Minocqua, Eagle River Avg Home Prices 2008-2013

Image

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.

 

                                                                           2012                 2013

                        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.   

Advertisements

About northwoodsdeals

Jim Mulleady is the Broker for Coldwell Banker Mulleady REALTORS located in Eagle River, WI. Jim has a BS in Industrial Technology from UW Stout and an MBA - Marketing from DePaul University. Jim has over 20 years of marketing and sales experience.
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s