September 15, 2009
September’s Mid-Month Update.
It looks like the 2009 Lake Vermilion real estate market is trending in a somewhat predictable direction.
The level of activity remains in the same relationship to 2008 and 2005 as previous reports.
That is… we continue to remain ahead of the 2008 sales levels while we watch the taillights of the 2005 sales numbers fade into the distance. Inventory levels have been nearly constant with new listings replacing those that disappear after a successful sale and closing. As confirmation for the lakeshore market, the rural/residential market (the highest volume segment) is producing a similar set of numbers with 2009 levels at the 2008 pace but, at the same time, well behind the 2005 sales rate.
Successful 2009 Buyers are commended for their diligence and goal-oriented attitudes! All 2009 sales have required some additional Buyer diligence to navigate a market with an abnormally high level of inventory and numerous motivated Sellers.
Congratulations to all new property owners!