Excess supply continues in MN Lakeshore Property

By
Industry Observer with Cold

Lakeshore sales in the Ottertail and Becker county region remain flat thrugh 2008.  As the summer selling season comes to a close, the total number of closed sales for lake shore homes shows a similar pattern to that of 2007.  Although still down from the peaks of ‘05 & ‘06, we are fortunate that we have not seen the major market crash as seen in other portions of the country.


Monthly Closed Sales Lakeshore Jan 07 to Oct 08


The real change in the current market is the increase of properties listed ‘For Sale'.  A significant addition of lake homes on the market  has created a buyers market for lakeshore property across the region.

Lakeshore supply Jan 07 to oct 08


Buyers looking for a lake home have a vast supply of homes to choose from, and with a little patience can find their dream lakeshore property.

Sellers of lake property need to consider the extra competition out there.  Properties must be priced right to draw the attention of today's buyers.  Over priced or poorly maintained properties can sit on the market for months without an offer to purchase.

For more information on buying or selling real estate in the Minnesota Lakes Area, give Joe a call.

Joe Johnson
Coldwell Banker Preferred Partners
Pelican Rapids, MN
Joe@LakesAreaHome.com
(218) 863-8723

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Rainer
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Danny Thornton
R & D Art - Knoxville, TN
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Joe, I believe that as we manuever into 2009, you will start seeing a better trend upwards.

Nov 20, 2008 04:11 AM #1
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