Market Update - 10-17-2021

Homes Continue to Sell Fast

Homes Continue to Sell Fast

In the last month, 50 lake homes have sold:
6   $1m+            
15  $600k - $1m    
18  $400k - $600k  
11  <$400k        

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

Currently there are 76 lake homes and 13 vacant lake lots under contract

These market updates are probably only interesting to me, but I like to see how the volume of sales fluctuates with the inventory currently available. Both the closed sales and the under contract numbers are down quite a bit from one month ago. Does that mean the Northwoods market is cooling down or is it a seasonal cool down? To find that out we look at what's currently available.

Today there are 90 active lake house listings on the market.
16 over $1m
23 $600k - $1m
24 $400k - $600k
25 < $400k

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

There are 66 active vacant lake lot listings (on lakes at least 100 acres in size) on the market:
36 over $200k
30 under $200k

30 of the 66 active listings are on lakes with a clarity of 10' or more.

The lakefront inventory is down for homes and lots. So buyers, despite the sales volume declining, have still been outpacing the sellers. The market is still very much a seller's market. There are many buyers still looking and ready to jump at nice new listings that are priced to move quickly in the fall.

This time of year I also talk to buyers that are trying to sniff out a late season "deal" on properties that may have been overlooked. This year there are fewer of those deals, but I feel there are still some very nice properties that are perhaps a little overpriced that could be negotiated on.

If you are a buyer trying to find a home in this competitive market or a seller looking to make a quick sale for max value, please Contact Me so we can discuss your situation more.

Posted By: Adam Gohlke - Oct. 17, 2021, 1:55 p.m.