June 28, 2012
Here’s a graph to confirm an unsurprising fact.
At this writing, there are 109 cabins and homes (road and water access) offered for sale on Lake Vermilion. This chart shows the current asking price (grey line) and the corresponding original asking price (red line) for individual properties priced from $100,000 to $1,000,000. (Information sourced from the Range MLS data.)
1) Obviously, Sellers continue to offer price adjustments to attract Buyers. 2) Aged listings will, typically, have a greater degree of asking price adjustment. Most newly listed properties will reflect pricing adjusted to changing market conditions. 3) The remainder of the story is revealed after the final selling price is established.