Julie Sells Dreams in Wisconsin's beautiful Northwood's: January 2012

Northern Wisconsin real estate information for Buyers and Sellers looking to make their dreams come true!!

Bank Owned Statistics for Northern WI Year End 2011

 

Bank Owned Statistics for Northern WI Year End 2011

Just going over some year end numbers and - again - I get the most questions on info regarding bank owned and distressed sale properties. There was a news broadcast last week regarding this topic and I wanted to share some info I found with you - esp since I think it tells a very different story - bank owned sales do not appear to be on the rise from what I see in northern WI.

 

Looking back to 2009 when this market really started out we say roughly 82 bank owned sales in the entire MLS by the two biggest companies that house the listings; in 2010 there were approximately 139 and in 2011 roughly 120. Again, these numbers are pulled by looking at the number of homes sold by the top 2 leading bank owned sales offices in our MLS. It is NOT exact but I feel a "fair' estimate of the overall market.

 

Now regarding average price; in 2009 the average sale price was 103,193 : in 2010 the average sale price was 100,375 and in 2011 the average sale price was 82,908. The list to sell ratios are also declining, In 2009 the average list to sell ratio was 86%, in 2010 it was 76% and in 2011 it dropped to 73%. This is an average of all sales and I would expect the waterfront homes to be on the high end while the off water and vacant land sales will be on the lower end of those ratios. If I have time I may extract that info in the future but the KEY is to negotiate on your own and not in competition with another buyer.

 

I also seperated out waterfront versus off water sales again to see if there appeared to be a rise there and there has been a small increase in that segment but I beliebe that was because Wild Eagle went into bankruptcy and about 8 of those waterfront sales were there at Wild Eagle. In 2009 the waterfront portion of bank owned sales was 25% versus 23% in 2010 and 27% in 2011. So, in now way do I beieve that bank owned sales are on an upward trend in Northern WI. there are definitely part of our market but I do not believe they are will consume it. If you are looking to buy a great deal - we definitely hae them - however they are all not disguised as bank owned. Let me know specifically what you want and I will help you find it!
 
 
So to highlight some info:
  • Average list to sell ratio is 73% in 2011
  • Average sale price was 83,000 roughly in 2011
  • Average Days on Market was under 100
  • Average amount of waterfront distressed sales was 27% in 2011
So, formore info on Bank Owned sales, how to purchase the strategically and to get on an updated list of them contact a local professional or visit my website at : www.EagleRiverHomeFinder.com
 
 
 

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

 

Comment balloon 0 commentsJulie Winter-Paez • January 21 2012 09:44PM
Bank Owned Statistics for Northern WI Year End 2011
share
Bank Owned Statistics for Northern WI Year End 2011 Just going over some year end numbers and - again - I get the most questions on info regarding bank owned and distressed sale properties. There was a news broadcast last week… more
ActiveRain / Adobe EchoSign Challenge: What Does Trust Mean to You?
share
I love this challenge and what it means not only in my life BUT my business and my world overall! When I looked up the definition of trust the one I found that felt the most accurate and on target for me was the… more
Amazing Waterfront Parcel on Dam Lake of the Sggar Camp Chain of…
share
Amazing Waterfront Parcel on Dam Lake of the Sggar Camp Chain of Lakes in Northern WI Opportunity SELDOM knocks like this! 22. 45 acres of high - dry privacy on the 5 lake Sugar Camp WI chain of Lakes and OVER 1040 feet of… more
December 2011 results for the Northern WI counties of Vilas and…
share
December 2011 results for the Northern WI counties of Vilas and Oneida! After a better than expected October and November, December was slightly disappointing. Home sales dropped to 78 units in Vilas and Oneida Counties… more