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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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
Statewide home sales were very strong with a 19% increase over 2015. Great news for homeowners!
WRA Home Sales Report
October sales figures are in and the upward trend continues. The red line represents home sales and the blue line represents home listings. We are looking at all homes and condos in Oneida and Vilas Counties (Wisconsin’s Beautiful Northwoods). As you can tell, home sales are cyclical with more sales in the warmer months. The red line (demand) continues to inch up and the blue line (supply) continues to drop ever so slightly. This has driven prices up in some segments of the market but not all. Lake homes on the chains have been hot sellers. Higher priced homes off of the chains have been tougher ones to sell.
Some specifics to the numbers. 148 homes were sold in October and that is a drop of 4.5% from September. We sold 149 homes in October of 2016 so we are slightly down .6%. One home sold for over $1M and only 12 homes sold for over $600K so demand for premium lake homes is still soft. We have sold 1119 homes thus far in 2016 and this compares with 1031 in 2015 (up 8.5%).
Most of the leaves are down now but we are enjoying a nice “Indian Summer”.
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!
Some mixed results in the April end of month report. 80 homes were sold in April. This exactly the same number as were sold in March. It is also precisely the same number that was sold in April of 2015. So, we are flat with last month and flat with last year. I have never seen that and I find it odd.
The one number that is significant here is the number of homes listed. We normally are laser focused on the red line. This month the blue line offers some interesting news. The blue line is much lower than it has been. Last year, April saw 430 listings come on the market. April of 2016 saw only 347 listings taken, a drop of 83 units or 19.3%. We will see what happens in May but the shortage of inventory that we have heard of elsewhere in the country may be coming to the Northwoods. This shortage may result in higher home values. We are already seeing spot shortages of higher end off-water homes and lake homes in the $300K to $450K price range.
The weather is now warming up. The buds on the trees are coming out and the Northwoods’ is in full spring mode. The fishing opener may be one of the more productive as the surface lake temperatures are hovering in the mid 50’s. Please come up and enjoy!