This blog entry is for those who are curious as to what is happening with lakehome sales in our area and specifically on the Quiet Lakes .
The following statistics were pulled from the Northwest WI MLS system for Lost Land , Teal and Ghost Lake(s) :
· 2008: 8 lakehomes sold with a median price of $517,500
· 2009: 3 sales, median price: $295,000
· 2010: 7 sales, median price: $313,000
· 2011: 4 sales, median price: $537,500 (data through 10/24/11).
For 2011, the median price of the 3 Quiet Lakes has risen dramatically as compared to the past 2 years while the # of lakehomes sold has declined as compared to last year. Similarly, in Sawyer County overall, the median lakehome price rose from $245,000 in 2010 to $285,000 in 2011. There were 105 lakehomes sold in Sawyer County in 2010 as compared to 79 sales so far this calendar year.
Spider Lake has also experienced an increase in the median price for 2011 ($385,000) as compared to 2010 ($267,450).
The buyers of higher priced lakehomes in our market are much more active this year as compared to the last 2 years which accounts for the increase in the median price. Sales of lakehomes that are “moderately” or “affordably” priced have slowed down this year as compared to 2010 which accounts for the overall decrease in the # of properties sold. Although the outlook for 2012 is uncertain, the recent increase in higher priced lakehome sales is a welcome change for the Quiet Lakes and Sawyer County lakehome market(s).
