Now that we have two of our slowest months out of the way (January and February) and two of our good months in tow, we can begin to make some sense out of the direction the real state market is heading for 2017.
In two simple words, the market LOOKS GOOD!
Stable is another description that fits. With 212 sales through the first 4 months of 2016 and 216 so far this year, these are good numbers for both years and substantially better than previous years.
Two areas where stable is not the case, and excellent takes over, are Median Price and Volume. Here we show substantial increases. Median price showed a 16% increase from $122,750 in 2016 to $142,500 this year. Naturally, volume would also show a solid increase, moving from $37.4 million last year to $46.0 million this year. That’s a 23% increase.
In looking over individual agency production, we find an explanation for the rather substantial increases in dollar volume and median price: Northern Door agencies showed increased production almost across the board of 2 to 4 times their production in 2016 for the same four month period in 2017.
Last year Northern Door was “slow” for the first part of the year while Southern Door was strong. This year, most Southern Door agencies showed rather dramatic decreases in production for the January through April time period.
We know that Northern Door commands substantially higher prices than Southern Door, thus the 16% and 23% increase in median price and volume.
Here at ERA Starr Realty, we feel it is important to know and understand why the real estate market reacts the way it does. This way we can relate to our customers and clients the current status of affairs regarding their real estate interests. Call us to get the latest information on Door and Kewaunee County real estate activity. We are… “Always There For You!”
p.s. ERA Starr, Sturgeon Bay showed only a 2% decrease in volume, while all the other major Southern Door offices showed decreases of 62 to 80% for January through April.