After a Long Decline, Madeline Island Real Estate Prices Appear to be Stabilizing

Following a long period of falling prices, it appears that home values on Madeline Island may be stabilizing. Trulia statistics indicate that the fairly steep fall in prices since January 1, 2012 has begun to level out.

At the same time, listing inventory has begun to rebound since February 22, as sellers are beginning to return to the market in anticipation of the spring and summer tourist influx to the Island.

In addition to the statistics reported by Trulia, there are signs that buyer interest in Madeline Island is picking up. Showing traffic has been unusually brisk in our Madeline Island Realty office since the beginning of 2012.

It's too early to predict the rest of the year, but signs point to a resurgence of sales on Madeline Island, perhaps the best sales volume since 2006 if current trends continue.

More Prospective Madeline Island & Bayfield Buyers Seem to be Coming from Southeast Wisconsin

We're noticing a not-so-subtle trend among prospective buyers inquiring about Madeline Island and Bayfield, Wisconsin. An increasing number of those new buyer prospects seem to be coming from the southeast part of the State of Wisconsin.

Not long ago, the vast majority of our buyer pool came here from Minneapolis & Saint Paul or from Duluth, Minnesota. That appears to be changing gradually. We're seeing more and more buyer prospects from Madison, Milwaukee and south central Wisconsin.

A local Islander used to label our summer homeowners on Madeline Island as "the Minnesota Millionaires". That was an exaggeration, of course. Not everyone who buys on the Island is a millionaire. But it was undeniably true that three-quarters (or more) of our prospective buyers ten years ago came from the greater Twin Cities metropolitan area.

Why the shift in buyer demographics? It probalby has much to do with the fact that Wisconsinites, particularly those in southeast Wisconsin, are learning more about Madeline Island and Bayfield. Articles in the Milwaukee Journal Sentinel and the Chicago Tribune have played a part in educatiing readers about the charms of the Apostle Islands area.

SALE PENDING Signs Have a Way of Making the Phone Ring

I suppose it's a matter of human behavior that real estate buyers watch each other and they tend to move when they notice others are buying. There's no shame in admitting that we are all influenced to some extent by what others are doing.

One of the things I've learned from over twelve years in real estate sales is that real estate markets go through drought spells. When things are slow, it can seem like an agonizing wait before the market picks up again. But once something sells, other would-be buyers take notice.

I received a phone call last week from a prospect who has been watching the Madeline Island real estate market for over a year now. She contacted me in mid-January about one of our listings, but I heard nothing further until last week, when she apparently discovered that someone had taken the plunge and submitted an offer on one of the homes she had been following.

Agents and brokers have a saying that goes something like, "sometimes a prospective buyer has to lose out on a home or two before they realize they need to make a move". I'd say that's especially true in a second home community, where the purchase of a vacation home is, for the most part, a discretionary purchase.

There's a moral to this story. Don't wait until the home you've been dreaming about has gone off the radar. The best way to avoid disappointment is to get serious and submit an offer.

Estate Sale on Madeline Island March 17 & 18 - 351 Old Fort Road, LaPointe, Wisconsin

The owner of the Brittany Cottages at Coole Park will be holding an estate sale next Saturday and Sunday, March 17-18, at 351 Old Fort Road, on Madeline Island.

Among the treasures available for purchase will be collectibles, housewares, some tools, sewing supplies, fabric, craft supplies, office supplies, rugs, linens, artwork, picture frames and more.

The sale is scheduled to run from 10 am until 4 pm, on both Saturday and Sunday.

Mark your calendar for this Madeline Island event!

An Overseas Buyer Finds one of our Listings on Zillow and Makes the Phone Ring

I haven't had a lot of nice things to say about Zillow in the past, but I have to give them credit for what looks like a promising buyer inquiry. Today, I received an email from an American citizen living in the Malay Archipelago region. He has been browsing Lake Superior homes on Zillow and came across one of our Madeline Island waterfront listings that he found intriguing.

Apparently, this buyer prospect first found us on Zillow, but he has also been watching our virtual tours on YouTube and elsewhere. The virtual tours seem to have gotten his attention. I can tell when a buyer prospect has looked at a property tour many, many times..they always seem to be very familiar with the home's interior, in great detail.

A presence on Zillow could be considered just another tool in an agent's marketing toolkit, but it's not one I'd overlook. Whether you love Zillow or not, whether you agree with the "zestimates" or regardless of what you think about site aggregators selling territories to whatever agent has the cash to buy them, you'd have to agree that a lead is a lead. And some leads are better than others.