Home sales in December rebounded a bit in Vilas and Oneida Counties! 92 units were sold and that compares with 63 units in November. It also was up quite a bit from the previous December where 67 units were sold.
If you throw out July and November, a very steady trend appears in the sold line (red). 98 units were sold in June, 94 in August and 93 in September, 85 in October and then the 92 in December. This is improved over 2009 but not nearly as strong as 2006, 2007 and 2008. In fact, the average sales volume is about half of what we experienced in 2006.
What trends might we see in 2011? I don’t think we will see a dramatic improvement nor will we experience a large drop off in unit sales. We will see weak sales in the colder months with things perking up in May through October. I expect to see this 90+/- unit trend through 2011. The good news is that we do not seem to have a huge supply of foreclosures as other areas of the country. These foreclosures hurt values but also take away another non-foreclosure unit sale. In other words, a “normal” home seller loses a potential buyer.
Other good news is that interest rates which bumped up to over 5.25% over the holidays have settled back down to the 4.75% range. There are some excellent values on the market and mortgages are still very attractive. It’s a great time to buy!