August 2023 Market Update

Trends Continue

Trends Continue

A flurry of mid-August listings put me behind on this August market update.  The data below is a snapshot as of August 1, 2023, when it seemed like not a lot of properties were coming online.  I suppose some sellers wanted to use their cabin one last time before getting it on the market.  In fact, overall inventory on 8/1 was lower than it was on 7/1, which we were not necessarily expecting.

But, as I mentioned, we have seen some quality listings come up on quality lakes over the last couple of weeks.  I’m not sure that trend will continue, but I won’t be complaining if it does.  It’s a lot of fun showing buyers nice frontage on quality lakes. 

July Sales
In July, 72 lake homes sold, way up (35%+) from the 53 that sold in June.  Median sales price was $490,000, consistent with July.

After several months of flat vacant lot sales, they finally spiked in July when 19 lots sold, and again in August when 24 more vacant lots sold.  All of that growth was driven by lots over $200,000 – which isn’t a surprise to our buyers looking for more affordable lots.

August Pending Sales and Inventory
The number of transactions in July did take a bite out of inventory – new homes didn’t come online at a fast enough pace to replace the sales:

Among the current inventory, 37% of homes/condos and 11% of vacant lots are on lakes with clarity over 10’ – basically flat form last month.

At this time last month a total of 117 homes, condos, and lots in the Gold Bar Market were under contract.  As of early August, that number was down to 112.  

As always, give Adam (715.891.2222) or me (715.891.6659).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 - Aug. 23, 2023, 1:35 p.m.