July 6, 2020
Many year to date conversations with buyers and sellers in the 2020 Lake Vermilion area real estate market have, at some point, come around to this common inquiry:
“Is the current Lake Vermilion real estate market being affected by: a) the Covid 19 pandemic b) social unrest c) politics d) any combination of these 3 current events?
Individuals involved in this market professionally and for profit probably offer varied responses to these questions. My response, to date, has been “It’s too early to tell, at least from a closed transaction measurement.”
The year-to-date chart noted below shows a trend currently within historical numbers. The largest factor so far has been the sluggish start in the first three months of the year that occurred largely before the noted events had become daily headlines. The reason or reasons for the small number of early closed sales is anyone’s guess.
The second half of the year will, as always, reveal the full story.
I do see that the number of pending sales, at this writing, are near typical numbers. That fact might suggest that these greater issues may not have a large impact on the 2020 Lake Vermilion area market.
That’s not a call. We’ll have to see how it plays out… hopefully with an overall sense of future optimism.
(As always, the grey lines show previous years and the red line represents 2020 data.)(All data was sourced from the Range Multiple Listing Service.)