Marinette County had a fabulous 2015 for Residential Home Sales! And so did New Home Real Estate.
2015 ended with 519 Residential Sales, this included all single family homes/cabins & 1-4 family rental units. This is GREAT news. Highest numbers since 2007. It also seems that the median sale price is also up from the last two years. So Values have increased a bit.
2007 is when many banks went under, we saw a huge drop in sales in 2008 which is what we consider when the market in this area really "crashed". We did not start rebounding until 2012 but had a dip in 2013. However 2014 and 2015 were very strong. Values however have slightly come up, but have leveled off. Prior to 2008, values were extremely inflated. There are still foreclosed properties, however amount of them has slowed down.
2016? We are looking forward to just as strong of a year as the past two. The factors affecting our area seems to be the rental market booming, many temporary workers are not purchasing, and has driven the rental prices higher. Inventory - we need more listing. It seems many are staying in their homes vs. selling and one factor is that they can not get what they owe or paid for it. Appraisals have been tough. Appraisers have even tighter or stricter rules on what they can used for comparablies and how they can adjust them. And then in Oct. 2015, new TRID laws went into affect on Lenders. Stricter rules on lending laws are good and bad! And since the crash, there have also been stricter rules on Buyers too. This may all sound counter productive, however our sales numbers are up in Marinette County.
Lets hope for continued growth in our area. Northeast WI is a great place to live! Give New Home Real Estate a call to help you out!