April 2014 Real Estate Market Status Report - Madeline Island
2014 has gotten off to a brisk start in the Madeline Island real estate market, with four closed sales in the first three and one-half months of the year. This has unquestionably been our busiest winter since 2006, particularly in sales of single-family homes in the 54850 zip code.
Between January 31st and today (in the past eighty days) Madeline Island Realty closed over $1.1 Million in real estate transactions on the Island, with an average sale price per transaction of just under $300,000. One of these four closed sales during the past three month was just under $700,000.
Telephone and email inquiries about existing homes appear to be leading the pack, with what looks like early signs of a resurgence in requests for information on vacant land. New listings will be hitting the market within the next two weeks, but the process of acquiring and listing has been hampered somewhat by bad weather and transportation difficulties. Once the Madeline Island Ferry Line begins its regular trip schedule, this situation should improve considerably.