Pete Rondello Sr

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.

From the Register of Deeds office at Eagle River, WI the statistics are in for September's real estate activity in Vilas County. Unfortunately, they show a continuing downturn compared to 2008.

If there is good news, it's that the percentage of "lag" is not double-digit, which we have seen in all but one month this year.

For September 2009, the number of Warranty Deeds issued was 93, compared with 99 last year.

The Transfer Tax collected was down 9% from last year, again showing that the property that IS selling is generally lower-end, and those that have sold have seen their market values slip. In fact, as reported in an earlier blog post, our residential values are at "turn back the clock to 2004" status.

Year-to-date, the number of sales in the county is off -16% from 2008, and values of properties sold is -27%, or a net of -11% for this year alone.

Current activity is spotty; we're getting a few inquiries, showing properties, but few buyers are grabbing the pen.

We've had three early snows so far this fall; more on the way tomorrow! Peace.

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.

Yes, I haven't been "blog side" in a while - it's beacuse I have been quite busy working on several closings that have taken place in the past few weeks. This has been a welcome sign of an improving market, and certainly, a better year for our team than 2008.

County statistics still show that 2009 sales are behind 2008 year-to-date, but I believe that those numbers will improve as the year continues. These figures are the result of a painfully slow winter and spring season; only since about May 1st have we seen better traffic and more showings and offers.

Still, we are way off the pace that we had been accustomed to in the mid part of the decade. Prices and values continue to decline, albeit much less than in other parts of the country.

The sunset of the $8000 stimulus plan may help us pick up a few lower price point first time buyers before the end of the year, and recent "stability" in the stock market, coupled with better-than-anticipated economic news may move some buyers off the fence and into their recreation home or property.

The next 90 days is usually our peak selling season. We'll see if 2009 holds true to tradition.

It is a GREAT time to buy!

For the first time in many months, it can finally be said that more homes sold last month in Vilas County, than for the same month in the previous year. The increase for June 2009 was slight (only +2%), but we'll take positive improvement any time. Perhaps we have seen the bottom after all.

The state transfer tax collected for the month was down -14%, which means that even though a few more homes were sold this year, the prices that the buyers have been willing to pay have been lower. Not necessarily an indication of a 14% drop in market value, but more a barometer of the PRICE RANGE of the homes that are moving.

Activity is getting stronger, but the buyers we're seeing are those looking for low-end priced properties, and this is pushing the transfer tax collection lower.

In the end, the lack of buyers in the mid-range price areas ($400K - $750K) will cause values to slip, as inventory in this segment remains robust.

Personally, my 2009 business is much better than last years. And, even though year-to-date sales in the county are off 25%, I'm seeing strong growth and much better buyer and showing activity. Let's hope it continues!

It's a PHENOMINAL time to buy property in Northern Wisconsin!