Multiple Offers Return to the Madeline Island Real Estate Market
In another blog post, entitled "What to Watch For in the 2014 Madeline Island Real Estate Market", I recently shared a list of signs which point to continued growth in real estate market activity on Madeline Island.
Another market indicator which has appeared in late 2013 has been multiple offers on Madeline Island homes, something we haven't witnessed in years.
A multiple offer situation validates the fact that the property is priced at market. It also clearly points to the depth and breadth of prospective buyer interest.
Beneath the tip of the iceberg, so to speak, is the reality that there are more interested potential buyers out there than the closed sale statistics indicate. Multiple offers are widely considered to be a sign of an improving, almost robust market.
Will we see this trend continue in 2014?
Continued growth will depend, in part, upon the inventory of available homes for sale in our small, finite market. We see a fair number of would-be sellers who are still waiting for prices to rise, and that may take some time. And by waiting for higher prices, those potential sellers may be missing out on an opportunity to participate in the first sales upturn our market has seen in over half a decade. Will it last? Time will tell.