While doing a market analysis-price opinion on a home, I dug up some of the following data on Lakeshore Residential properties in Otter Tail and Becker counties, MN:
Detroit Lakes MLS total closed sales (Apr-Dec)
2006 217
2007 188
2008 176
Fergus Falls MLS total closed sales (Apr-Dec)
2006 147
2007 140
2008 124
Lake home sales have definitely slacked off over the last two years. Another factor in the market slow down is the significant increase in properties listed for sale. In just the last year, the monthly average for active listings has increased by 25%!
Homes are still selling, although it takes longer (140+ days), and the pricing needs to be competitive.
For Buyers, the opportunities are terrific for finding a great lake home.
(note: Data was only used from April - December for each year. Why? Cuz, I didn't have Jan-Mar for '06 available and I wanted to compare similar time periods. The sales of lake homes in Jan-Mar is historically very slow and most likely will have little or no effect on the overall trends shown above.)
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