July 2018 boasts the highest lake home price in the Chisago Chain of Lakes with less than an acre of land, since the Multiple Listing Service starting publishing sales in 1991. The home on Chisago Lake, sold for $962,500 with 4,550 square feet, just under an acre of land and a gentle slope to 135’ of sandy lakeshore. This surpassed the previous record on South Lindstrom Lake last September when a home sold for $810,000.
Chisago Lake has the highest median sale price for lake homes sold in 2018, at $587,500 with 4 sales. South Center Lake has the lowest median sale price at $275,000 but the highest number of lake homes closed for the year at 11.
The median price for the 22 homes sold on the Chisago Chain of Lakes, this year, rose 14% to $372,000, over the first half of 2017.
July was a good month for the entire county, not just lake homes. There were 105 closed sales with a median price of $260,000 compared to 101 sales in July 2017 with a median price of $215,000. A 21% price increase over July 2017. There were 10 new construction homes that closed in July.
Through the first half of 2018, listings were down 8.5% from 2017, and closed sales were down 16.6%. The median price increased 11% for the first half of the year to $249,816.
The cold and snowy weather this year put a strain on the real estate market through April this year. New listings were down 32% in January, 41% in February, 20% in April, and in June, we finally saw listings increase 29% compared to 2017.
Even with the recent increase in listings, we still have an inventory shortage, which puts us in a seller’s market. Many homes are selling fast and in multiple offers.
An experienced agent can help you determine if now is the best time to sell your home.
Ask the Real Estate Agent is a weekly column by Cheryl Kempenich of Coldwell Banker Burnet, who lives and offices in the Chisago Lakes Area. Submit your questions to firstname.lastname@example.org. All information is deemed reliable but not guaranteed. For legal assistance consult an attorney.