October Market Update - Vilas County, Northern WI

The October 2009 statistics are in for VILAS COUNTY; one of two counties we serve. And, they're not showing much optimism as we head into another long winter.

The number of warranty deeds issued in the county last month was just 88; this was a -16% change from last year, which was already a far cry from the record years of 2005 and 2006.

Transfer tax paid was off -22%, continuing the trend of fewer, cheaper properties that are being sought by the buyers.

Year to date, that transfer tax figure is off -26%. This means that the properties that are selling are those that have lower pricing than years past, and that market values are also continuing to slide.

In only one month this year did we see any positive growth over the dismal statistics of 2008. The end must be in sight, because there's not much farther we can dig down ...

Our hope is that buyers will begin to gain confidence again, realizing that there are many excellent values on the market. Coupled with mortgage interest rates as low as 4.75%, the time to strike has never been better.