The Meyers Team Real Estate Sub-Segments

 

Happy Thanksgiving!  Before we gobble down, I thought I would dish up stats on sub-segments on the Northwoods real estate market.  People are always amazed at how low the percentage of homes sold is compared to the number of listings taken.  In a nation of housing shortages, we still only sell about 40% of what is listed.  Yes, you read that correct.  When I break it down you really see the differences.  The blue bar represents properties listed.  The orange bar represents properties sold.  The value above the bar is the Sold/Listed %.

 

Why are only 40% of properties listed selling?  There are many theories but the one that I prefer is that we are one of the few markets nationally that is based mostly on discretionary spending.  In most markets housing is a requirement (see Maslowe’s Hierarchy of Needs).  In this market, it is a luxury.  What we sell here are second homes.  People do not have to have a second home.  Likewise, most sellers do not have to sell.  So, we have buyers not having to buy homes from sellers who do not have to sell.  Indeed, a unique market!

 

Winter has come early to the Northwoods.  The lakes are iced up and snow is on the ground.  That is not common for Thanksgiving but I do not think Mother Nature consults a calendar.  Have a terrific Thanksgiving and be thankful for all that you have!