December Market Update
Two in One
Two in One
This one is going to be short and quick, so that we can do a year-end wrap in early 2024, along with a look-forward to the upcoming year. October and November were predictable – inventory dropped about 10% each month, and transactions were slow. Quality listings, while rare, still go quickly. So let us know if you see something you like!
October and November Sales
In October and November, 77 and 52 lake homes sold in the Gold Bar Market, respectively. That was down from 89 in September. Median sales price was right around $500,000.
Vacant lot sales jumped a bit in October before coming back to typical levels in November:
November Pending Sales and Inventory
Inventory decreased as expected, as I noted above. Thankfully we’re only a couple months away from inventory ticking back up:
Among the current inventory, 32% of homes/condos and 8% of vacant lots are on lakes with clarity over 10’, and those numbers are now starting to decrease, as sellers on less desirable lakes are more likely to list in the winter.
As of today, only about 60 homes, condos and vacant lots are under contract.
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. Check back in a few weeks, when we’ll have a higher-level look at the Gold Bar Market, looking both backwards, and forward into 2024!
Posted By: Phil Souzek - Dec. 20, 2023, 6:24 p.m.