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So where is the residential market in Burnett County based upon MLS statistics?  Well so far this year we are 12 closed sales behind last year.   That includes waterfront property.  But here is the intersting point.  We are 10 closed sales behind last year on waterfront properties.  So clearly the real softness in the market is coming to the recreational waterfront properties.

The average and median price so far this year is 175,210 and 120,000 respectfully.  The previous year the average was 159,600 and the median was 160,000.  So what does that tell us?  Not much.  Due to the lack of conformity in the housing market the average and median prices can vary significantly, and there may not be a big enough sample to get a good bell curve.   The average days on market last year at this point was 178.  This year at this point it is 209.  That does tell us something. 

Right now there are 412 active residential MLS listings in Burnett County.  The average days on market for active listings is 175.  Last year there were 226 closed sales.  We have almost a two year supply on the market if we look at the same absorption rate. 

What does that mean?  Lower sales, higher inventory, longer days on market mean values will continue to soften, and unless properties are competitively priced they will not sell.  It's a good time to be a buyer, and not so good to be a seller.

Please understand that this does not include the for sale by owner properties.  And there are also foreclosure sales that do not go through the MLS.  But the MLS pretty much depicts reality.

When will it get better?  Locally it is going to take a long time to get the inventory off the market.  Unless sellers become very realistic buyers will continue to stay away.  My guess is we could be in this situation for at least another two to three years UNLESS we have some major price slashing.