About Vilas County, WI

2004-2007 Vilas-Oneida Sales

02-24-08

Jim Mulleady: Real Estate Agent in Eagle River, WI

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Office: (800) 282-1774

Mobile: (715) 617-8581
Secondary: (715) 479-1774

As a follow up to last month's unit sales for Vilas and Oneida Counties from 2004 to 2007, the chart above shows residential sales dollars for the same 2004-2007 period.

One can see the obvious cyclical nature of the Northwoods' real estate market. Some positives that can be taken is that the low producing months of January and February remain virtually unchanged. If you are a buyer, you would wield more leverage in these off-peak months. The peak months in the late summer are off but not as bad as other areas of the country. I wish to reiterate that while some market "corrections" are occurring elsewhere in the US, values continue to rise in the Northwoods. Wisconsin's Department of Revenue found the average value rose 10% in Vilas and Oneida Counties in 2006. The Department is predicting values to rise by a similar value in 2007. A property purchased for $100,000 in 2001 would be worth approximately $160,000 today. We have experienced 59.8% increase in value in the past 5 years. The Fed is making an effort to stimulate the economy by dropping the prime rate 1.25% in 10 days. 30 year mortgage rates touched the 5.5% mark briefly before jumping back to the 5.75% range. It is anticipated that rates will drop to the 5.5% rate or below in the coming weeks. It is a terrific time to be a buyer!

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