Rather intimidating! This is what I use to monitor average home values here in the Northwoods. This looks at the average home value in these 4 segments, Oneida County On-Water, Oneida County Off-Water, Vilas County On-Water and Vilas County Off-Water. What we are seeing are price reductions across the board.
The trend is not encouraging for Sellers but keep in mind that there still have been only 15 on-water home sales in Vilas and 16 off-water home sales in that same county. The data is statistically not accurate because of the lack of data. This cases two problems: one oversupply. Two, lack of comparables for appraisers. Its' tough for an underwriter when there are so few comparables!
Things will improve! The weather is warming up and showings are increasing!
There never has been a better time to be a Buyer!
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