How is the market for Lake Homes in the Ottertail and Becker Lakes area?
Let's take a look at some of the numbers from the area Multiple Listing Services....
[Side Note: I belong to the the Detroit Lakes area MLS as well as the Fergus Falls area MLS. Combined they give a very good picture of what is happening over the entire Minnesota, Ottertail and Becker county Lakes Area.]
In general, Lakeshore properties are taking much longer to sell, and Buyers have more choices than ever before.
Without getting too detailed into the specifics, the chart shows two trends.
- Lake homes sell better during the summer months... (Not many people are thinking about fun at the lake when it's -20 ouside.)
- Sales have dropped slightly over the last 2+ years, but have remained fairly steady.
While this is certainly not as bad as other areas of the country, the average loss of sales does make it harder to sell a lake home in this market.
What other factors are at work in the area?
One major change in the number of homes that are currently on the market:
The upper lines show the number of active listings each month over the last 2 years for the Detroit Lakes area. The lower lines are for the Fergus Falls area. There are, on average, several hundred more lake homes for sale than 2 years ago.
Fewer sales + More Competition = Buyers Market
Another way of looking at the above information is this: There are approximately 800+ lake homes in the area currently on the market. Approximately 35 will sell next month...
35 Buyers will have taken advantage of this great opportunity to purchase a Lake Home!
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