Madeline Island Real Estate Market Report – 2010 Summary

MADELINE ISLAND REAL ESTATE MARKET REPORT – 2010 SUMMARY

The Wisconsin Realtors Association (WRA) just published its 2010 year end housing sales summary, concluding that Wisconsin home sales declined in 2010 while prices remained stable.

By contrast to the State median price figures and number of solds, Ashland County experienced a 5.3% drop in median sold prices and a 2.3% increase in the number of homes sold during 2010.

These statewide sales figures were skewed somewhat, especially during the first half of 2010, when buyers scrambled to qualify for the Federal homebuyer tax credit program and to get those purchases closed by the June 30 deadline.

Ashland County reported a total of 134 homes sold in 2010, up from 131 in 2009.  The median sold price in Ashland County was $90,000 in 2010, down from $95,000 in 2009.

With an Ashland County average of around 10 to 11 closed home sales per month in the past two years, it is safe to say that few sellers are experiencing success in marketing and selling their homes in our part of the State of Wisconsin.  This also means that a handful of real estate companies appear to be doing the lion’s share of the selling in Ashland County.

In December of 2010, there were just eleven sales closed in all of Ashland County.  And the Ashland County median sold price in December 2010 was $91,000, down over 17% from December of 2009.

While these figures are for Ashland County as a whole, they impact the Madeline Island real estate market as well.  For example:

- Few Madeline Island real estate agents made a sale in 2010.

- The inventory of unsold homes and vacant land listings on Madeline Island was barely reduced during 2010.

- More Madeline Island real estate agents have become ”part-timers” during the past year.  In some instances, local agents are waiting on the sidelines for the 2011 tourist season to begin.

Despite the slow housing market, there are bright spots.  The Wall Street Journal reported last week (Monday, January 10, 2011) that there appears to be a nationwide trend towards rising sales in the second home market.  We were pleased that Madeline Island Realty was interviewed and quoted in that article, which mentioned Madeline Island among a list of luxury market vacation home destinations that also included Cape Cod (MA), Palm Beach (FL), Hilton Head (SC), the Pocono Mountains (PA) and the Hamptons area of New York.

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