Lake Vermilion Real Estate

Deja vu.

The 2023 Lake Vermilion real estate market was very similar in overall and final activity levels to 2022. 67 total sales. Again. That’s a middle of the road number for this, largely recreational property, real estate market.

We are certainly past the aberration years associated with the pandemic but, similar to 2022, there were factors tugging the market in conflicting directions throughout the year. Overall economic factors (real or perceived), interest rates, and certainly inventory levels remained in play as market influences.

It’s difficult to quantify the impact of ongoing reduced inventory levels. If more homes and land were offered for sale would more active buyers be available in the marketplace? That’s tough to say because, for one thing, there’s no measurement for the number of buyers who did not purchase due to their inability to find a desirable listing.

End of year numbers show these notable results: average selling price continues to increase (an unsurprising long term trend), average listing days on market dropped by 50%, selling prices compared to latest asking price did not change significantly (most Lake Vermilion sales complete with a negotiated and reduced final selling price).

Here are the actual numbers comparing Lake Vermilion (all property types) Final 2022 versus Final 2023:

• Completed sales – 67 sales versus 67 sales
• Average selling price – $433,173 versus $465,031 (Median selling price = $345,000 versus $439,500)
• Average days on market – 183 days versus 96 days
• Closed sales above asking price – 16 sales versus 8 sales (23.8% versus 11.9%)
• Closed sales at the asking price – 7 sales versus 16 sales (10.4% versus 23.8%)
• Closed sales below the asking price – 46 sales versus 43 sales (68.6% versus 64.2%)

So what’s anticipated for the 2024 Lake Vermilion real estate market? I am happy to copy and paste my comment on 2023 as an appropriate and, hopefully, accurate comment for 2024. “I believe the amount of available inventory will, again, have the biggest impact on market activity. If inventory remains low and buyer interest remains solid, sellers may benefit with a continuing upward trend in market values. The number of successful transactions will be determined by how many buyers find an acceptable offering from a lower number of available properties.”

Please let me know if you have any questions or comment with this information. Thanks for visiting!

(As always, the grey lines show previous years and the red line represents 2023 data.) (All data was sourced from the Range Multiple Listing Service.)