I have not taken a look for a while at home prices here in the Northwoods. There are some surprises! We closely monitor volume and it is up roughly 9% over 2015 year-to-date. The question is “have these gains come at the cost of home sellers”? The answer is a definitive inconclusive.
The big news is Vilas On Water is up and it is up big. Last year, the average lake home sold for $288,746. This year it is $318,855, an increase of $30,109 or up 10.4%. Volume is healthy as last year we sold 198 lake homes and we have sold 160 thus far in 2016. Oneida off water homes are up slightly too moving from $127,733 to $130,155 (up 1.8%). The not so great news is that Oneida on-water homes fell slightly from $275,878 to $273,124 (down 0.9%). Vilas off-water is also down from $139,594 to $129,137 (down 7.4%).
Conclusions? It is tough to conclude much because of the inconsistency. We are beginning to run short of inventory on the lakes and that may be the reason why we are finally seeing some increases.
We are past peak but with the phenomenal summer, the colors are running late. We still have tons of leaves on the trees and the colors are still terrific. Please come up and enjoy!