It’s a bit better news for Northwoods’ home sellers. The blue line represents home sales in Vilas and Oneida Counties in 2010 while the red line represents 2009 according to the Greater Northwoods MLS. The disastrous home sales results from July did not continue their downward trend into August. We are hoping that the July home sales figure locally, as well as nationally proved to be an anomaly.
Thus far, July has been the only month where fewer homes were sold in 2010 than 2009. It still is nowhere near the levels we were seeing back in 2005 or 2006 but at least the overall trend appears to be positive.
August has seemed to be busier in showings as well. That will hopefully show up in critical September and October sales figures. Why the increase in business? I would like to say that it is increasing consumer confidence or better unemployment numbers. However, those numbers still appears to be quite weak locally and regionally. My own read on it is that we have sellers out there who truly must sell. They have their own reasons for selling, job loss, health issues, etc. There are numerous sellers out there that truly cannot hold on to their properties. This is combined with buyers who are out bargain shopping and are taking full advantage of their leverage to get some very good deals. The one common element of the closed sales in 2010 is that the buyers were able to get very good deals.
Another small piece of good news is that we have finally closed a home over $1M in 2010. The higher end homes have been hit much harder than lower priced homes. I am hopeful that more premium priced homes will move this fall.
Another glorious Northwoods’ summer is coming to a close and I become quite sad to see the school buses back on the road. I cherish each and every moment of our summers. There is no better place to spend the summer than in the Northwoods!