There is a lot of talk about inventory lately. The markets where values are improving have one common element and that is a shrinking inventory. Markets like California, Arizona, Florida and even closer to home, Chicagoland are experiencing inventory shortages.
The above chart looks at the history of listings and sales in Oneida/Vilas Counties from January 1 to March 14 of those years. The blue bar is the number of homes listed and the red bar is the number of homes sold. The listing history has not yet changed all that much. The lowest number of homes listed was 372 in 2004 and the highest number was 502 in 2008. 425 homes have been listed in 2013.
The red bar is the number of homes sold during the January 1 to March 14 time period. 2013 looks healthy as 131 homes have been sold. The only year that was better was 134 in 2006, in the pre-housing bubble market.
What is my opinion of inventory? Our inventory is similar to years past. There are some pockets where inventory is scarce and some other pockets where inventory is excessive. The $300K lake home market is quite low at this time where lake homes above $550K are at very high levels. The buyers still have leverage over sellers but the gap is shrinking.
It is an interesting time in Northwoods’ real estate.