September 2009 Market Update - Vilas/Oneida Counties North WI

You can tell that many of the summer tourists have returned to their homes "down south" - kids are back in school again, and the mosquitos and deer flies have gone away. We even had +34 degrees this week. Yep, Autumn is coming - a gorgeous time of year.

The July 2009 sales statistics for Vilas County are in - and for THE FIRST TIME IN ALMOST 24 MONTHS, there is a positive movement. For the month, an increase of +24% in sales volume (units), and a +16% increase in transfer tax paid. (That's the indicator of actual money that changed hands.) These figures are based on 2008 activity, and though they are far behind the record pace of 3 - 4 years ago, at least we're moving in a positive direction. This is the news we have been waiting for...now, we can just hope that we see a sustained trend.

In a related search of the MLS data for 1/1/2009 - 8/31/2009, there have been NO HOMES SOLD/CLOSED on the Manitowish Chain thus far in calendar 2009. To my recollection, this is a first. There are 57 homes for sale. Two vacant lots sold on that same 10 - lake chain this year.

Research in the $300K - $500K waterfront residential price range in the four communities in the Minocqua are shows that 9 have sold and closed in 2009 since April 1st. (there are 74 available) The average discount from the initial asking price to the final selling price was just over $99,000.00. By comparison, in 2006, the average discount in the same market strata was less than 10% in all cases.

It's a "new day" in our market, and we are working hard to bridge the expectations of sellers with the bargain hunting desires of the buyers. Now, we are seeing some upward movement in sales, at least in Vilas County. I expect a long, slow climb.