The number of Waupaca Chain O’ Lakes property transactions for 2016 was way – way up compared to 2015 and in 2017 the trend continued. As a result, inventory of Chain properties for sale is way, Way, WAY down. Obviously, 2018, is a great time to be a Chain property seller as buyers are now struggling to find properties that fit their needs/desires and price range. And, many Chain properties that had been on the market for a long period, finally sold over the past 2 years.
As you can see from the chart below, 35 properties on the Waupaca Chain sold last year compared to 21 sales in 2015 and 33 during 2016. And, to put this in even better perspective: back in 2007, the last year before the real estate recession, only 15 Chain properties sold.
This is an amazing number of Chain properties sold for 2017 as again, inventory is very, very low.
At the end of 2017, there are only 16 properties for sale on the Chain which compares to 54 properties listed for sale in the middle of the recession. Normally there would be 32 to 36 Chain properties for sale in the winter months. The new reality: “Chain Inventory is Craze Low”
Today, both Chain buyers and sellers might have the same question: Are prices going up on waterfront properties?
Prior to this year, this was a hard one to answer analytically! But, now yes, prices are moving up for sure:
In mid-2014 a very nice Chain property sold in the lower $800,000 range and then, just sold again in 2016 in the higher $800,000s. At the other end of the value range, a nice year around house on Bass Lake which sold in the mid $200,000 range in 2012 changed owners for in the mid $300,000 range in 2016. In the middle of the Chain price structure: I bought a buyer for a mid 300,000 Chain home in 2015. In 2017 this same home sold for about $100,000 more than these folk bought it for. And, it sold almost immediately after we listed if for sale. Clearly, these sales show “analytically:” prices are moving up, which would be logical, given that inventory is crazy low and the number of transaction is way up.
It is also interest, “analytically,” to look at the number of properties that sold in 2016 and 2017, that were on the market for a very long time. However, a few of these properties – that had been on the market for a long period, sold way under their “fair market” assessed valuation and way under their original listing price.
And, three Chain houses have sold this past year that were priced over $1,000,000. And, one of them, sold twice in 2017.