January 2023 Market Update

First Market Update of 2023

First Market Update of 2023

Real estate market updates are a funny thing.  If you search for them using Google, you’ll find more than you could ever read.  A bunch of data about sales, inventory, and trends.  And even more opinions about what the future holds.

But all that information is tough to put to use when it’s pulled from a national database or a regional MLS.  In an industry that stresses “Location, location, location!”, it’s ironic how difficult it can be to find an update specific to the market where you’re buying or selling. 
But if you’re looking at lakefront properties in the Northwoods of Wisconsin, we can save you the headache.  Going forward, we’ll provide monthly updates on vacant lots, condos and homes in Oneida, Vilas and surrounding counties.  The data we use comes from the same sources other folks use, but we’ll do the work to filter it down to properties relevant to you.  By measuring this information monthly, we will be able to provide you some pretty cool comparisons to prior months and years.  Our goal will be to give you confidence when making a transaction.

We’ll do some ad-hoc blog posts about the larger real estate market as well.  Seemingly everyone is interested in inflation, interest rates, and real estate as an investment.  But each month you can count on this market update, keeping you up to date on Northwoods lakefront properties.

In December, 36 lake homes sold, with a median sales price of $450,000. 

In December, 2 vacant lake lots sold, with a median sales price of $129,000.
Currently there are 35 lake homes and 6 vacant lake lots under contract, so January sales will probably be pretty similar, with a slight uptick on vacant lot sales.

But sales and pending sales are backward-looking.  If you’re still reading this blog you’re probably thinking about properties currently on the market.  Here’s a quick snapshot of what’s out there:

There’s a total of 96 homes and condos for sale, 38 of which are on lakes with clarity of 10’ or more.

There are 60 active vacant lot listings, 39 of which are on lakes with clarity of 10' or more.

We’re on our way out of the Holiday season, and people are beginning to plan for 2023.  For some, that means selling their lake property, and over the next few months we should see more listings coming onto the market.  Our plan is to keep you informed of the desirable properties, and aware of what potential downfalls the snow and ice might be covering.
Give Adam or me a call if we can be of help with your property search or with the sale of your property.  Here is a quick link to Adam’s email.

Posted By: Phil Souzek - Jan. 20, 2023, 7:46 p.m.