/ Posts / Northwoods Real Estate Market Update- April 2022
Northwoods Real Estate Market Update- April 2022
There is still snow on the ground and we are hearing reports that the ice on most lakes is still two feet thick! Is it safe to say everyone is ready for open water and summer activities to commence?
So, how is the market?
You have likely heard how unbelievably off-balance the real estate market is, not only in the Northwoods but nationwide. And unfortunately, the first quarter of 2022 did not help the inventory issue in the Northwoods, with the market becoming even more seller swayed.
On March 31, 2022, in ALL of Vilas and Oneida Counties, there were only 572 active properties for sale. This includes all single-family homes* and vacant land, both off-water and waterfront. All of it. Two counties that on a normal year would have well over 2,000 properties for sale at the end the first quarter.
Inventory is down an incredible 55% YTD, leaving us with just 2.69 months' supply of inventory. Waterfront properties are seeing the most competition from buyers, with only 75 single family homes* currently available and many people hoping to lock something in for summer.
There is a lot of buzz in the industry with interest rates significantly rising (some over 5%) and many wondering if we will see the market at least balance a little.
But it is hard to imagine how long it could take for inventory to catch up. Years? A decade?
*Single family homes include single family detached homes, condos, townhouse, half duplex, triplex, fourplex and mobile
*Source: Greater Northwoods Multiple Listing Service
