January 2023 Interlaken Market Update
Interlaken Condos overlooking Lake Como towards Geneva National.
Happy New Year! My name is Christopher Ponsonby, a fellow neighbor and Real Estate Advisor. 2022 was filled with great memories at the Lake and I am thankful for getting to know so many of you. A common issue expressed by many is that there is not a simple and concise resource for obtaining information on our Real Estate; specifically Interlaken. The goal of this letter is to give you a brief periodic update on the status of our small part of Walworth County real estate. Now let’s dive into the details!
We began 2022 with favorable market conditions and continued low interest rates. At the close of the first quarter, the Fed began to implement hikes in the interest rates that crested 7% in November. Despite this the year proved to be another record year for our Real Estate with 18 sales.
We saw the the average sales price increase by 36.5% to $219,000. Even with interest rates, condos continued to sell which is indication of very strong buyer demand. On average it took 21 days for a condo to sell this year. However, in the Fourth Quarter we began to see an increase in the days on market. I suspect this is attributed to a combination of rising rates and bold pricing.
With great views all year round the Lake Geneva Riviera is a fantastic venue space.
Notable sales from 2022; Market Activity Recap.
In this quarter, we witnessed the highest sale ever at $389,000. This condo sported a very desirable lake view location not often available. This is yet another indication of strong demand and that a compelling offering can still command a very favorable price amidst market uncertainty.
The composition of sales this year consisted of:
(8) - 1 Bedroom, 1 Bath units
(2) - 2 Bedroom, 1 Bath units
(8) - 2 Bedroom, 2 Bath units
7 of these sales were 1st floor units and the remaining 11 were 2nd floor units. A list of all sales have been provided for your viewing on the attached page.
With changing market conditions 2022 proved to be another great year for our market with strong growth. 2023 is poised to be a year of disovery with the Fed at reigns. If you have any questions about our market or are considering a move please let me know and I will be happy to share my expertise with you!
Happy 2023!
