October END of the MONTH statistics and HOW FORECLOSURES are affecting the northern WISCONSIN counties of Vilas and Oneida
October END of the MONTH statistics and HOW FORECLOSURES are affecting the northern WISCONSIN counties of Vilas and Oneida! So....over 3/4th's of the year is over and home prices here in the "Northwoods" appear to be stabilizing a bit. Based on year to date sales we are seeing an increase in volume in BOTH Oneida and Vilas counties. This is not a huge increase but it is definitely something. Vilas is UP approximately 40 units ( 241 homes sold in 2009 vs 283 in 2010 ) and also up about 1% in average sales price AND Oneida is UP approximately 20 units ( 374 homes sold in 2009 vs 396 in 2010 ) and actually down about 1% in average sales price.
What does this mean and how are foreclosures affecting our market? This is the most common question that I am asked and this is what I am seeing... I cna tell you that every market segment is competing with some foreclosures and there are more creeping into our market.
How many more? I pulled the most common listing agents for foreclosures and I saw about the same amount of foreclosures in Oneida county in 2009 vs 2010 and an increase by about half in the Vilas county market this year. Now this will be a conservative number b/c I cannot search specifically foreclosures in our MLS but I think it gives us a good estimate of what is happening. So, this increase in foreclosures in Vilas County is probably why it shows an increase in unit sales b/c banks are aggressive with their sales strategy as to not carry a property long term.
I also pulled the stats for foreclosures in our market this year and the average sale price is $111,866.00, the average days on market is 99 days and the average list to sale price from the ORIGINAL listed price is 78%. How does this compare to the market overall? Well, the average sales price so far this year is $207,500 the average days on market is 175 and the average list to sale price from the ORIGINAL list price is 87%.
So, the encouraging news is that we are seeing stabilization AND there are still some great deals to be had out there! So, JUMP in and take advantage of interest rates because this is still an amazing time to buy!! Call me or talk to a local expert in your market so you can stay in front of what is happening in your segment of the market and purchase with confidence!!
Copyright©by Julie Paez, All Rights Reserved, "October END of the MONTH statistics and HOW FORECLOSURES are affecting the northern WISCONSIN counties of Vilas and Oneida".
Thank you so much for your time and your business. and for LISTENING!
Happy House Hunting!!!
Julie Winter-Paez Broker/Owner, CRS, GRI
ReMax Property Pro's, LLC
602 Michigan St. PO Box 1058
Eagle River WI 54521