February, much like January, is typically one of the slowest months of the year. Consequently it is difficult to use sales data as a predictor of future activity for our Door-Kewaunee real estate markets. This has been the case since the introduction of the current MLS program in 2003.
Regardless, let’s take a look at what February had to offer: 49 sales for a total volume of $11.5 million is the best in the last 5 years. This is a bit unusual and helps create an optimistic view for the rest of the year.
Median price for the month was a whopping $159,500 which compares to $107,000 in 2016. Again, we cannot get too excited because of the relatively small number of sales for the month. We should also note that the northern part of Door County had an unusually large number of sales on “big ticket” properties compared to most years.
Year-to-date we show 100 sales compared to 76 last year, a solid 32% increase. With the help of the big numbers in February, we also see a nice increase in the median price, moving from $144,500 last year to $154,500 thus far this year. That’s a nice increase of 7%.
Overall, despite limited data, we have to conclude that 2017 is off to a very solid start. Good news for sellers. The only negative might be a limited inventory of homes and properties available for sale. 2015 and 2016 were excellent years with the total number of sales far surpassing previous years. 2016 checked in with a total of 1006 sales, compared to 953 in 2015 and 782 in 2014.
I believe we have effectively cleaned out the “excess” inventory that resulted from the housing crises of the late 2000’s and early 2010’s.
ERA Starr Realty continues to lead the MLS in total transaction thus far in 2017. Our agents remain focused on providing the best in service to all our customers and clients. Give us a call. We are “Always there For You”!