Lake Vermilion Real Estate

The official ice out date for 2013 is May 17th.  That’s the second latest date on record.

This is a comparative post from one I did on September 14, 2011. The 2011 figures are noted in parentheses.

Here’s a snapshot of the Lake Vermilion real estate market as of this day… 5/9/2013 (9/14/2011).

There are currently 164 (223) properties offered for sale on Lake Vermilion. That group includes all Lake Vermilion property types including land, homes, cabins, and commercial. Those listings have a total asking price value of $56,478,800 ($80,006,339). The lowest priced listing is $34,500 ($32,500) and the highest priced is $1,699,000 ($2,865,000). The average listing price is $344,382 ($358,773). The average days on market is 394 (493) days. The range of days on market is from 0 days to 2945 days (0 days to 3431 days). 6 (8) listings have a Buyck, MN address, 58 (78) have a Cook, Minnesota address, and 100 (137) have a Tower, MN address. Of the total group, the average current asking price has been discounted 6.13% (11%) from the original asking price. The discount range for the total group is 0% to 55% (0% to 51%). 65% (44%) of the group are currently offered at their original asking price. Every letter of the alphabet is represented by the first letter of the Seller’s last name except the letters I, X, and Y (I, X, and Y).

Now you know (again).

All information is from the Range Multiple Listing Service.

The extended Winter weather and delayed lake ice-out is a hot topic in the Lake Vermilion area. The potential for a ice-covered fishing season opener has many folks checking the Lake Vermilion webcams to stay informed on lake conditions.

Below is a photo from earlier today.

There has been significant progress with considerable separation of the ice pack and shoreline along the southerly facing portions of the lake.

Have you had a recent conversation about the continuing winter weather?  I’m guessing you have.

The woods is white with snow and the lake is full of solid ice.  And it’s mid April.  I believe, however, that many of the locals, with shrugged acceptance of the power of Mother Nature, retain their ever optimistic expectation for an eventual time when Spring-like weather will finally arrive.

In these parts the bellweather event for the end of Winter is that day when Lake Vermilion becomes ice-free.  If we were in a typical year that day would occur in about 2 weeks (at the end of the month of April).  It’s a pretty safe bet that’s not going to happen.

So… with an average ice-out date unlikely let’s make 2012-2013 memorable with a recording breaking year!  That means we need ice on the lake until May 24th.  (Per Lakevermilion.com, Lake Vermilion’s latest ice-out date was May 23rd in 1950.)

So… let’s hear it!  May 24th!  May 24th!  May 24th!

(OK.  I agree.  April 30th!  April 30th!  April 30th!)

Here’s an update to the previous post.

Within this (Range) MLS service area there are currently 186 undeveloped waterfront parcels offered for sale. (Price range is from $16,500 to $1,400,000 with an average price of $164,279.)  View here.  There are currently 273 waterfront homes and cabins offered for sale.  (Price range is from $10,200 to $1,975,000 with an average price of $332,474.)  View here and here.

Again, please note this information is time sensitive with the links expected to expire in about 30 days.

Enjoy.

Here’s some material for your mid-winter reading pleasure.

Within this (Range) MLS service area there are currently 178 undeveloped waterfront parcels offered for sale. (Price range is from $16,500 to $1,400,000 with an average price of $166,415.)  There are currently 250 waterfront homes and cabins offered for sale.  (Price range is from $10,200 to $1,500,000 with an average price of $318,267.)

Please note this information is time sensitive with the links expected to expire in about 30 days.

Enjoy.

Here’s the December monthly installment for year to date completed real estate sales on Lake Vermilion. This is the final report from 2012. This final graph contains minor corrections from previous months and represents the complete and final 2012 statistics.

(The black line represents 2012 year to date completed sales.)

2012 did finish in a very respectable 2nd place with a near 2005 performance.  That’s very encouraging for a real estate market based on recreational and second home properties.  It is also a fair indicator that the market is working towards a correction in inventory levels with a balance in supply and demand.

Hopefully, 2013 will bring a continued increase in acceptable opportunities for all Buyers and all Sellers.

Please let me know if you have any questions related to these details.  I am also happy to provide additional information on the Lake Vermilion real estate market.

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

(The black line represents 2012 year to date completed sales.)

It looks like 2012 will finish in a respectable 2nd place. It appears there is inadequate momentum to sprint with 2005-like energy through the final two months of the year.  Unless December produces some expedited holiday season surprises it would be reasonable to expect that 2012 will show a continued recovery with a near a pre-recession pace.

If that’s the case, we’ll take it.

Stop back for one more 2012 report. Happy Holidays!