Market Stats for the first HALF of 2011 in the Northern WI markets of Vilas and Oneida County

What's happening in the Northern WI markets of Vilas and Oneida County?  Well, we are half way in and this is what is happening so far or here are the Market Statistics for the first HALF of the year in the Northern WI real estate markets of Vilas and Oneida County.

First - let's look at Vilas:

• In the single family market there are currently overall 923 active listings out there in Vilas County and up to June 30^th ; 121 single family homes have sold with an average sales price of $223,445.  Of those 121 sold 61 were ON water with an average sales price of $329837 ( last year 58 homes sold with an average price of $299844 )  and 60 were off water with an average sales price of $115220 ( last year 78 off water homes had sold but the average price was $115690 but remember last year had the first time home buyers stimulus)
• In the vacant lot market Vilas County currently has 886 vacant lots listed ( 563 Off water and 323 On water )  Of those lots 28 on water lots have sold and the average price is $94042 ( versus 20 sales last year with an average price of $167000).   And 24 off water lots have sold with an average price of $30460 and an average of 4 acres per lot ( versus 32 sales last year with an average price of $60000 with an average acreage of 20acres )
• Lastly the condo market: Vilas County currently has 175 active condo’s for sale.  There have been 27 sold with an average price of $139406. Last year there were 22 that sold with an average price of $213416

Now for Oneida County  :

• In the single family market there are currently overall 972 active listings out there in Oneida and up to June 30^th 174 single family homes have sold with an average sales price of $167330  Of those 174 sold 51 were ON water with an average sales price of $301751 ( last year 68 homes sold with an average price of $292203 )  and 123 were off water with an average sales price of $111595 ( last year 149 off water homes had sold but the average price was $116844  -but remember last year had the first time home buyers stimulus)
• In the vacant lot market Oneida County currently has 838 vacant lots listed ( 433 Off water and 405 On water )  Of those lots 20 on water lots have sold and the average price is $107891 ( versus 26 sales last year with an average price of $132236).   And 48 off water lots have sold with an average price of $51873 and an average of 19 acres per lot ( versus 52 sales last year with an average price of $159000 with an average acreage of 119 acres )
• Lastly the condo market: Oneida County currently has 143 active condo’s for sale.  There have been 12 sold with an average price of $225500. Last year there were 16 condo’s sold with an average price of $176200

Overall, the off-water singlefamily market has not moved much in the past few years other than the burst last year with the stimulus.  Vilas County dropped some and this could be due to a number of lower priced residential condos in Eagle River that sold in 2011.  Most of these condos sold for under $80,000.

The on-water market is a different story.  Vilas County average waterfront home sold for $419K in 2008.  Thus far, the average waterfront home sold for $329K in 2011.  That works out to be about 24% down.  The average Oneida County waterfront home sold for $390K in 2008.  The average waterfront home sold for $301K in 2011.  That is about 24% down.  Perhaps Northwoods waterfront was overpriced in the mid 2000’s.  Maybe the lakefront buyer does not have the money that they once had.  I would also add that the lakefront seller may be distressed and they are reluctantly accepting lower offers.

The volume of on-water sales is rising ever so slightly.  Hopefully, that will take some pressure off of waterfront home sellers.  Any sort of growth in the private sector would really help the recreational real estate market

So, as you can see there are some markets up and some down.  The other interesting item I noted is regarding the higher end plus 750k market.  Last year at this tie there had only been one home sold by June 30, 2010 in that price point BUT this year there have been 8 with an average sales price of $1000300. So, while there has been a lot of heavy negotiating in this segment there are sales which I believe is a great sign of market confidence. 

We also need to remember that we did get off to a VERY cold spring/summer so we could still be behind several weeks and I will watch what happens as we start to head for fall.  If you have any questions about a different market up here or want to break down a different segemnt of this market  please check out my website www.eagleriverhomefinder.com or my blogsite www.juliesellswisconsin.com for more information. That is were we are at for Market Stats for the first HALF of 2011 in the Northern WI markets of Vilas and Oneida County.