About Vilas County, 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.

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Helen Lake...beautiful, picturesque and a peaceful setting awaits your cabin plans. Lake is 52 feet deep and connects to Yolanda Lake. You will think your in Canada when your in this area! Very secluded with lots of wildlife. You may see a deer come to the lake for a drink, an eagle flying above or even the elusive bear and wolves in the area. Everyday is a new experience wether it be something with fur or feathers this area has a host of wildlife! This is a unique property and wont last long. Only $74,900.00

NEIL PLUISTER (715) 367-7270 NEIL@VACATIONLANDPROPERTY.COM

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.

Some good news for a change. The average sales price rose $10K since our last look at the average sales price in mid-September. While home prices most likely did not rise by this value, the mix of home values did rise. What the market has lacked all of 2009 are some medium priced homes. These are homes in the $400-$600K range. This used to be the strongest market segment. This past month there have been some sales in this segment and that has increased the average sales values.

Look for this trend to continue as there are some real attractive buys out there. I expect the average sales price for both Oneida and Vilas Counties to be in the upper $300K range by year end. Many sellers are offering significant discounts.

The key word that buyers are looking for right now is "deals". They are looking for homes below appraised, below assessed, bank-owned and fire sales. They are willing to sacrifice desired features and benefits for the right price.

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.