June Market Update

A look at the market activity in June

A look at the market activity in June

Another market update that shows predictable seasonality-driven increases in sales and inventory.  Prices overall don’t seem to be up or down too much, but in the last couple of weeks we did see a couple of listings that were competitively priced, and maybe even under-priced.  In those situations we always reach out to buyers interested in that specific lake, or similar lakes, at a similar pricepoint.   To be sure you’re included when we identify those opportunities, remember to sign-up for lake notifications on your preferred lakes.

May Sales
In May, 37 lake homes sold, with a median sales price of just $425,000.  The median decreased pretty significantly (from $550,000 last month), but the average (or mean) sales price actually increased 1%.  

Vacant lot sales were consistent with the last couple of months, with 6 lots total being sold.

June Pending Sales and Inventory
Inventory has increased across all price ranges, up from 94 last month to 130.

Vacant lot inventory was flat, and a bit more expensive than last month:

Among the current inventory, we are up to almost 45% of homes/condos and 10% of vacant lots are on lakes with clarity over 10’.  Those percentages have been increasing, but I’m hoping they keep going up so that we can show you properties on the Northwoods’ best lakes.

At this time last month a total of 60 homes, condos, and lots in the Gold Bar Market were under contract.  As of today, that number is up to 93.  It’s definitely heating up, time for a dip in the lake.

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 - June 19, 2023, 9:20 p.m.