Minocqua Area Average Sales Price November 2017

November 2017 Avg Sales

Happy Thanksgiving!  I hope you are able to spend the holiday with family and friends!

We have not taken a look at the average sales prices since August, 2017.  Three of the indices are up and one is down.  Looking at off-water homes, Oneida County has risen from $131,409 to $134,902 (up 2.6%) and Vilas County has risen from $136,122 to $137,282 (up 0.8%).  Oneida County Lake homes really moved from $287,015 to $323,330 (up 12.6%) in 2017.  Vilas County is the one index that has fallen and it went from $322,138 to $305,559 (down 5.1%).

Overall, the average price for a home has risen from $225,603 to $234,279 in the Northwoods.  That is up 3.8%.  That is not outstanding but it is something to be thankful over.

The lakes are freezing up and snow is on the ground!

 

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Minocqua Area Real Estate % Sold October 2017

 

Listed vs sold 10-24-17

More charts!!  I think this one is interesting.  This one looks at the percentage of properties sold vs. properties listed.  Take for instance that we have listed 3240 properties in 2017 thus far and have sold 801.  That works out to 24.7%   Think about that for a second.  If you were to list your home today, you have a 24.7% chance that it will sell.   Those are not the best odds.  The chart shows that previous years have been better.  The highest year was 2016 and it ended up at 31.2%.  The lowest year was 2009 and only 15.8% of properties listed sold.

It is not a time to panic.  2017 is not yet finished.  We will sell more properties than we will list in the last 75 days of the year.  I am guessing we will end up in the high 20’s by the end of the year.  I think the better way to look at this is the overall trend is improved.  Take out 2014 and every year since 2009 has improved.

We are enjoying our “Indian Summer”.  The colors have been gorgeous and highs have been in the 60’s and 70’s.   Everyone should have a fall season like ours!

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Minocqua Area Sold/List % September 2017

Market Segments

2017 sales have been a bit uneven.  What I mean by this is that there are market segments that are very busy and we are truly short of inventory.  Then there are segments that are begging for buyers.  I have chosen 4 rather simple market segments to compare.  Oneida and Vilas Counties home and condominium sales vs. the Minocqua and Eagle River/Three Lakes Chain of Lakes.

Oneida County has seen 521 sales and 1051 listings (49.5%) while Vilas County has seen 414 sales and 926 listings (44.7%).  The Minocqua Chain has seen 48 home sales and 92 listings (52.1%) while the Eagle River/Three Lakes Chain has seen 60 sales and 174 listings (34.4%).

I can say that I never would have guessed those numbers as I thought the chains were doing even better than that.  I can also say that if I broke down these segments to sub-segments I would find a shortage of lake homes in the $250K to $350K range.  The number of listings nationally has dropped and that has hurt home sales.  I can say that this trend has also affected us here in the Northwoods.

The weather is marvelous!  Highs in the 70’s and 80’s.  The leaves are changing and the colors are beautiful!  Cooler weather is just around the corner.   Please come up and enjoy the Beautiful Northwoods!

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Minocqua Area Home Sales by Price Range 2015 – 2017

Sales by Price Range

We are drying out!  It has been a soggy start to summer but things are returning to beautiful!  Everyone should come up to the Beautiful Northwoods!

Sales have been encouraging thus far in 2017.  Sales have been a bit uneven though.  Some markets are doing much better than others.  On-water has been a bit stronger than off-water.  The Minocqua, Eagle River and Three Lakes Chains have been red hot.  The off-chain lakes have been more sluggish.  The gap between on chain and off chain is increasing.  There are some real bargains on some very high quality lakes

The chart above shows the sales by price range for the first 6 months of years 2015, 2016 and 2017.  The lower number in the Under $100K is clearly the result of low inventory.  There are some stronger numbers in the $300K and $400K ranges.  The concerning number is the lack of strength in the $500K and up ranges.  It is still soft in the higher ranges and there is an excess of supply.

Off-water homes are doing well in spots.  New construction to $230K has been strong.  Existing homes have not been strong in that range.  We are seeing strength in the sub $200K range on better quality inventory.

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Wisconsin REALTORS March Sales Report

Interesting info from the WRA.  Listings year-to-date down 18%.  The inventory of homes is also down 22%.  Is the market changing from a Buyers’ Market to a Sellers’ Market?  Not everywhere but there are certain segments that are changing.

WRA March Sales

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Wisconsin REALTORS Association November Home Sales Report

Statewide home sales were very strong with a 19% increase over 2015.  Great news for homeowners!

WRA Home Sales Report

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New Home Construction Costs

The numbers have not changed all that much. A point well is now over $4000 but the rest of the info is still good!

Northwoods Deals

I often get asked how much it costs to build a home here in the Northwoods.  I have had several clients build and I myself built in 2006.  These are not meant to be a substitute for working with a builder as they will have far more accurate information.

The first thing you will have to do is buy a lot.  The minimum off-water lot that you can legally create right now is 1.5 acres.  An off-water lot runs about $15,000.  You can get improved lots which may have power and gas already to them and that is worth a lot of money.  There are several keys to buying a lot.  Access to a road is key and having access to electricity is quite important.  Lots smaller than 1.5 acres are not uncommon as these were created below the 1.5 acre became the minimum standard.  Lake lots are more expensive…

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