December 5,2014 Market Report for Northern Wisconsin.
Just wanted to take a minute to get you some market statistics year to date (ytd) for 2014.
Attached are a couple graphs showing you how the northern region of Wisconsin is fairing in 2014 and overall it is a typical recovery; there are some ups and downs with spikes of growth here and there but overall I would NOT say we experienced the recovery that much of the nation did in 2014. Wisconsin statewide has seen an upward trend overall but when we zoom in specifically to our region we see a different picture and when we zoom even more into just Vilas and Oneida county it changes again. While we are ending the year stronger than some anticipated ( so far ) we are still down overall in total sales for the home/condo markets in 2014.
- Oneida has seen 564 sales year to date versus 613 last year with the average sales price being slightly higher than last years’ average.
- Vilas has seen 393 sales year to date versus 471 last year with the average sales price also ending slightly above last years. While total sales are down by 20% in Vilas we have recovered significantly since the spring which showed us down in total sales by over 30%.
At this time of the year most of the buyers and sellers I work with want me to look forward versus into the rear view mirror; and based on everything I have read most economists are anticipating about a 5% increase in price with a minor increase in volume. They feel this way because bank owned and foreclosure markets are expecting to decrease even more in 2015 and interest rates are expected to rise. What does that mean to us in the Beautiful Northwoods? Well, perhaps it means we will slowly start to see the rise in average sales price and volume that other parts of the country have been experiencing because buyers are tired of waiting for that one “deal of a lifetime”. I also think we will begin to see more sales in the higher end price points since volume is high there and sales have been slow.
The graphs attached to this email really show how slowly our year started in regards to volume. We are seeing a strong ending to the year and we are optimistic it will stay this way.
As always, please call me anytime 715-891-1236 with specific questions on your specific market segment. I also just loaded my newest video market report to my webpage - www.EAGLERIVERHOMEFINDER.com if you prefer to watch the market report rather than read about it!!!!
Again call with any questions and be certain to work with a local expert in your market!