Market Update - June 14, 2021

More inventory. Higher prices.

More inventory. Higher prices.

In the last month, 69 lake homes have sold:
8 $1m+            
16 $600k - $1m    
18 $400k - $600k  
27  <$400k        

This is almost 3x more than what closed a month ago. This can be attributed to the active spring buying frenzy. To have 24 properties over $600k close in a 1 month period is very encouraging for both buyers and sellers. This is further validation to sellers that they can get the higher prices for their homes in this market. Buyers can also find comfort knowing that it's ok paying higher prices for homes because the comparable sales are out there to support the higher values.

In the last month, 19 vacant lake lots have sold:
5 over $200,000
4 $150k - $200k
10 < $150k

This is only a slight increase from a month ago. Part of the reason that vacant lots haven't spiked like homes is that most vacant lots remain on the market throughout the winter months while many homes are off the market until spring. Also, there are fewer and fewer vacant lots available as the inventory of lots gets bought and built on.

Currently there are 55 lake homes and 30 vacant lake lots under contract.

As of today, there are 90 active lake house listings on the market. This is up about 25% from last month - a good sign for buyers looking to find a property, but also what one would expect for this time of year.
20 over $1m
29 $600k - $1m
20 $400k - $600k
21 < $400k

37 of the 90 active listings are on lakes with a clarity of 10' or more.

There are 126 active vacant lake lot listings (on lakes at least 100 acres in size) on the market:
42 over $200k
60 under $200k

Only 35 of the 102 active listings are on lakes with a clarity of 10' or more.

The market is still very much in the seller's favor. Good properties that come available with reasonable prices sell quickly and receive multiple offers. Buyers are still on the lookout for the right property. Although, with some increased inventory it does seem like some buyers are willing to be a little bit more patient to wait for the right fit.  

If you are a new buyer or seller in this market and want to strategize on what the best approach is to finding a home/selling a home, please Contact Me to discuss.