Real estate industry saw high numbers in 2020
Story By Morgan Johnson
Local News Published 01/26/2021 4:49PM, Last Updated 01/26/2021 6:01PM
Rhinelander, WI - In her 32 years in the industry, realtor Andrea Krueger has seen nothing like 2020.
"This market is definitely a unique in our market," said Krueger. "The Merrill, Tomahawk, up to the U.P."
Krueger's data shows that each of the seven counties she's responsible for have seen an increase in the number of sales and price of sales.
Of the seven counties in the Northwoods region, the total number of sales went up 31 percent from 2019.
Iron county was the highest, with the average price more than doubling.
Krueger suspects these high numbers have to do with the pandemic.
"People are coming from all over," said Krueger. "They're getting out of the cities, they're getting out of Madison, they're getting out of Chicago."
She said people put more value into fresh air and recreation.
"The quality of life is great," said Krueger. "Clean air, there's hiking, there's biking, there's ATVs, there's snowmobiles right out your front door. Just nature and just laid back, fun communities."
Minocqua realtor Pat Van Hefty echoes Krueger's observations.
He's also noticed that a lot of buyers are already familiar with the area.
Of the people coming from south of Wisconsin, Van Hefty says it's people who have a past connection in the Northwoods.
Van Hefty says in his 26 years in the business, 2020 went by the quickest.
"The summer went extremely fast for sales," said Van Hefty. "When a property would come on the market, it didn't take long for it to get an accepted offer and be sold."
Van Hefty has one piece of advice for people looking on the market for a new home, and that is to act quickly.
"When a property becomes available, there are a lot of people out there that are looking at it, and typically is something that's going to move quickly," said Van Hefty.
Van Hefty said the biggest obstacle to overcome right now is just inventory.
There aren't enough homes on the market for the amount of buyers there are but he expects more sellers once spring arrives.