First half of 2020 shows sales growth over 20% compared to 2019 in the local market place.

Since March we are living in unprecedented times with many changes including an economic shut down. While many industries were put at hold for conducting business, Construction and Real Estate Services remained active. +

It was unknown how the consumer was going to behave during a health crisis —however, to our own surprise, at Jack Chivers Realty we have sold significantly more properties during these times.

In the local market area we have sold and closed 20% more recreational real estate properties compared to 2019 which is an indicator of a very strong real estate market with buyers willing and able to execute a luxury purchase.

On top of that, we have seen many properties sell within 24 hours after listing. Buyers are ready to pull the trigger quickly. Sellers have an advantage with low inventory and may receive multiple offers depending on location and the right price.

The 2020 month of July sets a record in sales for the history of the company. We are happy to report that despite economic challenges in the nation we seem to have a very strong consumer base and local real estate market.

It’s cold but the market is active this year. Are you voting for Lake Life this year?

We have experienced many sales during the first couple months of 2020 and it looks like we are going to have many new property owners in Lakes Country this year.

Since our company was founded on April 1, 1980 we have specialized in recreational real estate sales and have grown into a unique lifestyle agency over the past 5 years. With that much experience in the local market we believe it is fair to say that we are experts in our field. When it comes to predicting the future we cannot promise real property value to increase. It is in fact against the law to make such promise. However, looking at historical data it is a fact that the value of properties in West Central Minnesota has significantly increased over the past 4 decades.

One thing Jack Chivers always used to say to me was: “they don’t make any more lakes”. Indeed, lake shore property is a special kind of real estate and a very popular one, too. That being said, when you find what you have been looking for you should pull the trigger. The past year we have had less properties come available for sale which resulted in less days on market on average until they sold. Again, it feels that people who have been waiting to find their lake home are now making decisions fast.

On the other hand we think that many younger families have invested in lake shore property during the past 10 years and are still enjoying lake life. Many owners are not ready yet to let go again of their property which means that new buyers have fewer available properties to choose from. It feels like we have more undeveloped lots available now and buyers are considering to build new.

Whatever it is that you are looking for when considering to own real estate in Lakes Country please contact us and we like to make our local expertise your advantage when searching for your future property. Meet the Chivers team on the following page and a collection of currently available properties. You will find all available properties for sale online.

In lakes country, the town of Detroit Lakes marks the hub of some of the best food, culture, and commerce in the western edge of Minnesota.

It should come as no surprise then that some of the best real estate properties are available in the area. 

Here's some background on the city.

There are more than 400 lakes within 25 miles of Detroit Lakes in northwest Minnesota, and many of them feature beautiful lakeside properties. 

Enjoying the great outdoors is easy, with many attractions at hand. There are many parks and nature refuges within a short drive. Downtown features shopping and dining at many specialty shops, boutiques, and local fare eateries in the Detroit Lakes area. 

Detroit Lakes is a very dog-friendly community as well. There's even a Dog Park at 1023 10th Avenue SE in Detroit Lakes. 

LIVING IN DETROIT LAKES

Detroit Lakes is a somewhat small city; population-wise, it is in the hundredth percentile of small towns located in the state of Minnesota. 

Unlike some cities, Detroit Lakes isn't mainly white-collar or blue-collar. 

Instead, the most prevalent occupations for people in Detroit Lakes are a mix of both white- and blue-collar jobs. You'll see a diverse range of professions for such a tight-knit community. 

Overall, Detroit Lakes is a city of service providers, professionals, and sales and office workers. There are especially a lot of people living in Detroit Lakes who work in office and administrative support and healthcare. 

Living and working in Detroit Lakes also means having one of the shortest daily commutes compared to the rest of the country. On average, they spend only 16.5 minutes getting to work every day.

The percentage of people in Detroit Lakes who are college-educated is somewhat higher than the average US community of 21.84%: 27.78% of adults in Detroit Lakes have at least a bachelor's degree.

The people who call Detroit Lakes home belong to a variety of backgrounds. Which, in turn, creates a tapestry of unique businesses and opportunities. 

REAL ESTATE IN DETROIT LAKES

When thinking about moving to Detroit Lakes, the first question that comes to mind is location. For instance, which are the most popular neighborhoods and most convenient located houses near schools and shopping: 

1.Westbury / Richards

2.City Center

3. Shoreham / Bucks Mill

4. Route 10 / N Shore Dr

These areas have been most demanded since 2000 according to value market.

These are all locations with expected growth and plenty of expected comforts. The idea of living on a lake or nearby brings people from all regions of Minnesota and North Dakota. Many residents are transplants from the closest major city, Fargo. 

HOME OWNERSHIP RATE

Though it may be hard to pinpoint all the reasons for the demographics of the market in a unique place like Lakes Country, we can be sure that there is value in living near such natural resources. 

The vast majority of residents are homeowners in the Detroit Lakes area. 56.9% own their own house while the remaining 43.1% of residents either live with someone else or rent. That number is likely due to average market rent: $964 / per month. Mortgages come in at a comparable rate per month. 

If you are looking to buy real estate in Detroit Lakes, there are a few variables such as location and distance to your primary home, type of lake, the setting of the property, condition, and more. It is hard to determine if it is a strict buyer's market or seller's market when considering scarce goods like lake property. Connect with our team and we will help you find your new home.

The Real Estate Market in Lakes Country has been strong in 2019. Strong but different. Strong and also difficult.

We find it hard to pin point the exact reasons for market behavior and market change particularly in a unique market as Lakes Country. National or even metro markets are very different from our local market place. We are generally experiencing an above average strong market in our area. We believe most of us understand that buying and selling property on a lake is a different kind of real estate than city properties are. Lake shore property is a luxury good and is being valued for many more reasons than location alone. However, we have to distinguish between weekend properties and rural homes used as primary residences. We saw many rural homes sit on the market longer than expected this year. Some buyers were also able to get a lot of home for a very affordable price in smaller communities in Lakes Country. There is a large price gap between lake properties being used as second homes versus primary residence homes in the area.

If you are looking to buy real estate on a lake you will be confronted with a number of variables such as location and distance to your primary home, type of lake, setting of property, condition of the dwelling and other factors. It is hard to determine if it is a strict buyer’s market or seller’s market when considering scarce goods. We like to compare lake property with the purchase of a collectors car or an original piece of art. If the perfect property comes on the market it will have its price. The same as a Picasso may reach a record auction price a unique and prefect lake property may sell for an incomparable price. However, the same goes for less desirable property. If the property is not perfect it will be hard to achieve a record breaking price. The same goes for an old car which is more of a restoration project than a show car—it will sell for a discounted price only.

Looking at the statistics and comparing 2018 vs 2019 sales we have 2% fewer properties being listed in 2019 but about 5% more dollar volume in sales which means we have had a more expensive market this past year. Another reason for higher volume sales is a median property price increase of %6.5. Surprising is that we have 4% less new listings coming on the market in 2019, however the listing dollar value is 3% higher and the median list price is 9% higher.

Since the national housing crisis during 2007-2009 we have seen property value going up on average. One important piece about today’s lake shore property value is as mentioned earlier: how unique and how perfect is the lake lot. As we know that there will never be more lakes to develop we have to distinguish between good and better lakes or even bad lakes. If you are in the market for a recreational lake shore property you may have to have the patience to find the perfect place or pay a premium if you find it. Another obstacle we have noticed is that many buyers since 2011 are enjoying their lake life and are not intending to give it up any time soon. That means the perfect lake property will become even more scarce to find.

Consult with a local expert who can assist you to find and price the right property for you. Your lake life advisor needs to know the market from within. At Jack Chivers Realty you will only find full time local real estate experts who love lake life and are the best lifestyle ambassadors helping you make this place memorable to you and your family. #weknowaplaceforyou

Dirk Ockhardt

Broker, CEO