Holiday Market Update

The winter winds are upon us and the market has slowed considerably in Riss Lake.

As of November 28th, there are 34 homes listed for sale, 10 "Pending" (Three of which are custom build jobs on the final plat) and 1 home in "Show for Backup offer" status.

The number of homes SOLD in Riss lake from January 1 to November 28th, 2010 is 30. The average sale price is $437,833, but the Median Sale price was $357,750.

Comparing 2010 sales to a full year of sales in 2009 yields some interesting results. In 2009 a total of 23 homes were sold with an average sale price of $404,322. The median sale price was $350,500 only slightly less than the current year. Average days on market for 2010 is 114 versus 125 for 2009. 2010 was marginally better overall, both in volume and price, but well off of our "normal" market.

While Riss Lake has held up remarkably well through the "Great Recession" our neighborhood has not been immune to price weakness. It is not uncommon to find drastic price reductions resulting in homes that are selling for less than they were purchased for during the "boom" years 2000-2006. Often sellers are making financial concessions to buyers in the form of seller paid closing costs and costly repairs (roof replacements, etc.)

Smaller inventory levels and competitive pricing make this a buyer's market. Combined with interest rates on 30 year fixed mortgage products at around 4.25-4.5% (Lower by 1/2 point on 15 year fixed) make this a great time to "move up".

In my own analysis, and as a Riss Lake homeowner, I believe that Riss Lake will stabilize and present some compelling price appreciation going forward. No other Northland neighborhood offers a wider array of amenities, quality schools, picturesque setting and, of course, a 125 acre private lake!

If you would like to know more about listing or purchasing a property in Riss Lake, I am here to help. Having closed four of the 30 sales in Riss Lake in 2010, I am one of the more active Realtors in our neighborhood. I look forward to hearing from you!

Happy Holidays!