In January I compiled, graphed,and posted 4th quarter aggregate real estate sales statistics for Manitowish Waters, Mercer, Presque Isle, Winchester, Lac du Flambeau, Boulder Junction, Oma and Sherman. Today I am compiling 1st quarter sales statistics for those same communities for the years 2001 - 2010. The data comes from the Greater Northwoods Multiple Listing Service, and as such, includes only listed properties.
It is necessary to aggregate the sales statistics of a certain number of communities so as to provide enough data points and even more so now that sales have slowed the last few years. At this point I am less interested in actual numbers as I am the trend line.
First, let's look at the number of closings from year to year. I have broken down the closings into two categories -- all (listed) single family detached residences, and all (listed) real estate sales closings.
Note how in 2003 the gap between the lines representing Single Family Detached and All Sales diverged, even more so in 2005, and then starting converging in 2007. The difference betwwen the two lines represents all closings for types of properties other than single family detached homes -- in our market mostly vacant residential lots, but also a certain number of condos, commercial properties, acreage parcels, etc. This reinforces what I have been telling people for several years -- that when the market turned and particularily when the speculators left the market, the remaining buyers where mostly interested in improved properties, not vacant lots. Vacant lots have become a big drag on the market (however, the last few months, I have experienced increased interest by buyers for vacant parcels -- we will see how that holds up.)
Next we will look at these same closings, but quantify them as to dollars.
This chart mirrors the first -- one may see that 1st quarter market closings peaked for all properties in 2005, but for single family detached, the peak didn't occur until 2007.
In closing, a couple of thoughts. One, our market has never been very active in the depth of winter -- 2nd quarter sales statistics should look better, even for 2010. Two, the trend information that I am so interested in -- about all one can say is that it appears that the trend lines are flattening out and not yet rising. Maybe in 1st quarter 2011?