We are three months into 2019 already! After looking at the statistics in the Greater Northwoods MLS, I’ve been reviewing sales numbers for Lincoln, Vilas, and Oneida Counties. What has stood out to me the most is that inventory is down significantly across the board. Overall there were 17% fewer listings available during the first quarter compared to the first three months of 2018. What does this mean for you? If you are a seller, this is good news! Fewer homes on the market means more people will be looking at yours. The average days on market (DOM) was down as well. Properties sold the fastest in Lincoln County, where the average DOM for residential homes was 159 days, vacant land DOM averaged 160 days, and waterfront homes in Lincoln County sold in an average of 116 days.
If you are considering buying a home this spring – what these numbers mean for you, is that it might be more challenging to find what you are looking for – and if you find it, you could miss out if you are not quick enough. Having a Buyer’s Agent on your side ensures that you find out about properties the second they hit the market; a Buyer’s Agent can also guide you through the entire process from writing your best offer to closing on your dream home.
Average sales prices were also down for the most part during the first quarter of 2019. In Oneida County, the average sales price for residential property decreased from $214,065 in Q1 of 2018 to $207,960 this winter. The average price of vacant land dropped significantly by 48% from $109,233 to $57,015. Waterfront homes in Oneida County saw a slight increase, from $318,967 in the winter of 2018 to $333,440 this year. In Vilas County, the average sales price of residential and waterfront homes decreased only slightly, .4% and 3.4% respectively. Vacant land prices decreased a more dramatic 30%, from $68,578 to $47,703. Lincoln County is the big winner in average sales prices in the first quarter, seeing a 17% increase in residential properties, a 52% increase in vacant land sales prices, and a 51% increase in the average sales price of waterfront homes, from $159,691 in Q1 of 2018 to $233,529 so far in 2019.
I’ve also tracked DOM and average sales prices our area lake chains. The Minocqua Chain saw the most success in the first quarter with the average sales price increasing 25% from $447,896 to $558, 907. Their days on market saw improvement, too. Homes on the Minocqua Chain sold in an average of 200 days in the winter of 2018, the average DOM for this winter reduced to 176 days, a 12% improvement.
Inventory is also down on the Big St. Germain, Eagle River, Minocqua, Rhinelander, and Three Lakes Chains. Average sales prices decreased for all of these chains except the Three Lakes Chain, whose average sales price increased 17% from $586,529 to $688,000.
The market is keeping us on our toes! We at the JWP Group are committed to staying on top of it and helping you navigate this ever-changing market. If you are at all considering selling – this is a great time! We have an abundance of buyers who are looking and ready to buy. If you are ready to start looking for your Northwood’s property – we have two full-time Buyer’s Agents on our team who know the market and specialize in matching buyers and properties.
If you would like to see our complete 2019 Q1 Market Report that we’ve compiled, have a real estate question, or are thinking of moving in or moving out of the Northwoods, reach out to our team. We are always here for you!