January 2018 Newsletter
2017 proved to be a continuation of a very strong rebound of the real estate markets in Door and Kewaunee Counties. Strong increases in the number of properties sold, total volume for those sales and median price highlighted a very solid performance for all sectors of the market.
Here are the basics:
Category 2016 2017 % of Change
No. of Properties Sold 1008 1071 +6%
Total Volume (millions) $194.4 $232.0 +19%
Median Price $159,500 $145,000 +10%
To put this in perspective, we can look back to 2013 and note a consistent overall improvement in virtually all the major measures of real estate activity over these last 5 years.
Needless to say, different sectors of the market experienced different rates of growth. In 2017 this is especially true for residential waterfront home sales. We find a huge uptick in values in the overall category plus major differences when looking at the values in Northern Door vs. Southern Door.
Although the number of sales was relatively stable, median price increased for shore homes north of Sturgeon Bay by 35% rising from $452,500 to $610,000. South of Sturgeon Bay we saw median price move up 14% from $283,500 to $324,250. Washington Island and the City of Sturgeon Bay are not included in the calculations.
In Kewaunee County there were just 3 waterfront homes sold in 2016 and 6 in 2017 so there is not enough data to draw any meaningful conclusions.
ERA Starr Realty feels it is important to be informed on all aspects of the real estate market in order to provide the best service possible to our customers and clients. We Are…..”Always There For You”
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December 2017 Newsletter
After a very robust first 10 months of 2017, activity for November returned to a more normal pace. With 84 sales and production of $16.2 million, market activity slowed down from the rather torrid November pace of 2016 where sales numbered 111 and production recorded a record $22 million.
Average number of sales for November over the last 5 year was 78, so our 2017 production was still well above average.
Median price year to date through November is $155,475 compared to $144,700 last year. That’s a solid increase of 7.5%. Does that mean overall prices in Door-Kewaunee Counties are up for all type properties? Probably not and here’s why!
Looking at Residential Shore Home sales we find some rather dramatic numbers for the first 11 months of the year:
Median Price for shore homes in Southern Door (all waterfront homes South of Sturgeon Bay to the county line) increased from $283,500 in 2016 to $320,000 this year for an increase of 13%.
North of Sturgeon Bay (excluding Washington Island) we discover a staggering increase in price for shore homes of 38%. Median price elevated from $452,500 last year to $623,000 here in 2017.
These numbers have a lot to do with the overall median price increase of 7.5% and points out the importance of refining market data while searching for the value of any particular property.
Here at ERA Starr Realty, we specialize in digging deep into the market data in searching for realistic values for any parcel of real estate. We feel this is necessary to provide the very best service to all our customers and clients. As usual, we are “Always there for You!
November 2017 Newsletter
The real estate market for Door-Kewaunee County just seems to keep on rolling along with no sign of letting up in the near future. October activity evidences just how vibrant this market is.
There were 112 sales in October compared to 91 last year. That’s a very robust 23% increase. Coupled with an increase in volume from $16.7 million to $29.8 million in October for the last two years, we have a rather dynamic start to the fourth quarter of 2017.
The 78% volume increase for the month resulted in the strongest overall monthly volume in the last 5 years. The second highest volume total in the last 5 years was 2015 with $22.5 million……and that’s a 32% increase.
So year to date where are the hot spots? In looking over agency production, we find that offices located in Northern Door are experiencing the greatest share of overall growth. Their number of sales has increased 27% while volume jumped just over 49%.
Those increases pushed up median price from $155,000 last year YTD to $185,000 through October of this year for a hefty bounce of 19%.
The above statistics consider Northern Door as the areas north of Jacksonport and Egg Harbor.
In reviewing the YTD stats for Southern Door (Sevastopol and South) we find that activity was actually down a bit. The number of sales was down 7% from 330 to 307 while median price dropped from $155,000 last year to $145,000 so far this year, also a 7% decrease.
Kewaunee County showed an increase in sales from 79 to 84, a jump of 6% while median price had a nice increase moving from $87,500 to $102,000 resulting in a solid increase of 17%.
ERA Starr Realty continues to lead the MLS with a total of 291 transactions YTD. The second leading office checks in with 215. This means we deal with more buyers and sellers, giving us strength in the market. Put this strength to work for you. Let us…. “Always be there for YOU!”
October 2017 Newsletter
With the third quarter of 2017 in the books, it’s time to review the residential housing markets in Door and Kewaunee Counties.
In my 49 years of full time involvement in the real estate industry here in Door and Kewaunee Counties, I have been through a number of significant ups and downs in this business. I am greatly encouraged with the current climate and do not expect any slow down in the near future. With that said, let’s look at the numbers for residential inland home sales for the first three quarters of the year:
Baileys Harbor-Liberty Grove-Ephraim-Sister Bay-Gibraltar
2016 | 2017 | |
Number of Homes Sold | 69 | 119 |
Median Price | $214,900 | $244,000 |
Sevastopol-Sturgeon Bay-Southern Door
2016 | 2017 | |
Number of Homes Sold | 138 | 144 |
Median Price | $154,500 | $145,250 |
Kewaunee County
2016 | 2017 | |
Number of Homes Sold | 60 | 60 |
Median Price | $ 85,100 | $ 98,300 |
The above chart clearly depicts a very strong market in Northern Door County. The number of sales is up 73% with an accompanying increase in median price of 13%. They are certainly having a “banner year”.
In the Sturgeon Bay area we find a 6% drop in median price while the number of sales increased just over 4%. In monitoring this market, I found a real strong demand for the more “affordable housing” sector of the market, typically homes under $150,000.
Kewaunee County experienced a nice 16% increase in median price with a very stable overall market with 60 homes sold each year for the last two years.
Here at ERA Starr Realty we are pleased to again lead the MLS in number of transactions for the first three quarters of 2017 at 258 compared to the second place agency checking in with 184. If you are buying or selling we are: Always there For YOU!
Until next month,
Dennis J. Starr
Realtor Emeritus, ERA Starr Realty
September 2017 Newsletter
The Door-Kewaunee real estate markets just seem to keep moving in a solidly positive direction……stronger sales, increasing median prices, and an overall positive market trend. With the memory still there from the 2008 housing bubble burst, there is always some caution in looking at all the positive news.
August brought the highest number of sales in the last 5 years. With 112 sales producing $23.7 million in production, we find both numbers substantially higher than the last 5 years for August.
Number of sales jumped from 92 last year for a solid 21% increase. $23.7 million in production exceeds the $19.4 million produced in August of 2014 by 22% and exceeded last year’s $17.5 million of production. That’s a 35% increase!!
Now, everybody’s favorite……..Median Price. Here we continue a gradual improvement, moving from $151,000 last year in August to $155,000 this year for a rather steady increase of 2.7%.
However, in looking at year-to-date median price numbers, we find a rather solid increase this year compared to the previous 4 years. Going back to 2013, here are the year to date median price numbers (January 1 through August 31):
2013 | $134,900 |
2014 | $137,800 |
2015 | $145,000 |
2016 | $137,250 |
2017 | $155,000 |
Here we see the YTD median price numbers through August showing a very solid 13% increase over last year and a 7% jump over the next strongest year (2015).
Monitoring median price and all other market conditions is part of the service we offer all our customers and clients here at ERA Starr Realty. We have been doing it since 1954! With 29 agents, we offer the experience and enthusiasm necessary to provide the quality service our profession demands. We are: “ALWAYS THERE FOR YOU”!
August 2017 Newsletter
July continued the strong resurgence of the real estate markets since those dismal years starting back in 2008. 2017 is the third consecutive year of very impressive sales and increasing values for the Door and Kewaunee markets.
Year to date (Jan-July) vitals are very strong. The number of sales increased from 498 in 2016 to 538 this year for a nice increase of 8%. This is especially encouraging since inventory of available properties typically decreases as we move through improving economic conditions.
Everybody’s favorite real estate statistic is median price. Thus far in 2017 we have seen a very solid increase of 10% moving from $136,000 in 2016 to $154,500 this year.
Another positive sign of a good market is the decrease of “days on the market”. Here we see a rather substantial improvement. In 2016 the average time it took for a property to sell was 405 days. In 2017, year to date, that number has dropped to 325 days, down 25%. We find the demand segment of the market realizes it is a bit of a seller’s market so they must act fast if they want to secure a specific property.
We are seeing multiple offers on many properties.
So, how are things for residential waterfront properties year to date? Here’s the lowdown:
2017 | 2016 | % of Change | |
Number Sold | 53 | 50 | +6% |
Median Price | $414,200 | $394,950 | +5% |
Here at ERA Starr Realty, residential shore home sales are an important part of our overall marketing program. Of the 53 listings sold thus far this year, we were listing agency for 14 of the properties. The second most active agency listed 7 shore homes.
No matter the type property, ERA Starr Realty can break down all the information and present you with an informative analysis of activity on the property, giving you valuable data to help in your decision making. We are: “Always There For You”!
Mid-Year Newsletter July 2017
A solid June polished off what has to be labeled a highly positive 6 months for the real estate industry in the Door-Kewaunee market place.
Here are the vitals for residential inland properties:
2016 | 2017 | % of change | |
Number of Sales | 154 | 215 | +40% |
Median Price | $145,000 | $162,500 | +12% |
Days on the Market | 248 | 223 | +10% |
For all properties recorded in the MLS, we find that there were a total of 427 sales for the first 6 months of 2017. This compared to 389 sales in 2016. That’s a 10% increase.
Median price for all properties checked in with an 11% increase moving from $139,225 in 2016 to $154,000 here in 2017.
This information shows us that inland residential housing did the bulk of the work in accounting for the solid sales and median price increases for our market. In 2016 residential inland home sales accounted for 41% of the overall activity in our MLS. The second strongest contributor to sales was residential condominiums at 13%.
Inland residential for the first 6 months of 2017 was 50% of all sales recorded in the MLS.
As always, ERA Starr Realty prides itself in keeping current with all that is going on in Door and Kewaunee Counties regarding real estate. We continue to lead the MLS in properties listed and sold as we have for the last decade+. For answers to any and all your real estate questions, give us a call…we are “Always There For You”!
June 2017 Newsletter
With May in the books and mid-year fast approaching, it is evident that the real estate market here in Northeast Wisconsin (especially Door and Kewaunee counties) is and should continue to be very solid. All indications show positive signs for the remainder of 2017.
First, let’s take a look at median price and compare the first 5 months of the last several years:
2017 | $150,000 |
2016 | $131,000 |
2015 | $131,000 |
2014 | $131,850 |
2013 | $127,625 |
The collapse of the real estate market started in 2008 and “peaked” in about 2012, when median price fell to just over $120,000, so we can see that median price for the first 5 months of any year from 2008 through 2017 varied by a maximum of 25%. It is interesting to note that through most of those years, median price was rather stable in the low $130’s. This market has never fluctuated as wildly as the markets in California, East Coast, and Nevada.
The number of sales thus far in 2017 topped out at 81, which is 19% higher than 2016, but exactly the same as the previous three years. At this point in 2017, we have to label real estate activity as stable.
Thus far in 2017, ERA Starr Realty continues to lead the MLS in sales and listings sold. This has been the case virtually every year since the current MLS system format was adopted in 2003. We are proud of our success, not only during the “good times” but also when the market flounders. We are careful to make sure we have all the current sales information digested so we can keep our customers and clients fully informed on market conditions. We are “Always There For YOU!”
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