My New Blog

It is always difficult to predict the future; especially in real estate.   Everyone said the market would level by now.  Unfortunately that hasn't happened.  There are some signs that reality is starting to set in however.  In Burnett County waterfront median sale prices and average sale prices have dropped slightly from 2006.  This has resulted in the volume of sales staying steady so far with 2006. 

The average list price however is still $45,000 higher than the average sale price.  This is because there are too many homes on the higher end of the market, and those homes are the least likely to sell.

Also right now on the Northwest Wisconsin MLS there are 183 active listings in Burnett County.  So far we have sold 55 listings.  Last year 119 listings sold.  So that means of the 183 listings on the market right now only about 65 to 75 will sell this year.  Ouch.  That means about 115 listings will not sell, and that spells a big problem with supply and demand.  We are only going sell 40% of the watefront inventory in Burnett County.  And anyone driving around the countryside knows there are numerous For Sale By Owner Signs.

So my prediction is prices will have to drop in the future.  It's the basic law of supply and demand.

If you are thinking about buying sharpen your pencil.  If you are trying to sell then you will have to price your property below the competition.