Was the 2013 Real Estate Market a Fluke? We Don't Believe It
A prospective seller contacted me last week, and he sounded pretty conflicted about putting his house on the market.
This guy was concerned that the Madeline Island real estate market rebound in 2013 was a "flash in the pan" and he believes it won't continue this year. He thinks that the robust sales we have experienced recently, particularly in the last six months of 2013, were an anomaly.
From my point of view, one sale could very well be a coincidence or a stroke of good luck. Even two sales could possibly be considered inconclusive when it comes to searching for and verifying an established market trend.
Eight closed and pending dwelling sales in five months, totaling well over three million dollars, is no fluke. Average sold prices in excess of ninety-five per cent is also significant evidence of a market rebound.
Not only has the real estate market for homes in La Pointe, Wisconsin (zip code 54850) demonstrated volume, but it has also begun to show depth. In other words, while the 2013 market began with a revival of interest in upper-bracket homes priced at over $500,000, by the end of the year this buyer interest began working its way into more affordable price ranges.
The recently closed sales of 917 South Shore Road, LaPointe WI and 723 South Shore Road, LaPointe WI, both waterfront homes priced below three hundred thousand dollars, support the premise that high-priced mansions and estates aren't the only listings that are selling on Madeline Island.
I'll take my opinion a step further and state that I believe we'll see more evidence of a rebounding real estate market in 2014, including further market strength in homes and properties priced at under half a million dollars. If I'm correct in my assumptions, we will see more opportunity for sellers to take advantage of the improved liquidity that appears to be returning to our Madeline Island real estate market at last.
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