Market Update - July 17, 2021

Still a Strong Market

Still a Strong Market

In the last month, 35 lake homes have sold:
0 $1m+            
5 $600k - $1m    
14 $400k - $600k  
16  <$400k        

The amount of closed transactions this month definitely slowed down this last month (about 1/2 of what sold the month prior). I expect this to bounce back up over the next two months as there were more listings at the close of June and early July and another frenzy of sales. The number of homes sold over $600k went from 24 last month to just 5 this month.

In the last month, 14 vacant lake lots have sold:
4 over $200,000
3 $150k - $200k
7 < $150k

Pretty consistent numbers over the last few months. I'm finding more and more customers interested in vacant property as the home search continues to be highly competitive.

Currently there are 95 lake homes and 32 vacant lake lots under contract, which can be attributed mostly to a spike in listings around the holiday with many of them selling quickly.

Today there are 116 active lake house listings on the market, which is 25 more than this time last month. However, it's looking to me like there are more over-priced homes listed that might be sitting on the market while waiting for a price drop.
27 over $1m
38 $600k - $1m
23 $400k - $600k
28 < $400k

51 of the 116 active listings are on lakes with a clarity of 10' or more.

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

36 of the 100 active listings are on lakes with a clarity of 10' or more.

The market momentum continues to roll ahead. There are still many buyers out there waiting for the right property to come along. Sellers who price their properties right will be bombarded with offers.

Want to know how to Win a bidding war? Contact me and I'll guide you through the process on how to make an offer that puts you in the best position to have your offer accepted.

Posted By: Adam Gohlke - July 18, 2021, 12:25 p.m.