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Market Update July 2022
How's the Market?
After a long and interesting spring, we are really enjoying the season that makes everyone fall in love with the Northwoods, SUMMER! The market seems to have softened slightly in the last few months with climbing interest rates and we are seeing something that was very scarce over the last few years... price reductions! Some homeowners are still seeing multiple offers while others are experiencing less interest and longer days on market.
On July 1st there were 384 single family homes* (-31.79% YTD) and 493 vacant lots (-38.53% YTD) for sale in Vilas and Oneida counties. New listings have started to pick up compared to the first half of the year at just -4.08% YTD. What we are seeing is homeowners who were on the fence of selling realizing that the market may shift in the near future. There has also been a huge increase in average sale price, coming in at $289,021 (+31.76% YTD).
For many in the industry, we are happy to see signs of market correction. The market in the last two years has been frustrating for buyers and their agents, with so many families struggling to get an accepted offer for far too long. While buyer activity is still competitive and inventory continues to stay low, we do predict that desperate locals and buyers with financing will finally have more luck securing a property.
