Market Statistic as of March 28, 2012 in the Northern WI counties of Vilas and Oneida!
We are now almost finished with the first quarter of the 2012 year and with the jumpstart into spring we have had it DOES feel like we have had a jump start into an early selling season. I am always hesitant to be TOO optimistic but I can hardly help myself this year. Heck, I seldom can help myself, but there are signs I am seeing of good activity so far in 2012. Let me go over with you what I am seeing.
For the Northwood’s counties of Vilas and Oneida, I am seeing movement in my market segment in both off and on water homes as well as vacant parcels! Finally, some optimism….First, the areas I analyzed were the Townships of Land O Lakes, Conover, Eagle River, Lincoln, Washington, Cloverland, SugarCamp, Three Lakes and St Germain. If you have interest in any other area please let me know and I can study that area for you as well…
So, let me start with vacant dirtJ
14 parcels sold in my immediate marketing area in 2011: of those 3 were on water, 11 were off water, the average sale price was $51,300 and the average days on market ( DOM ) was 514.
IN 2012 there have been 15 units sold so far this year: 6 were on water, 9 were off water; the average sales price was $67,700 and the average DOM was 337. Currently there are 10 with accepted offers about 5 of which have some waterfront.
So for land total sales are up slightly, average price is up, days on market is down AND amount of higher end parcels ( waterfront ) is UP!
Now Off water home sales:
In 2011 there were 19 units closed by March 28th, the average price was $106,666. And the average DOM was 227. Of those 19 closed sales; 7 appear to have been bank owned and 12 were not. The highest off water sale was 250k.
Now Off water home sales for 2012. So far there have been 16 units closed by March 28th, the average price was $125,781. And the average DOM was 289. Of those 16 closed sales; 5 appear to have been bank owned and 11 were not. The highest off water sale was 200k. I also want to note that there are currently 13 with accepted offers TODAY and of those 13 only 3 appear to be bank owned.
So off water home total sales are slightly down BUT non- bank owned sales are up; average sales prices are UP, and there is a high number of transactions due to close with a limited number of those being bank owned. Again, this is a good sign to me as well.
Lastly, the on water home market:
In 2011 there were 12 units closed by March 28th, the average price was $416,627. And the average DOM was 363. Of those 12 closed sales; 2 appear to have been bank owned and 10 were not. The prices range from 90k to 2,000,000.00
Now On water home sales for 2012. So far there have been 14 units closed by March 28th, the average price was $445,142. And the average DOM was 274. Of those 14 closed sales; 4 appear to have been bank owned and 10 were not. The prices range to 3,325,000. I also want to note that there are currently 16 with accepted offers TODAY and of those 16 only 4 appear to be bank owned.
So ON water home total sales are UP; average sales prices are UP, and DOM is down. There is an increase in bank owned sales in this market but they are going fast which I believe is why we see a decrease in DOM. There is also a high number of transactions due to close which I also believe is a good sign of this year’s market. Plus a positive side effect of the current weather we are experiencing.
Buyers are looking and buying but they are price conscious and striking when they see a deal. Let’s get our self in a good position.
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