I’ve been saying all throughout the first quarter of this year that the health of our market, at least in terms of volume, would be largely dependent upon the inventory that we add during that quarter. And so today is the day of reckoning. The last day of the first quarter has arrived, and it’s time to take a look at what transpired over the first three months of 2010. Strange for a Realtor to be more interested in inventory statistics that sold statistics, but for a low volume market, inventory is everything. The first quarter has seen quite of a bit of market activity, but the first quarter of our year isn’t much of an indicator to the ultimate year end volume statistics. Most people buy March through June, then again from September through Thanksgiving, so January and February mean very little by year end.
The volume that I was hoping to see introduced to the market never really came. We added roughly 69 lake access and lakefront properties so far this year. Of the 69 or so properties, I can pinpoint about 15 of them that I think are interesting, and fit into the market well right now. The remainder? Not so much. Many of the properties were retreads from the previous year, but some of the new properties are downright fantastic, including a new listing from just this month in Williams Bay’s Oakwood Estates. Priced in the entry level lake access market, this is a home that I think anyone looking in the mid to low $300k’s should be interested in.
During the month of January, 17 new lake access/lakefront properties were listed. February saw a typical increase to 29 listings, and March has registered 23 new vacation home properties. The trend line there is quite typical, with February being the peak listing month, followed by March. It has seemed to me over the past couple weeks that the pace of new listings has slowed, and a quick search of the MLS this morning backed up that feeling. Over the past week, not a single lakefront or lake access home (Geneva only here) has been listed in the MLS. I’ll be listing a new lakefront property today ($2.5MM), so that will break the week long silence, but the lack of new inventory over the past week is a pretty clear signal that most of the new listings for the spring selling season have already been listed.
If you’ve been sitting on the sidelines, quietly waiting for the inventory numbers to swell and provide you with a large number of properties to see, now is your time. From a contract standpoint, early to mid April is a great time to negotiate a vacation home purchase here, as typical closing times of 30-60 days line up quite nicely with the upcoming Memorial Day Holiday. That joyous, summer signaling weekend is just eight weekends from Good Friday, so if you’re hoping to enjoy the first of many summers at the lake, you’re kind of sort of running out of time. Inventory numbers have swelled to historical spring averages, and with a total of 136 (give or take) vacation homes on the market with both lakefront and private lakerights, this is a perfect time to hunt down a bargain and close in time to enjoy the magnificence of a Lake Geneva summer.
There are plenty of deals out there for people looking to renovate old cottages, but there are also many deals on properties that require you to bring little more than a bathing suit and toothbrush. And fishing poles. And beach towels. And don’t forget the grill. And you’ll need some books and magazines. When I say I could go on and on, I know by now you believe me. Truth is, a summer at the lake is a great summer no matter what your vacation home looks like. A humble Cedar Point cottage (from $199k) is a wonderful launching point for a water based weekend, as is a lakefront condo (from $469k) or a private lakefront home (from $1.5MM). Whatever your price point, whatever your vacation dreams, with 136 vacation homes to choose from, Geneva can satisfy just about everyone.
Here’s a quick shot of the lake from around 1 pm this afternoon. Yes, I am officially the worst camera man since my father at Disney World in 1985.