Year end statistics for Eagle River Wisconsin and the surrounding areas of Vilas and Oneida Counties

By
Real Estate Broker/Owner with Re/Max Property Pros LLC

Finally here are some year end statistics for Eagle River Wisconsin and the surrounding areas of Vilas and Oneida Counties. I have been going over some numbers since the New Year started and I wanted to share them with you.  This took me a couple of weeks and it is not a perfect process but my numbers come right off of our MLS and right off of our tax rolls from last year....

So,  here is a view of 2010 and how each township I service did with list to sale price of both the original list price in the MLS and their value on the tax rolls for 2009....  This continues to be my biggest question from Buyers when viewing properties and I am always amazed that  they are looking this info up themselves online before ever meeting with me or viewing a property. I also threw in some 2009 stats so you can see how we did in 2010 vs.  2009.   Overall, as a company I can say that we came in above last year's numbers - YEAH- and maybe we are seeing a nice plateau.  It is still a struggle, however, and we really need to continue to price well b/c the properties that are moving are standing out in their market segment by price and amenities.

Also click HERE to see my first video blog of recent market stats overall for the Greater Northwoods MLS and my market area.

Let's look at the stats for our market area :

  •  In Oneida county I looked at Three Lakes and in 2010 there were 12 OFF WATER properties sold (vs. 16 in 2009) of those 12 I know for certain 4 were foreclosures. The average sale price was $96,685(vs. $120,222 in 2009) and that is 78.5% of the average list price and 69.3% of the Fair Market Value (FMV) on the tax rolls.  I took out those foreclosure numbers and that number than represents 80% of the  FMV. 
  • In the Three Lakes WATERFRONT market  there were 26 sold properties (vs. 22 in 2009)with an average sale price of $366,647 (vs. $286,257 in 2009).  That price reflects 79% of the original list price and 95.2% of the Fair Market value.  There were also 7 condo units sold in this market and the average price of those was $187,000 which is 96% of the Fair Market Value.  
  •  In Land O Lakes in 2010 there were 5 OFF WATER properties sold in 2010  ( vs. 5 sold in 2009 ) of those 5 I know of 0 foreclosures. The average sale price was $101875 (vs. $148,780 in 2009) and that is 74.6% of the original list price and 74.5% of the Fair Market Value (FMV) on the tax rolls. In the Land O Lakes WATERFRONT market there were 9 units sold  (vs. 4 in 2009)with the average sale price being $378,555 ( vs. $391,250 in 2009 ) which is 80% BOTH the original list price and the FMV.   There were 2 condos sold in this market segment this year
  • I looked at Washington next  and in 2010 there were 16 OFF WATER  properties sold (vs. 10 in 2009) of those 16 I know of 2 that were foreclosures and one for certain distressed property. The average sale price was $124698 (vs. $109,500 in 2009) and that is 85% of the original list price and 72.4% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties it becomes approximately 80% of the FMV.  In the WATERFRONT market here there were 18 units sold ( vs. 13 in 2009 )  with an average sale price of $284,672 ( vs. $410,000 in 2009). That represents 73.6% of the original list price and 85% of the FMV on the tax rolls. The Town of Washington had 11 condo units sell with an average sale price of $193,300 which is 83% of original list price and 73.4% of FMV.  If I take the bank owned properties out of the condo market than they sold for about 94% of the FMV.  There were 3 foreclosures at Lake Forest that sold for about 65% of FMV which really brought these numbers down. 
  • I looked at St Germain next  and in 2010 there were 24 OFF WATER properties sold(vs. 20 in 2009) of those 24 I know of 6 that were foreclosures. The average sale price was $99264 (vs. $132,545 in 2009) and that is 86% of the original list price and 84.2% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties it becomes approximately 92% of the FMV.  In St Germain's WATERFRONT market there were 16 units sold (vs. 20 in 2009) with an average sale price of $258,550 (vs.$283,450 in 2009). That represents 89% of original list price in the MLS and 82% of the FMV.  There were also 6 condo units sold in this market but 5 of those appear to be a recent subdivision of a former resort so I could not differentiate the numbers.  I can say that the other 2 units that sold did so at close to FMV if I add those in the sale price would be close to 90% of FMV. 
  • In Phelps next in 2010 there were 10 OFF WATER properties sold (vs. 14 in 2009) of those 10 I know of 3 that were foreclosures. The average sale price was $99169 (vs. 102,578 in 2009) and that is 78% of the original list price and 80% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties Phelps has sold for about 98% of FMV.  There was one large acreage parcel I did not include in this equation b/c it sold for over 200k OVER FMV.  Phelps WATERFRONT market had 9 units sell (vs. 12 in 2009) with an average sale price of $274,527(vs. $228,334 in 2009) which is 85.3% of original list price and 93.6% of the FMV.  Of those 9 units 2 were condos and they matched the other waterfront results. 
  • In Lincoln in 2010 there were 15 OFF WATER properties sold of those 15 (vs. 26 in 2009) I know of 4 that were foreclosures. The average sale price was $123456 (vs. $101,423 in2009) and that is 86% of the original list price and 79% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties it becomes approximately 87% of the FMV.  Lincoln's WATERFRONT market also had 15 sales (vs. 17 in 2009).  The average sale price was $274,233 (vs. $261,764 in 2009) and that represents 76.9% of original list price in the MLS and 88% of the FMV in the tax rolls.  Only one of those units was a condo.
  • In the City of Eagle River in 2010 there were 16 OFF WATER properties sold (vs. 19 in 2009)of those 16, I know of 3 that were foreclosures. The average sale price was $99264 (vs. $80,571 in 2009) and that is 85% of the original list price and 79% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties it becomes approximately 82% of the FMV.  Unbelievably, there were NO WATERFRONT units sold in the City of Eagle River at all last year. In 2009 Eagle River sold 4 waterfront units with an average sale price of $308,250. 
  • I looked at Conover next  and in 2010 there were 10 OFF WATER properties sold (vs. 6 in 2009)of those 10 I know of 2 that were foreclosures. The average sale price was $117292 (vs.$112,416 in 2009)and that is 86.8% of the original list price and 88% of the Fair Market Value (FMV) on the tax rolls.  If I take out the known bank owned properties it becomes approximately 96% of the FMV.   Conover sold 7 WATERFRONT units last year (vs. 8 in 2009). The average sale price was $300,142 (vs.$192,612 in 2009) that is approximately 85.6% of the original list price in the MLS and approximately 97% of the FMV on the tax rolls. 
  • And last but not least is Township of Cloverland. In 2010 there were 5 OFF WATER homes sold (vs. 3 in 2009) with an average sale price of $165,700 (vs. $84,800 in 2009).  None appeared to be foreclosures.   That is 90.6% of the original list price and 91.9% of the Fair Market Value. The town of Cloverland had 9 WATERFRONT sales( vs. 8 last year) with an average sale price of $203,422(vs.$228,562 in 2009) and that is 92.6% of the original list price in the MLS and 97% of the FMV.

 

What do these numbers mean?? Well, as I look at them what I am noticing is that the volume seems to be increasing in the segments of the market that have a closer correlation between FMV and Sale Price.  I tried to pull out whatever foreclosures I could that I knew of and I was pleased to see some markets up in the 90% range with sales price and either FMV or list price as opposed to last year when we had a lot selling for 75-80 percent of FMV.  It shows me again that a well priced property will sell quicker for more money..

As always call me with any questions you have about your particular market ... remember I am licensed in Michigan as well so I can help with any additional questions you might have in that market also.

 I will be sending out more year end statistics for Eagle River Wisconsin and the surrounding areas of Vilas and Oneida Counties. as I go through them as well as 2010 charts.  Remember these numbers are specific to the townships around the northwoods that I do the majority of my business in not a blanket for all of Vilas or Oneida County.

 

Copyright©by Julie Paez, All Rights Reserved, "year end statistics for Eagle River Wisconsin and the surrounding areas of Vilas and Oneida Counties".

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Julie Winter-Paez

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