Waterfront Sales Are Improving and Here Are the Numbers to Support the NotionWaterfront Sales - Posted On 02/17/2016 09:52 AM, Last Updated 02/17/2016 10:35 AM
Well, we talk about it a lot and how the market has partially recovered (unit sales up but prices below pre-recession median sale prices) and the latest absorption data supports the notion of good times ahead. Absorption rate is simply the number of months required to exhaust the current inventory (listings). Please note that the absorption rates have fallen in each of the price categories except over a million. Bottom line, inventory is moving faster. Buyers are here and sellers are receptive. After all, it takes two to tango. Enjoy the day. Vilas & Oneida County20152016On-Water Homes $300,000 and UnderNumber Currently Listed 365325Absorption Rate: 18.6Months2015Number of Sales Last 12 Months236315Absorption Rate: 12.4Months2016On-Water Homes $300,001 to $500,000Number Currently Listed 227221Absorption Rate: 22.0Months2015Number of Sales Last 12 Months124159Absorption Rate: 16.7Months2016On-Water Homes $500,001 to $750,000Number Currently Listed 9174Absorption Rate: 24.8Months2015Number of Sales Last 12 Months4442Absorption Rate: 21.1Months2016On-Water Homes $750,001 to $1,000,000Number Currently Listed 5046Absorption Rate: 60.0Months2015Number of Sales Last 12 Months1017Absorption Rate: 32.5Months2016On-Water Homes $1,000,001 and UpNumber Currently Listed 2940Absorption Rate: 29.0Months2015Number of Sales Last 12 Months124Absorption Rate: 120.0Months2016Special thank you to Denise Goldsworthy and Bob Merz of RE/MAX Property Pros for supplying this data.
Wow - Waterfront Single Family Home Sales SoarWaterfront Sales - Posted On 02/02/2016 10:29 AM
We all knew it was a good year for waterfront sales, but really, up a whopping 119 units or 27% year over year or an even more impressive 154 units over the median annual unit sales for the last 10 years. On the other hand we have the median sale price and it continues to be sluggish. Coming in at a median of $250000 compared to the pre-recessionary high of $317250 (year 2007), the median sale price is down 21% from the high.Bottom line, demand is rising and sale prices have not responded. It appears the market continues to be a buyer's market.Other fun figures from last year waterfront sales include a median tax bill of $3162 (10 yr median of $2777) and a median structure square footage of 1742 (10 year median of 1700). Waterfront places were selling for 92% of their list price.Of course it's the old "time will tell", but with the demand sharply rising and short of a glut of listings, we should begin to see appreciation in our waterfront sale prices. I can hear the collective "Hallelujah" from our sellers.
The November Sales Numbers Are In. It Is the Old Good News - Bad News StoryWaterfront Sales - Posted On 12/08/2015 01:41 PM
The November Sales Numbers are here.Single Family waterfront cabin and home sales in Vilas and Oneida County reached a 10 year high for unit sales. Fifty units were sold during this month. This compares to only 18 units sold during November at the height of the recession in 2008. From a timing perspective these units closed in November but the offer was probably negotiated back in September. That's the good news if you're a seller. Now for the not so good news. The median sale price remained below prices at the height of the market in 2007and 2008 when the median sale price was $364000. In 2015 the median sale price was $247450, a 32% reduction to it's high. So buyer's head north and take advantage of these prices while they hold because it is likely that the strong demand and friendly financing will drive these prices north.Data is compiled from the Greater Northwoods MLS.
What's the Price Per Foot for Shoreline on Lake ABC?Shore Features - Posted On 11/19/2015 11:24 AM, Last Updated 11/19/2015 11:40 AM
It's a question I'm asked frequently. What's the price per foot for shoreline on Lake ABC? Well, the answer is that there is no one answer. For example shore price point is impacted by many features including:#1. Exposure: Does the lot face south, west, east, or north? South is preferred by many.#2. Is the shore sand or muck? Most prefer sand and muck is often severely discounted.#3. Lake Size: While the small no motors or electric motor lakes are making a comeback many still prefer at minimum a full recreational lake.#4. Is the lot steep to the water or level? Level is preferred but some do like some grade enabling a walkout basement and expansive view.#5. Is the lot suitable for a conventional septic system or will a holding tank be required?#6. Is boat and auto traffic a factor? Road noise is generally frowned upon in The Quiet Northwoods.#7. Are there utilities to the lot?#8. Is the lot treed and if so what kind of trees? Some folks do not prefer pine trees as they consider them dirty when the needles fall.These are just some of the considerations when pricing shoreline and of course at the end of the day it is the market that decides.
Well, That's TypicalWaterfront Medians - Posted On 11/15/2015 01:30 PM
Typical? What's typical? Well, let's go check out the waterfront single family sales data for Oneida and Vilas County from 2005 to 2014.The median sale price was $277500 while the median list price was just shy of $300000 at $299250. In other words places were selling for 93.5% of their list price. The median square footage for the place is 1700 and the median tax assessment is $2777. So there you have it. For about $250000 you get a 1700 sq ft place and a tax bill of about $2750.
Seasonal Trends in Waterfront SalesWaterfront Sales - Posted On 11/14/2015 10:47 AM
I'm frequently asked about seasonal timing of listings and waterfront sales. Below please find unit sales data for the 2014 season. Maximum unit sales occurred in October but keep in mind the offers for these properties were most likely negotiated in July and August. The least buyer activity occurs in November and December as most buyers are focused on the holidays and are not interested in moving when there is 3' of snow and howling winds out of the north. Go figure.SEASONAL TRENDS IN WATERFRONT SALESMONTH UNIT SALESJAN 7FEB 13MAR 24APR 26 MAY 41JUN 36JUL 47AUG 58SEP 53OCT 71NOV 40DEC 26