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Today's Market


 

July 2010

 

For purposes of this discussion we are concerned about the real estate market in Wisconsin's Great Northwoods, specifically the Counties of Vilas, Oneida, and Iron, and the counties contiguous to them.  Our market is subject to the same influences of interest rates and the strength of the over-all economy as any real estate market. However, locally, additional factors come into play -- such as the fact that we are very much a second home (vacation home and investment property) market, the fact that we experienced a decade long period of phenomenal price appreciation, and the influence of supply in the equation -- developers nor anyone else has the ability to create new northwoods lakes in the same manner that new housing subdivisions may be created elsewhere. These simple facts work for us and against us.

 

Here is my “take” on the local market:

     •  We are in the fifth year of a market “correction” that has created a strong buyer’s market.

     •  Our market peaked in 2005, but it was 2008 before sellers finally begain to "get it."  In 2009 sellers were more flexible during negotiations than in any other time in the last 10 years.  Sellers (the successful ones) have continued that trend into 2010. 

     •  However, there remains a large group of (unmotivated) sellers that are willing to wait for the market to turn in their favor. Their properties have been on the market for several years with no reductions in list price.  They have waited over 4 years and are willing to wait longer if need be.

     •  Market inventory is high and it is difficult for a seller to get his or her property to stand out except via asking price.

     •  Perhaps because of the high inventory, many potential buyers are not very motivated, either. They feel that they have plenty of time to make a decision. The stability of interest rates may play into this, also.  Potential buyers may also lack the "confidence" to act on their desire to purchase due to their concerns about our economy's health and how it may impact on their own personal situation.

     •  Mortgage underwriting standards were tightened in the wake of the sub-prime fiasco but credit remains available at near historically low rates.

     •  Unlike in the past, vacant residential lake lots have been a hard sell the last few years. Buyers seem more interested in improved properties. Several possibilities for this -- 1. Most of the good lots have already been taken, and the remaining prime ones are very expensive --  2. Not so much speculation in the market; buyers are buying to hold and use for themselves.  However, this segment of the market may be rejuvenating -- starting this spring I am seeing more interest in vacant (lake) lots again.

     •  2010 so far is proving to be a welcome improvement over the last several years in terms of customer inquires, showings, offers presented, and sales.   One truly encouraging aspect is that a large proportion of our new buyer contacts are just starting to look for property of their own in the Northwoods -- not potential buyers that have looked off and on for years. To me this indicates that our market is continuing to attract new customers. Concerning sales activity, for some time now it has been in the $250,000 and down range, with the occasional sale over $400K.  Sales of high-end properties have become almost non-existant, but many of these properties have been getting a lot of looks lately, with a few sales occuring and more likely to occur in the near future among the properties that have had their prices reduced to more realistic levels.

      •  Even with all this change, some things haven't changed -- credit remains available for mortgages, and it still remains a great time to buy.         

This is the state of our market boiled down into one four points:  Large inventory, seller flexibility, low interest rates, buyer opportunities.

To summarize:  For buyers, the time to buy is now.  The smart buyer is on the leading edge of the trend, not the one running with the masses who missed the prime buying opportunity.  For sellers, yes, you can sell your home or other property.


Real Estate News from Yahoo! News



Yahoo! News Search Results for real estate
Real Estate: The Bullish Case7/29/2010 9:44 AM
Real estate still faces headwinds, but there are indications the sector may be on the mend. Here are three ETFs for betting on real estate.
REAL ESTATE7/29/2010 2:26 PM
Residential real estate In this section you can find different offers on residential real estate from the leading real estate agencies: Apartments for all tastes: standard to luxurious, short or long terms.
Real estate broker takes floor at Columbus Circle7/29/2010 9:47 AM
A 10-year-old and fast-growing New York real estate brokerage is taking on more space at its Columbus Circle building. Bond Real Estate New York has signed an eight-year renewal and expansion for 10,800 square feet at 1776 Broadway.
TEMECULA: Redhawk real estate broker qualifies for November ballot7/29/2010 7:45 PM
TEMECULA ---- Real estate broker Paul Runkle has qualified torun as a City Council candidate on the November ballot, cityofficials said Thursday.
Real Estate News: Californias Building Bust Choking Off Jobs7/29/2010 8:33 AM
Here is a look at real-estate news in today's WSJ:
Washington Real Estate Investment Trust Announces Second Quarter Financial and Operating Results7/29/2010 3:05 PM
ROCKVILLE, Md.----Washington Real Estate Investment Trust reported financial and operating results today for the quarter ended June 30, 2010: Funds From Operations was $0.50 per diluted share compared to $0.53 per diluted share in the same period one year ago.
Inland Real Estate Auctions, Inc.'s September Auctions Include Office, Industrial, Retail, Homes, Apartments and Land7/29/2010 2:36 PM
OAK BROOK, Ill.----Inland Real Estate Auctions, Inc. announced today a roster of properties that will be sold during an auction event on Sept. 15 in Oak Brook, Ill., including retail and office buildings, an industrial building, single-family homes, apartments and development land.
REAL ESTATE AGENCIES7/29/2010 2:25 PM
Apartment Rental Service (STN) (show on map) Working in the hospitality industry since 1999 and being engaged in the acquisition, holding and management of hotels and real estate properties, the STN company has built up an impressive record of success by bringing together three essential elements: a commitment to guest comfort and satisfaction, a staff of dedicated professionals, and an ...
Signs of real estate recovery?7/29/2010 10:18 PM
All real estate is local, but the market's recovery in Charleston is mostly in the hands of faraway decision-makers -- bank executives who control lending trends, Federal Reserve board members weighing interest rate levels, and business owners who decide when to hire more workers.
Calif. Revokes Real Estate Licenses at Record Pace7/28/2010 7:28 PM
California real estate license revocations hit new record in fiscal year ended in June California - Fiscal year - Real estate - Business - Law

Market Statistics


Vilas County, WI

The statistics below provide information on the number of home sales and median sales price over a period of time. If no housing statistics are listed here, then information is currently not available for this county.

 

                        Number of Home Sales
 Q1Q2Q3Q4Year End
199743125194129491
199965122165140492
2000660145  
20012411116196392
200242142194128 
200371140203138528
200471147199142559
2005143255345244987
2006131233269209842
2007123208253152736
200872115134109430
20093790138 91356 
                                 Median Price
 Q1Q2Q3Q4Year End
1997$77,500$107,800$112,900$100,800$103,000
1999$84,800$93,200$130,500$136,500$100,000
2000$125,000$$153,100$$
2001$180,000$142,200$145,000$175,600$151,100
2002$174,700$150,000$166,700$170,000$
2003$150,000$148,900$182,200$205,000$175,000
2004$186,700$177,800$216,700$200,000$196,000
2005$113,300$120,000$166,700$172,000$150,000
2006$112,000$137,500$153,300$162,900$145,000
2007$153,300$140,000$175,000$137,100$150,000
2008$100,000$105,000$113,300$140,000$120,000
2009$252,100$124,300$133,300$179,900$175,000

 

Iron County, WI

The statistics below provide information on the number of home sales and median sales price over a period of time. If no housing statistics are listed here, then information is currently not available for this county.

                             Number of Home Sales
 Q1Q2Q3Q4Year End
200161017639
200213221521 
2003922232373
20041315201967
2005  5553108
200632434741163
200724343133122
200811293922101
200971527 16 65
                                   Median Price
 Q1Q2Q3Q4Year End
2001$310,000$390,000$135,000$180,000$130,000
2002$150,000$110,000$104,600$107,400$
2003$$110,000$150,000$190,000$148,000
2004$85,000$173,900$180,000$170,000$168,300
2005$$$68,600$61,200$65,000
2006$270,000$67,500$110,000$98,000$90,000
2007$80,000$83,300$124,000$77,100$86,700
2008$75,000$55,000$65,000$60,000$60,000
2009$$184,600$55,000$156,000$140,450

 

                                                            

 

In the News 

"Interest in Vacation Homes Warming Up"
Copley News Service (04/26/09) Woodard, Jim

With vacation-home prices on the decline, more people are entering the market. The National Association of REALTORS® (NAR) says the median vacation-property price has fallen to $150,000 from $195,000 in 2007 and $204,000 in 2004. Survey data shows that 34 percent of vacation-home buyers snap up units within 100 miles of their primary residence, and more buyers are purchasing manufactured dwellings for vacation properties because they are up to 50 percent less expensive than site-built homes. According to NAR senior public affairs specialist Walter Molony, "The long-term underlying demand is favorable for vacation homes because of the large number of middle-age and middle-income Americans that buy these properties."

"REALTORS® Urging Hike in Conventional Loan Limits"
Palm Beach Post (FL) (06/21/09) Ostrowski, Jeff

Lenders have ceased originating jumbo loans in recent years, which is why housing activity is centered on low-cost homes. The National Association of REALTORS® believes the non-existent jumbo mortgage market is responsible for weakness in high-end housing; and it wants Congress to boost the conforming loan limit to $729,500 in pricey housing markets. Lenders have fled the jumbo loan market due to the lack of securitization, and
Bankrate.com says the spread between conventional and jumbo loans has reached 1.79 percent in 2009. According to NAR Chief Economist Lawrence Yun, "REALTORS® are saying their clients just don't want to enter the market because they feel cheated. They say, 'I have high income, I have good credit -- why is everybody else paying less than I am?'"

 

"US: Update Existing Home Sales"
FXStreet.com (10/26/09)

Sales of previously owned U.S. homes rose to a rate of 5.57 million units in September from 5.09 million in August as more first-time buyers used a tax credit to purchase homes, according to the National Association of REALTORS®. The fifth increase in existing homes sales over the past six months helped bring the number of homes on the market down to 3.63 million from 3.92 million. The current sales pace means that it now will take 7.8 months to sell all of those homes, compared to 9.3 months in August. Also, the average home price fell 1.2 percent to $219,800.

 

 

 

 

 

 

 

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