This New York Times article grabbed by attention this morning, This Real Estate Columnist is Also a Geographer. Author Julie Lasky thinks up a number, like $250,000 or $600,000, and looks at what sort of home a buyer can get for that price in various cities across the country. She has examined homes in cities like San Diego, Philadelphia, and Cedar Rapids, IA.
Of course, this is all about urban real estate. What can a buyer expect to pay for a home in San Diego or Philadelphia or Cedar Rapids? Obviously geography can make a huge economic difference in housing affordability.
The same economic geography applies to rural areas and resort areas of the country. What does $250,000 or $600,000 buy in the predominantly second home market of NW Wisconsin lakes country?
This charming rural 3 bedroom home on 10 acres sold for $230,000
The NW Wisconsin real estate market shows continued improvement. Closed sales are up 7% compared to January of last year. The average sale price has increased by 11% from a year ago. The average days on market has decreased 7% from 152 to 142.
Yesterday, I attended the Edina Realty Annual Expo in St Paul, MN. Several hundred Edina Realty agents, staff, and supporting vendors gather annually to reconnect and recharge for the coming year. It’s always a fun event that features great speakers.
If you’ve been thinking about selling, now is a great time to get your property listed.
I’d like to share with you a brief update on our local real estate market. Although January is typically a slow month for home sales, Wisconsin’s overall home sales during that month grew 18.3% compared to January 2012. February marked the 20th straight month of double-digit growth as compared to the previous year’s numbers, with sales up 11.7% compared to February 2012. Meanwhile, here in NW Wisconsin, we’ve seen an 11.4% increase in existing home sales compared to February 2012, and an 11.7% increase in the median sale price over that same period.
In Douglas County Wisconsin, according to the Realtors Association of NW Wisconsin, the average sale price increased 87.2% in February 2013 compared to the same month a year ago. The median sale price increased by 131.4% over that same period.
In Washburn County Wisconsin the average sale price increased 26.9% in February 2013 compared to February 2012. The median sale price increased by 51.5% over that same period.
If you’re considering selling, I would be happy to prepare a current price analysis to give you an idea of what your home will sell for in the current market.