July 15, 2009
(Another) Activity Update.
It’s already been a month since my last comments on the condition of the local real estate market.
Here’s the mid-July update.
Through today the 2009 market continues to see activity at nearly two times the 2008 rate! (That’s the same statement I used a month ago.) Compared to 2005 (the most active year of the last five years) we are just one sale behind that highly active year.
As mentioned before, the real test is what happens from now until the end of the calendar year. But so far, so good!
(FYI, this data reflects road access Lake Vermilion cabin and home sales only. Feel free to request additional information.)
To date in 2009 the average reduction in selling price from the most recent asking price was approximately 15% (the total range was from 3% to 44%). The average reduction in selling price from the original asking price was approximately 26% (the total range was from 7% to 55%).