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Northern Wisconsin Real Estate Market Report For March 2023

Monday, April 24, 2023   /   by Julie Winter-Paez

Northern Wisconsin Real Estate Market Report For March 2023

It is market report time and it's time to dive deep into this data and share with you what's happening in the current marketplace. So here's where we at, the entire MLS is down by listing inventory by about 41% and this is for the month of March. In the month of March total number of sales were down by about 22%. As a whole the MLS is actually up by about 5% in average selling price so that is selling prices hanging in there. Average days on market again as a whole went from 159 to 115, so that dropped. And then the month supply of inventory continues to be under four months, which again is less than four months statistically and nationally all of the market experts say that is an indicator of a seller's market.

You know, one thing I continue to look at as the national news media and see what they're saying. And I keep getting calls from people asking where's my list of short sales and foreclosures? Quite frankly, up here in northern Wisconsin, we really just don't have that. Markets are definitely local. And so there might be other more metropolitan areas where they're starting to see that real crunch on pricing coming down inventory increasing but we are just not there yet. We are still so low in inventory that is a little bit crazy. And I personally feel like the latent amount of snow that we received in the month of April this year is a reason for that. About three or four weeks ago we started to feel the excitement sellers were starting to talk about can we see the lake; is the lakes opening up; should I get up there and open my cabin? And then the 16 inches we got a couple of weeks ago really put the kibosh on that.

So imagine my surprise I was listening to some market media and reading some stats on the state of Wisconsin and one of the stats indicated that Vilas County was down in price. I was pretty stunned by that. So for the month of March, I decided to go with an extra look for myself to see if that stat was correct, and it was correct. So I was very surprised by that. But when you look closer, it's a little bit deceiving. So while we were actually down by about 6% in price, we were down over 60% in inventory for the month of March alone. Year to date in Vilas county we're down 45%. So if you look at all the counties around us Oneida County is up in price by 15%. Lincoln County is up by price 8%. Both of them up in pending sales but Vilas County, for some reason right now has been crushed on inventory. So all of our stats have been a little bit hit harder. I do not think that that is a sign that Vilas county is in any way more depressed than the other counties around. I think that the latest snowfall, just hit us harder, collapse us a little bit more and is going to make our spring come harder and heavier in April and May.

So overall, the market is still turning right along, if you're a seller you did not miss the market. That is the biggest conversation I'm having with sellers on the phone right now. Did I miss the market? Was last year the best real estate market in the history of the world? And did I miss my opportunity to sell? the answer is 100% No. It is still a great time to sell your property in northern Wisconsin. And if you are a buyer, you just need to really realize that you're working with an agent that understands what's happening in the different price points and different segments of the market so that when you find the right property you are strategically positioned to jump on it and get it in negotiations.

Quick little fact we had a listing go on the market up here on Friday night 249,000. Both for showing solid on Saturday. I think they probably had 15 showings on Saturday and under contract on Sunday. And I can guarantee you based on the activity it is probably going to sell for over $40,000 over asking price were exactly I don't know but I feel like it was really, really aggressively priced. So again, when the right property comes along. You need to be working with somebody who can explain to you how to get the property and when the negotiations if it's the one you want.

So have a great day and see you soon in the Northwoods and if you don't know who I am again, my name is Julie Winter-Paez. I'm the team leader of the JWP group at REMAX and I help people just like you move in and move out of the Northwoods.

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