We will most likely look back at 2009 as the ‘bottom’ of the real estate market for Northwoods Wisconsin real estate. Sales volume was up 30% the first quarter of 2010 . Many buyers have finally gotten off the fence. Lower prices, low interest rates and a tax credit have lured many primary home buyers back into the market
The second home and recreational markets have also improved this year. But price is still king and there is an abundant inventory. Communities like Minocqua, Wisconsin and Eagle River, Wisconsin are very dependent on this market and the drop in sales was dramatic over the last 3 years. Buyers that put off purchasing a second home or cottage are just now beginning to explore this market again.
Every real estate market is different and every segment of the market is different. They all have their own peaks and valleys. There is currently a 5 year inventory of off water lots on the market in Oneida County. There is a 12 month inventory of homes priced under $100,000 in the city of Rhinelander. We are beginning to see competing offers on well priced homes; something we did not see at all in 2009.
To explore Northwoods Wisconsin real estate opportunities, please feel free to search firstweber.com here.
Thanks for reading the First Weber Group Wisconsin real estate blog. Let us know if we can help you.