Madeline Island Real Estate Market Report - Month of November 2011 Ends with Further Downturn in Average List Price

According to statistics from the Trulia website, the average list price of a listed dwelling on Madeline Island dropped to $383,729.  The new average price in the 54850 zip code area represents a 0.4% drop from the previous week.

Continued weakness in pricing can be attributed to a number of factors, including the typical winter seasonal slowdown in Madeline Island tourist and visitor traffic.  A lack of available mortgage lending in rural northwest Wisconsin is also a contributing factor.

At the same time as list prices appear flat or slightly declining, there continues to be a fair amount of buyer interest and activity from buyer prospects looking at both homes and vacant land.  We continue to hear from prospective buyers who have expressed an interest in showings and detailed information about listed properties.