Mike Chance-Chisago Lakeshore Blog

Activity is picking up with active inventory sitting at 58 listings currently for sale. A bit surprising is the number of properties with an offer pending. There are 10 (yes 10!) properties with offers pending at the moment. That means there is one property under contract for every 5.8 properties still for sale. To put this number in perspective, there have been times in the last several years where this ratio was as high as 1 contract for every 25 properties for sale.  There has obviously been some improvement in the market recently.  Many of the current listings have been for sale for some time, and have seen significant price reductions. Some of the properties under contract have attracted offers because the reduced list prices just could not be resisted by bargain hunters looking to snap up deals. Contact me for listng histories on any properties that might interest you.

Active listings are just recently hitting 50, so we are now just approaching a more "traditional" minimum level of inventory.  Even so, we are currently 50% below the high water mark of close to 100 listings that has been common during the last few years.  Three properties went under contract recently. All on the low end of the market, all under $270K, and all foreclosures.  Is anyone noticing a pattern here?  Will more foreclosures keep appearing, or will traditional sales start to become a larger % of the market going forward? There are still 17 properties under $200K, many of which are bank-owned or short sales.  Lakeshore has not been this affordable for quite some time. Get out there and start looking!

There are now 44 lakeshore properties for sale in the Chisago Lakes area compared to 38 properties at the start of the year.  Four properties are under contract recently. Three of those were some of the least expensive foreclosures, and the fourth was a luxury property at the high end of the market. After examining each property, you can see that buyers are agressively seeking out the best deals at the high and low ends of the market. The "market rate" properties in the middle market are not yet seeing much interest.