WHAT IS HAPPENING IN MY MARKET WITH MY INVESTMENT?
Well, the September YTD is in and as we suspected and as we are feeling our MLS is up in homes sold and down in average price.
In our MLS, overall, Iron and Price Counties are the two biggest winners’ ytd. Both have seen huge increases in sales volume and Price County has seen the biggest increase in price so far this year. Please review the attached report for more specific info on those numbers. It offers you a great breakdown by county in BOTH price and volume.
I wanted to take a closer look at Oneida and Vilas County specifically so I could try and determine where those increases and decreases are being felt in my marketplace.
Vilas and Oneida both saw increases in homes sold with Oneida seeing a 5% increase and Vilas seeing a 13% increase while at the same time both saw a decrease in average price with Oneida being down about 5% and Vilas about 3%.
- THE GOOD NEWS:
I looked at ytd numbers for homes sold in several market segments to try and identify where those increases are being felt the most and as I suspected non lakefront homes are really the biggest winner overall this year. There has been an increase in both price and volume in the entire non lake front markets ytd. We have sold almost 120 more homes in 2013ytd and this is one category that saw an actual increase in average sales price overall. Who is seeing the BIGGEST gains in this niche? Well, the non-lakefront 200+ seller is feeling it the most. They are seeing on average a 30-40% increase in ability to sell over last year as well as a 5-8% increase in price.
- THE BAD NEWS:
Looking at lakefront sales today I can tell you that the hardest hit seller ytd has been the 750k+ Seller. We have sold 21% less homes than we did in 2012 and the average sales price is 17% less than it was last year to date. Interestingly, we have sold more 500k+ homes by 19% ytd but this price point is down in average price by OVER 20%. I was not anticipating this decrease.
- THE REST OF THE NEWS:
Lastly, I did peak at the vacant land and commercial markets too.
Commercial sales in Vilas and Oneida are up in volume but down significantly in average sales price. We have had 11 more commercial sales ytd but the price is down by about 44%.
Vacant land has also been hit in every single market I reviewed. The off water average is down in both price and volume as is the waterfront market. Vilas and Oneida are on average down about 19% in average price with the hardest hit being BOTH off water acreage above 5 acres and on water vacant lots.
If you would like more information on your exact price point or market segment please give me a call; I AM HERE TO HELP!