnesota as a family summer vacation spot, an annual ice fishing tournament tradition or as a destination when going for a Sunday a drive in the country. Today, the lakeside cabins have been replaced with year round residences and the fishing tourney is but a memory. While there still is an agricultural presence, the farms, barns and silos are few and far between these days. The northern Washington County and east Anoka County community of Forest Lake is now considered an integral part of the Twin Cities.
Real estate in Forest Lake, MN sold quickly in the five months of 2017 especially in the lower price points. A total of 133 properties sold in the Forest Lake Area since January 1. Roughly 75% of these sales were single family homes, 103 properties, while the other 30 were townhomes, condos or twin homes.
The Cumulative Days on Market (CDOM) Statistic was approximately 81 days for all homes sold during the first five months this year. The average time on the market was 40 days for homes priced under $200K. This is indicative of the need for entry level, starter priced inventory. The average price of a home sold in Forest Lake was $285,071 so far in 2017. Prices paid ranged from a modest $65,500 to $770,000.
The bulk of homes are selling in the price category range from $200,000 to $400,000 83 of the 133 sold. Inventory remains low in this area with 117 homes currently active but 25 of those are currently under contract with an offer leaving a modest 92 homes for sale.
Surprisingly, high end homes and lakeshore homes are not lingering on the market. 14 Homes over $500,000 are in pending or have SOLD in the Forest Lake area since January 1. Most of the homes in this price point are on lakeshore. This is good news that lake front properties have made a significant come back in the Forest Lake area. Demand for homes on the shore is up.
What does this mean for the Forest Lake home buyer? Homes are affordable and selling well in Forest Lake in 2017. Homebuyers looking to purchase in this area will need to make quick decisions when well priced and maintained homes come on the market. Lakeshore and acreage properties priced between $200,000 and $400,000 seem to sell the most quickly so it is important to be prepared to buy when the right property comes onto the market (i.e. get that pre-approval letter BEFORE looking at homes!)
A buyer looking to purchase high-end lakeshore in the Forest Lake area, needs to be ready to negotiate! Homes that are well maintained and priced well, even if high-end lakeshore, are selling quickly and at close to asking. However, as we approach the July 4th weekend, existing homes sales tend to slow a bit as people are busy with vacations, graduations and weddings. SUMMER could be the perfect time to negotiate a GREAT deal on a lakeshore home! The inventory is awesome…22 lakeshore homes are currently active; some are at attractive and affordable price points. This could be a great time to negotiate a deal on your piece of Minnesota shoreline.
2017 Jan-May Average Sales Price of all homes sold in Forest Lake:
- All Homes $280,918
- Single Family Homes $303,575
- Townhomes/Condos $203,129
2017 Jan-May Average Cumulative Days on Market in Forest Lake:
- All Homes 82
- Single Family Homes 94
- Townhomes/Condos 41
31 Active Lakeshore available in the Forest Lake area:
Price range: $199,900-$2,800,000
- 26 Homes on Forest Lake
- 3 Homes on Clear Lake
- 2 Home on Sylvan
FEATURED LAKESHORE LISTING:
20625 Keewahtin Ave, Forest Lake MN
(Click address to download pdf flyer)
For additional information on any current Forest Lake real estate listing or for additional information on buying a home in Forest Lake contact Teri Eckholm directly at 651-336-7073.
**All Statistical information based on information from the REGIONAL MULTIPLE LISTING SERVICE of MINNESOTA, INC. for the period of 1 /1/17 through 5/31/17.