April Market Update
Last month we were hoping that the Spring thaw would finally come, and as of today it seems that may be the case. Below is a summary of March sales (not much change) and April inventory (a small but noticeable increase). Hopefully this trend continues and your home search becomes more interesting in the months to come. I’m sure we are all looking forward to another beautiful summer in the Northwoods.
In March, 20 lake homes sold, with a median sales price of $555,000 up from $440,000 last month. That’s three fewer sales than last month, which isn’t unexpected.
In February, 6 vacant lake lots sold, with a median sales price of $230,000. That’s down from $410,000 last month.
This month we won’t look at March vs. April sales – they were pretty similar across all price ranges, much like last month. Small sample sizes moved the median; but not much else of note.
April Pending Sales and Inventory:
Currently there are 45 lake homes and 15 vacant lake lots under contract (pending sales).
The big news for this month is that for the first time in 2023, April inventory did not decrease from March. That is to say, we may have hit our seasonal low. And we would expect more houses to come online each month going forward. That’s good news for anyone out there looking to find their lake home.
There are a total of 73 homes and condos for sale, just barely up from 72 last month.
Vacant Lot inventory increased as well. In March there were 72 Vacant Lots for sale, and in April we’re up to 82.
Among the current inventory, only about 40% of homes/condos and 10% of vacant lots are on lakes with clarity over 10’.
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. Here is a quick link to Adam’s email.
Posted By: Phil Souzek - April 12, 2023, 7:03 p.m.