Julie Sells Dreams in Wisconsin's beautiful Northwood's

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.

Market Statistics for 500K plus properties in the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010

I have been hearing a lot of questions regarding the higher end markets in my areas lately and there is bittersweet news for those sellers as well as those buyers.

The market statistics for the $750,000 plus market in the greater Eagle River WI areas of Oneida and Vilas Counties showed improvements over the 2009 year in volume but not in price. Here are those statistics:

•  In 2010 there were 19  over $750,000  list price homes sold. The average sale price was $855, 789.  the average sq footage in those homes was 3516.  The average lake frontage was 198 feet and the average original list price was $1,057,403.  That gives a list to sell ratio of roughly 81%
•    In 2009 there were 17  over $750,000  list price homes sold. The average sale price was $1,032,205.  the average sq footage in those homes was 3600.  The average lake frontage was 290 feet and the average original list price was $1,238,352.  That gives a list to sell ratio of roughly 83%
• Of the homes sold in 2009 two were on the Eagle River/Three Lakes Chain.  In 2010 there were also two sold on the Eagle River/Three Lakes Chain. 
• Overall, in 2010 twelve of those homes sold were in Vilas County and seven of them were in Oneida. 

Now for the plus $500,000 market in the Oneida and Vilas County markets. Again, volume was up but price was down.  Here are those statistics:

• In 2010 there were 58  over $500,000  list price homes sold. The average sale price was $638,455.  the average sq footage in those homes was 3080.  The average lake frontage was 208 feet and the average original list price was $821,371.  That gives a list to sell ratio of roughly %79.6.
•  In 2009 there were 41  over $500,000  list price homes sold. The average sale price was $756,421.  the average sq footage in those homes was 3177.  The average lake frontage was 254 feet and the average original list price was $880,226.  That gives a list to sell ratio of roughly %86
• Of the homes sold in 2009 five were on the Eagle River/Three Lakes Chain.  In 2010 there were eight sold on the Eagle River/Three Lakes Chain. So, our chain over the last 2 years has held about 12% - 14% of the plus 500k market.
• Overall, in 2010 28 of these homes were sold in Oneida County and 30 of them were in Vilas County.

What does this mean?  Well, the higher end market for the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010 did show signs of improvement in regards to volume.  Properties priced to sell are selling and volume is clearing our. 

As a Seller you need to do a lot of work on the front end regarding pricing,  staging  and in understanding the mind set of today's Buyer so you have  realistic expectations as to what to expect from them.

As a Buyer you need to understand that there is NO BETTER TIME to buy and that when you see something priced well - jump on it. Other buyers are looking for the same things as you and they will recognize it also. Interest rates are still down and if you don't get off the fence soon, you will miss the boat!  You can ask for Buyer's Agency if you need guidance in our complicated market

As always it is in everyone's best interest to hire a local professional - like me - to help guide you through the process.  Remember - I am a Michigan licensee and also work in Forest County so if you have questions about those markets and not just Vilas and Oneida Counties please feel free to give me a call or visit www.eagleriverhomefinder.com  for additional information .

So, again, here are the Higher end Market Statistics for the Greater Eagle River WI areas of Vilas and Oneida Counties in 2010,  please contact me with any additional questions you might have.

Copyright©by Julie Paez, All Rights Reserved, " Higher end Market Statistics for the Greater Eagle River WI areas of Vilas and Oneida Counties in 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.