Some improvement on the sales price front as well. Earlier in September, we reported an increase in August unit sales over August 2009. We were quite uncertain about August as July proved to be disastrous. We saw a slight improvement in volume in August.
The chart above tracks the average home sales price in Oneida and Vilas Counties (Wisconsin’s Northwoods). I break down by county and if the home is on or off-water. For the first time in almost two years, we see improvement in all 4 categories in terms of sales price. In fact, when one looks closely at the curves, one can see a wee bit of rise on the waterfront homes in both Vilas and Oneida Counties. This trend is echoed by one of the larger condo developments in the area that actually raised (by quite a significant amount) asking prices for units.
Why the increase? One thing that is not shown on these curves is the demand for higher priced homes has risen. The higher priced markets have been stagnant for two years. We are beginning to see some movement in these markets. Granted, a lot of the movement is by highly motivated sellers who have become desperate to sell and have put “fire sales” on the market. We still have only seen one $1M+ home sale in 2010 in the entire 7 county area. However, any positive movement is welcome at this point in time.
One other point is that I was telling sellers that waterfront homes were selling at 2003-2004 price levels. Clearly, that is to be amended to 2005 levels. More positive news!
The news for Sellers is that the bottom seems to be behind us. The news for Buyers is what are you waiting for? The prices are low, interest rates are at historic lows, and the selection is terrific!