December 2011 results for the Northern WI counties of Vilas and Oneida!

After a better than expected October and November, December was slightly disappointing. Home sales dropped to 78 units in Vilas and Oneida Counties for the last month of the 2011 year. That compares with 92 units in December of 2010. However, we only sold 67 units in December of 2009. I can offer little in the way of an explanation for the lackluster results as December sales represent the lowest volume since May’s volume of 74 units. My thoughts are that it could be a reflection of the current economic environment BUT - again - if you look at the last quarter OVERALL we ended up in numbers and this, to me, is a far better indicator and shows a better reflection of the year overall. Sales units in my market segment are up!!

There is one very interesting point to be made. I cannot recall a point where we had more homes being listed than sold. In December, only 85 homes were listed. We almost had more homes sell than were listed! The chart above shows this and you can see where those lines almost overlap in December.... Sellers obviously do not have a great deal of confidence in the market. I have first-hand experience with this as I have had to tell many sellers that I cannot sell their homes for what they believe to be a fair value. The market appears to be working as the reduced number of sellers entering the market will reduce supply and in theory, will put upward pressure on prices. Less Supply EQUALS greater demand!!! I will watch this trend as we head into the New Year. For more information or to watch my video blog check out my website www.EagleRiverHomeFinder.com.

We have good snow cover and plenty of ice. The trails are marked and in good shape. We hope that you have the opportunity to come up and see our winter wonderland! Best wishes for the New Year!

Copyright©by Julie Paez, All Rights Reserved, "Market statistics for December of 2011 in Vilas and Oneida Counties."

These are the foreclosures in each of the areas in Vilas County for November, 2011.

You'll see we are doing far better than the National Average. I liken this to the fact that we

are in a resort area and more immune to the big city demise.

Vilas County Foreclosures versus Fannie Mae Interest Rates

If there were more volume to this data you could almost juxtapose that there is a corrolation. But we can't.

One good thing, for those in financial turmoil, is the creation of the new HARP program that is actually designed to help those in trouble. If implemented right it could have a dramatic effect on the foreclosure rate in this country. Sadly, government is in charge of it and I don't believe I'll have to explain anything further on that note.

Northwoods, Wisconsin Geographical Foreclosure Comparison

As you can see, as Wall Street Journal has repeatedly stated, we're below the national average. Why? My feeling, and WSJ concurs, is that we are a resort area with a very limited inventory.

Eagle River, Wisconsin sits on the largest inland chain of lakes in the world. It's truly a Northwoods Rhapsody up here and an 1-tank-away-escape for those in Chicago, Milwaukee and Minneapolis. As such, those who are financially secure our taking advantage of rock-bottom prices and rock-bottom interest rates. I truly believe there has never been a better time to buy and many concur and are taking advantage of it.

Chain front, single family lake front homes under $400K are disappearing at an increasing rate. As of this posting we only have 12 homes for sale and the majority of those are in need of major updating. Those that were kept up and currently styled have been picked over and are gone.

It will be interesting to see how this market goes next year for chain-front property.