We have not looked at average home prices for a while. This time of year the values take on more relevance as they are becoming more statistically accurate. I break down the values by county and then by on-water and off-water homes. This is more telling as the on-water homes are purchased largely as second homes and the off-water homes are mostly primary homes. The two types of homes service vastly different purposes and customers.
Oneida Off-Water $107,264 $116,168
Oneida On-Water $290,186 $266,486
Vilas Off-Water $113,459 $129,956
Vilas On-Water $304,569 $291,431
What is interesting is off-water homes are up in value. It is another story for on-water homes. Why are on-water homes suffering while off-water homes are on the rise? My theory is that last year we were selling more bank-owned homes. Over 80% of these homes were off-water. This year there are far fewer bank-owned homes and that is driving off-water home prices up.
On-water home sales still have not seen a recovery. Most of these homes are second homes and it is apparent to me that the economy has not yet recovered enough to improve the market for vacation homes.