Some more positive news. Do you see the red line on the rise? These are home unit sales in Vilas and Oneida Counties. May was the strongest month (76 units) since October 2009. Yes, some of these sales are from the Home Buyer Stimulus Program. However, the Northwoods has not benefitted much from that program as other areas of the country have.
Some other interesting news is the listing activity. You will note that listings (blue line) are actually down from previous years. More Sellers have decided to leave their homes off the market in anticipation of better days. This will help to bring more balance to the market; something that we have been lacking since 2008.
Will we back to the huge years of 2005 and 2006? Nobody is predicting that. However, if we saw levels similar to what we saw in the summer months of 2008, when we saw unit sales remain steady in the 120 area, I would be quite pleased.
Mid month we will look at average prices for 2010. It is difficult to get much of a read as the volume levels are so low as to be statistically insignificant. Now that we have 5 months and roughly 200 unit sales under our belt, we can possibly detect some trends.