Real Estate Market Report for March 2014 - Madeline Island Real Estate
March of 2014 has marked our sixth consecutive month of strong home sales on Madeline Island. The market highlights of these past six months are as follows [all statistics appearing in this market report are properties listed by Madeline Island Realty]:
- Nearly $3.5 Million in sales on the Island over the past six months
- Average monthly sales approaching $600,000 per month
- Eight Sold & Two Pending sales over the past six months
- Three recent closed sales in the $700,000 to $800,000 price range
Leading the pack among property categories most in demand during this period were waterfront homes. Sales of vacant interior land have been slow to respond to the market upturn, but in the past week we posted a Pending sale of an eighteen-acre interior lot near Big Bay Town Park.
Sellers of vacant waterfront and interior lots appear to be returning to the marketplace, encouraged by brisk waterfront home sales. There has also been renewed interest in commercially-zoned property in the Town of LaPointe.
With a total of eight closed sales and two pending sales during the past six months, Madeline Island Realty has averaged nearly two closings per month, a rather surprising volume of sales for a period which includes the winter season. Winter has traditionally been a slow time of year for real estate sales on the Island. Moreover, the dollar amount of our average transaction was approximately $340,000 during this six-month period.
Comments(0)