February 3, 2020
2019 can now formally be referred to as “recent history”.
Market activity for the first half of the year suggested strong performance with a shot at near record annual sales. However, completed sale numbers after the summer months lapsed into the “less than stellar” category which resulted in a year end performance similar to 2018.
The 2019 Lake Vermilion market logged a total of 71 total sales. The total dollar amount was $24,477,682 with an average sale amount of $344,756. (These numbers include sales for all property types… homes, cabins, year round, seasonal, vacant lots, road access, water access.)
At this point in time, there is no indication the typical factors that normally affect this local real estate market will be influential in 2020. The buyer and seller mix and level of motivation on both sides should remain mostly balanced with no significant change expected in seller inventory or buyer interest. As always, larger factors on the state, national or global stage may come into play.
As a teaser for the coming 2020 market… January 2020 produced 6 completed sales. That broke a record for the month that has been in place for 15 years. (Of course, one point of data really isn’t a significant indication of anything.)
(As with all previous graphs, the grey lines show prior years and the red line represents 2019 data.)(All data was sourced from the Range Multiple Listing Service.)