Happy Holidays to you!! Today I am looking at the list vs. sold in sub-segments of our Northwoods real estate market. The sub segments I have chosen are Lake Homes, Homes Off Water, Lake Lots, Off Water Lots and Commercial Properties. The blue bar represents properties listed. The orange bar represents properties sold. The value above the bar is the Sold/Listed %.
I know the 49.9% number seems low to many. That is actually much higher than past years. We have seen numbers as low as 25% in 2010-2011. Homes off-water are doing very well. Vacant lots are still struggling with 25.3% lake lots sold and 35.2% off water lots selling. Commercial properties are also struggling with 28.4%.
I once heard a Yogi Berra type saying, “Forecasting is difficult, especially the future”. I will predict that the Northwoods real estate market will continue to improve. Sales will increase by 4% – 5%. Supply will continue to slip and that will result in a 3% – 4% increase in value.
Snow is on the ground and the trails are open. The pines are quite lovely with their fresh powder coat. We have some ice-making weather in the forecast. Please make it the best Christmas ever and best wishes for a safe and happy New Year!