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What to watch for:

This information was provided by The Greater Lakes Association of REALTORS

While home sales in the high-end range above $400,000 are up 5.9 percent over the last 12 months, other metrics indicate that the price segment is weakening. This price range has the lowest percent of Original List Price Received at Sale at 83.5, as well as the highest Days on Market at 236. The real challenge is that both metrics are moving in the wrong direction, which indicates tough times for sellers ahead.

A bit of good news: the overall Median Sales Price over the last 12 months is up 2.2 percent to $140,500. Non-waterfront homes have seen their prices increase 1.9 percent during the same period, while

Private Waterfront is down 3.6 percent and Water Access/River is down 2.5 percent.

A very small percentage of the market is newly constructed. There are only 64 active new construction properties in the MLS at present, compared to 2,091 previously owned homes.

Please feel free to contact me with any questions

Dan Pflugshaupt

REALTOR, GRI, e-PRO

218-839-7700

Dan@GalleryofHomesMN.com

Specializing in North Central Minnesota Lakeshore & Recreational Property