May 2023 Market Update
Summer is here
Summer is here
The most obvious sign that summer is right around the corner is probably this delayed market update. With more properties online I’ve spent more time driving around Oneida and Vilas counties previewing properties for our clients, and that’s been a real treat. It’s just plain fun seeing the Northwoods come back to life.
Instead of seeing foxes and deer running across the ice, I’ve been seeing loons and otters swimming along the surface. Instead of trying to imagine how a frozen, snow-covered lake might look from kitchen windows, I can look out and see the blue water against some newly-greened vegetation. Between houses, I see residents pulling their boats out of storage and gearing up for the summer. And seasonal business owners gearing up for the summer rush. It all adds up to a real feeling of anticipation, and it’s fun to experience.
Looking at real estate transaction data probably isn’t quite as fun. But the numbers do hint at an exciting summer.
In April, 27 lake homes sold, with a median sales price of $550,000. The median is in line with last month, but as you can see below, the volume is up:
We saw a similar increase in vacant lot sales, up from 6 to 8:
May Pending Sales and Inventory
Last month I predicted that we may have bottomed out in terms of inventory, and at least for homes and condos that seems to be the case. Inventory is up from 74 to 94, with a good chunk of that increase coming from high-end listings:
Vacant lot inventory did decrease a bit, but we’re in a similar spot:
Among the current inventory, we are still seeing only about 40% of homes/condos and 10% of vacant lots are on lakes with clarity over 10’. I’m hoping this number increases next month, when property owners on the elite lakes become more interested in showing their homes.
As always, 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 - May 22, 2023, 1:13 p.m.