Julie Sells Dreams in Wisconsin's beautiful Northwood's: July 2010

As a local expert I decided to study what the relationship between the Assessed and Fair Market values of the properties selling in the surrounding Eagle River, WI areas AND SALES PRICE from January 1 to June 26, 2010. Since this correlation seems to be whay alot of today's buyers are focusing on. 

So,  I will go over some of the township with you so you know what is happening this year versus where we were last year...  Volume is definitely up and in certain pockets so is sales price but only in certain pockets...

I looked at January 1 to June 24^th and this is what is happening in our market place: This is waterfront numbers only.

1.  Washington Township has had 16 sales : Average Sale price $216,400 which is 81% of  A. V. ( assessed value ) & 80% of F.M.V. ( fair market value ) last year there were 3 sales ( one 1.6 million ) w/av. Sales price of $733,000. Taking out the million dollar property the average price was $237,500
2. Lincoln Township has had 4 sales: Average Sales Price $360,975 which is 90% of A.V. and 89% of F.M.V. Last year there were 6 sales w/av. Price of $288,333
3. Cloverland Township has had 6 sales: Average Sales Price $185,566  which is +10% of A.V. and 92% of F.M.V. Last year there were 3 sales w/av. Price of $265,166
4. St Germain Township has had 6 sales : Average Sales Price $233,900 which is 82% of A.V. and 86% of F.M.V. Last year there were 3 sales w/av. Sales rice of $263,833
5. Three Lakes Township has had 13 sales: Average Sales Price $364,668 which is 92% of A.V. and 91% of F.M.V. Last year there were 4 sales w/av. Sales price of $282,250

The only township showing sales prices OVER F.M.V. and A.V. was Sugar Camp and they were showing an increase of about 8% over both of those numbers.

I also took a brief look at some off water numbers and I made it through the city of Eagle River and the town of Washington.

• In the city there have been 7 homes sold with the average off water price being $96,942 which is 97% of the A.V. and 88% of the F.M.V.
• In the town of Washington there have been 6 homes sold with an average price of $106,300 which is 95% of the A.V. and 94% of the F.M.V.

I also took a brief view of vacant land ( Vilas County )  yesterday and what I am noticing is an increase...yes an increase... in vacant land waterfront sales prices... There have been about the same number of vacant land sales this year versus last year ( 49 vs. 48 ) but the good news is that the amount of those sales that are waterfront has almost doubles ( approx. 10 waterfront sales last year at this time to approx. 20 waterfront sales this year ) AND the average sales price is up. This year's average sales price is about $93,000 and last year at this time it was about $68,000.  So, I am hoping this trend continues AND it will spill over to every other portion of our marketplace

SO, again this tells a bit about what the relationship between the Assessed and Fair Market values of the properties selling in the surrounding Eagle River, WI areas AND SALES PRICE from January 1 to June 26, 2010... 

Remember to call a local exppert when you are ready to BUY or SELL in the Northern Wisconsin counties of Vilas or Oneida or Michigan's UP!   Also, for more information on this local market just click here or for the local MLS click here.

 Copyright©by Julie Paez, All Rights Reserved,what the relationship between the Assessed and Fair Market values of the properties selling in the surrounding Eagle River, WI areas and SALES PRICE from January 1 to June 26, 2010.

What is happening in the Northern Wisconsin's counties of Vilas and Oneida serving the greater Eagle River, WI area?  Well 6 months into this years market and here is where we are.

• We have seen growth not impressive growth but beggars can't be choosy!  98 homes were sold in Vilas and Oneida Counties in June.  That is the best month since October 2009.  In fact, when one looks at unit sales since November 2008, June's 98 units are the second most homes sold other than October 2009's 109 units, which is cause for some celebration!

• We` have put together 4 straight months of increases.  We still have a long way to go.  When one looks at the unit sales and then one takes a closer look at what is selling, it is clear that less expensive homes are selling.  Homes priced above $500K are sluggish and although we did sell a home for $900K in June, the Greater Northwoods MLS still has not sold a home above $1M in 2010.  Three large tracts have sold above the $1M mark this year and that is good news.

Will the premium priced home market warm up?  Will the mid-term elections loosen up some of the money in the market?  I am optimistic that the fiscal responsibility tone of the electorate will strengthen the bond market and boost the stock market and the real estate market.

What does this mean for you?  Well, if you are looking to buy or sell real estate in the Northern Wisconsin counties of Vilas or Oneida in the greater Eagle River WI area  it means diferent things to all.  If you are a seller it means we have to be prepared in the above 400k market to expect buyers to want to negotiate and buy up.  If you are a seller in the under 300k range you should see activity if you are priced right, but you have A LOT of competition.  If you are a buyer it is a great time to  look to buy up. There is a lot to choose from and you can choose homes in this market that may have been out of your reach 3 years ago.  So, start looking and call with any questions!  You can reach me on my cell 24/7 at 715-891-1236 and please feel free to pass this on to anyone else you know that may be in the market for Northern Wisconsin real estate!

Copyright©by Julie Paez, All Rights Reserved, What is happening in the Northern Wisconsin's counties of Vilas and Oneida serving the greater Eagle River, WI area?