Lake of the Woods January 2015-Real Estate Report

Lake of the Woods Real Estate activity in January 2015 showed improvement across the board from January a year ago. Dollar volume increased 28%; the average sold price increased nearly 14%; days on the market decreased over 21%, and the average sold price represented almost 90% of the original list price. These are all positive trends, and somewhat predictable given the low inventory and low interest rates; however, the actual number of homes sold which was 9 represented just a one home increase from a year ago, and a significant drop from just a month ago as it represented a 52% decline from December 2014. The troubling continuation is that the market for houses in Lake of the Woods above $300,000 is still struggling, as 75% of the home sales in January were below $200,000.
As mentioned in earlier posts, statistical comparisons with such a small number of homes can be misleading, but given the slow climb of the market recovery, any improvement is welcomed news. I am still very confident that this spring will, in fact, see an improving market with increases in home sales and home prices. That’s my story and I’m sticking to it!
I truly believe that in addition to being a great time to buy a home, it will also be a good time to list a property, as there is clearly pent-up demand, coupled with low interest rates, low inventory and increasing home prices. As always if you or someone you know is considering listing or purchasing a property, we would love to be of help. With the Ostlund Team you will receive, “Exceptional Service, with a Personal Touch”. Contact either of us for a free, no obligation market analysis of your home.