Market Update Sept. 2023

Status at the end of the summer

Status at the end of the summer

Last month I mentioned a bunch of new listings making me late on the market update.  A lot of those properties sold, and it made for an eventful end to the summer.  I’ll start by summarizing that sales activity – but the most interesting information this month might be in the inventory update.

August Sales
In August, 90 lake homes sold in the Gold Bar Market, the most in a month in 2023.  Median sales price was $425,000, down significantly from July.

After a strong month of vacant lot sales in July, the Gold Bar vacant lot market was much calmer in August:

August Pending Sales and Inventory
A trend that we’ll be monitoring over the next few months is the increase in inventory.  In spite of the high number of homes and condos sold in August, inventory increased.  This wasn’t a total surprise to us, as we’ve seen a couple of properties that we really like, take a few weeks to sell.  While it’s tempting to attribute the inventory increase to high interest rates and higher prices, time will tell if the pattern holds.

Among the current inventory, 37% of homes/condos and 8% of vacant lots are on lakes with clarity over 10’, and those numbers have remained pretty flat this summer.

At this time last month a total of 117 homes, condos, and lots in the Gold Bar Market were under contract.  As of early September, that number was up to 124.

As always, give Adam or me a call if we can be of help with your property search or with the sale of your property.