The leaves are now out on Branch Lake and soon the docks will follow.  With all the changes Spring brings, one aspect that looks to not be changing this year is the real estate market for Branch Lake.  Much like 2021 & 2022, 2023 appears to be another low inventory/high demand season for real estate on not only Branch, but for most of the freshwater lakes and ponds in Hancock County.  In fact, Spring 2023 may be the lowest level of inventory we have seen in our 19 years of full time brokerage here.

While the current market conditions are a delight to most sellers, they continue to disappoint many buyers.  We have seen anecdotal signs of some buyers stepping out of the market based on frustration experienced with multiple offer scenarios, inability to compete with cash buyers and climbing values.  Increasing interest rates are also serving to dampen some buyers’ aspirations, but this does not seem to have had all that significant of an impact on the level of buyer demand locally.  This all said, there does not seem to be an end of folks coming to Hancock County with interest in buying property on one of our beautiful lakes or ponds.  The current low level of inventory remains vastly overwhelmed by the high buyer demand.  Though interest rates are forecast to continue their creep higher in 2023 (albeit less so than in 2022), all signs point to 2023 being another stellar year for sellers on Branch Lake, another frustrating year for many buyers and an absolutely ecstatic year for the lucky few who manage to purchase a home or land on the lake.

Looking at the numbers, as of May 24, 2023, a scant 4 properties have sold on Branch since January 1, 2022.  Three homes and one land parcel.  Of these 4 sales, the average days on market before going under contract was 47 days.  Two of the three homes that sold reduced their list prices before going under contract.  While 47 days on market would be a relatively brief time on market only a few years ago, it’s a bit of a lifetime these days.  This “extended” time on market and list price reductions are reflections of sellers reaching to capitalize on the current market condition by exploring higher list prices.  And who could blame them for trying.

There are currently NO Branch Lake properties under contract to sell and also NONE available for purchase.  Wow…talk about low supply, this is the definition of it.  Below is a rundown of the recently purchased Branch properties.  The “SOLD” listings display their associated purchase prices.

Hoping that you have enjoyed our Spring 2023 market summary for lovely Branch Lake brought to you by Pemetic Purveyors.  We love to assist both sellers and buyers on Branch Lake.  Please consider our services when you or those you know are in need of expert brokerage assistance.

Until next time, counting down the days ’til Summer!

Ryan & Julee

SOLD (From Jan. 1, 2022 to May 24, 2023)

169 Sargent Drive, Ellsworth ~ $885,000
209 Sargent Drive, Ellsworth ~ $735,000
89 Pickeral Cove Way, Ellsworth ~ $627,000
Lot 41, Branchview Drive, Ellsworth ~ $161,900

UNDER CONTRACT (As of May 24, 2023)

NOTHING

AVAILABLE TO PURCHASE (As of May 24, 2023)

NOTHING