Lake Vermilion Real Estate

Here’s a quick note and a short list of semi-post quality items:

→  The overall inventory of lakeshore properties has been at a reduced level this year (2012) when compared to recent years.  The cabins and homes category shows the most obvious reduction.  New listings, properly prepared for the current market, seem to attract buyer interest shortly after they are made available.

→ Properties with long “on the market” times have seen improved sales.  For recently sold undeveloped lake lots, the average time on market (per the local MLS System) is 1010 days.  For recently sold lake cabins and homes, the average time on market is 399 days.  (Both figures are YTD 2012.)

→ To date in 2012, I have arranged and completed numerous listing tours in the Lake Vermilion area.  It is of some concern that 17 of those tours did not produce a sale, offer, or, in some cases, any attempt to courteously end the experience.  (That’s probably not a significant or worthy statistic but at least I feel better.)

Here’s the July monthly installment for year to date completed real estate sales on Lake Vermilion.

(As always, year to date sales for 2012 are represented by the shorter black line on the bottom left of the graph.)

July 2012 hit on less than all cylinders and the result brought us to a 2010 performance level.  It would have been nice to see a bump in the positive direction but, at this point in time,  I would not consider this to be the start of a trend adjustment.

We’ve had a very nice Summer season with many residents and visitors enjoying all the lake area has to offer.  A mild mid-Summer slump in sales activity is not surprising.  Let’s see if 2012 can stay in the running as a rebound year.

As always… stay tuned.