Market Update - November 2021

Low Inventory High Demand

Low Inventory High Demand

In the last month, 51 lake homes have sold:
7   $1m+            
11  $600k - $1m    
19  $400k - $600k  
14  <$400k        

In the last month, 11 vacant lake lots have sold:
5  over $200,000
0  $150k - $200k
6  < $150k

Currently there are 57 lake homes and 10 vacant lake lots under contract

The volume of sales continues to fluctuate with the inventory currently available. The closed sales and the under contract numbers both dipped again from the already down numbers one month ago. The market is definitely "cooling" off, but only in the sense that the weather is getting cooler and it's not as great of a time to sell lakefront property. So fewer listings come on the market. There are still many buyers that are watching and hoping to find a property that fits their needs. I expect the buyers to outpace the sellers as we go through winter and the inventory to continue to drop.

Today there are 68 active lake house listings on the market.
16 over $1m
21 $600k - $1m
15 $400k - $600k
16 < $400k

34 of the 68 active listings are on lakes with a clarity of 10' or more.

There are 58 active vacant lake lot listings (on lakes at least 100 acres in size) on the market:
33 over $200k
25 under $200k

29 of the 58 active listings are on lakes with a clarity of 10' or more.

This is a difficult time for a new buyer to get into the market and try to understand the values based on limited availability.  However, it's a good time to find an agent to work with that can help guide you through your wish list and give you a better idea of where to look and what to expect in your price range.

The same can be said for sellers who are contemplating selling their lake home or cottage this fall or early spring. Now is a good time to connect with an agent to discuss the pros and cons and determine the best strategy going ahead.

Please Contact Me if I can be of help with your property search or with the sale of your property.