Homes for sale in Door County, Real estate, waterfront property for sale in Sturgeon Bay, Southern Door, Fish Creek, Sister Bay, Algoma, Kewaunee

June 2022 Newsletter

June 15, 2022 by Kathy M

With the overall economy in such a flux (if that is the right word), I find it virtually impossible to forecast just where the housing markets in Door and Kewaunee Counties are headed. Keeping my experiences with the 1980’s recession in mind, I will venture a guess.

The big difference I see in today’s housing market and the housing bust of 1980 is the current lack of inventory for sale versus plenty of inventory in the 80’s. However, interest rates were well into double figures, even above 15%. Certainly, many other factors come into play, but I feel this was the crux of housing problems along with the ultra-liberal lending practices. Enough history.

May 2022 and 2021 were almost identical regarding number of sales and sales volume. 119 sales this year compared to 116 last year. $33.3 million this year vs. $33.8 million last year. This year is a bit stronger than the first five months of past years where sales were generally off around 20% from the very strong numbers of 2021.

Median Price of property sold is another story. Year-to-date through May we show a median price of $190,000. Last year’s median price for the same five-month period was $150,000. That’s a 27% increase – and remember this is for ALL types of property, from homes to vacant land to commercial to condos, etc.

This tells us that there is more inventory and more sales with high-end properties than with more “affordable” housing. Here at ERA Starr Realty, we certainly see that as being the case for the southern part of Door County & Kewaunee County. Northern Door County is where the majority of high-end sales take place.

Through May, ERA Starr Realty continues to be the top listing and selling office in the Door County Multiple Listing Service (MLS). We monitor sales and listing activity in the MLS on a daily basis in order to keep our customers and clients well informed. We are “Always There For You”!

May Newsletter

June 10, 2022 by Kathy M

With a third of the year in the books, you would think we could begin to see a path as to what the rest of the year will bring. No so!! With the country in such turmoil on so many levels, it’s very difficult to forecast just where the markets are headed – but we will try.

One thing is for sure. With the supply side of the market so limited, prices will remain strong. How long it takes for supply to catch up with demand is anyone’s guess. Higher interest rates will temper demand somewhat, but there continues to be a whole lot of cash buyers disenchanted with the stock market and looking to purchase property in places like Door and Kewaunee Counties.

Median price for the first 4 months of 2022 was $175,000 compared to $139,900 in 2021. That’s a 25% jump. Of note, these numbers take into account ALL type properties in our Multiple Listing Service (MLS) from vacant land to condominiums. With a shortage of homes for sale, vacant land sales have increased dramatically, which lowers the overall median price.

Median price for inland residential homes in 2022 for the first 4 months of the year was $258,700. In 2021 thru the first 4 months, the median price was $230,750, or an 11% increase. Just to put things in context, the year 2019 showed a median price for homes at $190,000. That equates to a 36% increase in median price 2022 over 2019.

The general consensus in the industry for Door and Kewaunee Counties is that the pace of sales will decrease somewhat as the year rolls on. Prices will remain strong with most homes selling for over listed price. A local appraiser assures me that building costs are at historically high numbers and builders are so busy, it may take a year for construction to start.

It’s this kind of market where buyers and sellers need the guidance of professional Realtors. Our seasoned associates here at ERA Starr Realty are “Always There For You!”

February 2022 Newsletter

February 15, 2022 by Kathy M

As always, January gives us little indication on how the real estate markets in Door and Kewaunee Counties will evolve. The first couple months of any new year are typically the slowest and activity is minimal. With this being the case, this newsletter will be a more in-depth summary of the residential housing market and how it has evolved over the last several years.

Last month we summarized residential values comparing 2021 to 2020. This month we will review median price changes over the last three years and focus on the rather dramatic increase in values in the last two years.

Door County Residential Inland Home Sales: Median prices 2019 to 2021 were $190,000, $226,500 and $300,000 respectively. That’s an increase of 58% in 3 years!

City of Sturgeon Bay: $158,000 (2019), $182,000 (2020) and $223,500 (2021) for an increase of 41%.

Kewaunee County: $129,000 (2019), $145,200 (2020) and $157,500 (2021) – a 22% increase in median price.

Prior to 2020, increases in value were generally under 10 percent. Starting in 2020, we have watched values jump in double figures for pretty much all types of properties. Here are some of the property types which showed double digit increases:

Residential Waterfront up 16% to $608,750

Vacant Land up 16% to $50,000

Residential Condos up 17% to $349,900

Hotel Condos up 52% to $127,000

To say this is a crazy market is an understatement! That is why sellers and buyers need the help of professional Realtors when considering their real estate needs. We at ERA Starr Realty review the market on a daily basis and are prepared to assist you. We Are Always There For You!

January 2022 Newsletter

January 21, 2022 by Kathy M

2021 Real Estate Market – A Year In Review

December continued the very robust real estate market for the Door-Kewaunee County Multiple Listing Service (MLS) members. There is no sense of “cooling off” as we look forward to 2022. Following is a summary of the December activity with a quick rundown on values of residential properties.

There were 135 December sales registered in the MLS, up 23%, compared to 2020 with 110 sales. Median Price continued its strong growth, moving from $180,000 in 2020 to a year-end number of $185,000 in 2021.

Residential homes showed the most activity and value increases for the year. Here is a summary:

Door County residential inland sales in 2021 were actually down from 426 in 2020 to 377 in 2021, mostly because of limited inventory. Median price skyrocketed 33% from $226,500 to $300,000.

City of Sturgeon Bay experienced an increase in number of sales moving from 93 to 114. Median price jumped 23% from $182,000 to $222,500.

Kewaunee County went from 66 to 94 sales and showed an 8% increase in median price from $145,200 to $157,500.

Residential Waterfront was also strong. Number of sales was relatively the same, down just 1 from 133 sales in 2020. Median price was up 19% to $608,750.

The outlook for 2022 remains very positive. There is little indication demand has been satisfied. Interest rates, although up from historic lows, are still well below rates we are used to. Keep an eye on the Fed!! Stock market needs to be watched! Profit taking has financed many home sales in the last two years. Inventory likely will continue to be problematic.

Here at ERA Starr Realty, we keep our eyes open to identify market factors. We are “Always There For You”.

November 2021 Newsletter

November 17, 2021 by Kathy M

With fall in the air and temperatures cooling down, you might think that this “red hot” housing market might be taking a rest. Well, the statistics for October show that just isn’t true.

The sales pace for the Door County Multiple Listing Service (MLS), although down slightly from last year (135 transactions vs. 161), rendered a dollar volume that increased from $51.7 million to $52.6 million. In a nutshell, this ultra-strong market appears to be with us for the foreseeable future, however long that might be.

Of special note, with October volume the last 2 years exceeding $50 million each year, the third strongest October in the last 8 years checked in at $30.1 million back in 2017.

Certainly the primary reasons for this strong market include very low interest rates, many buyers with deep cash pockets, desire to flee the big city, ability to work from home, surging stock market, etc. etc. Many elements have come together to create a home buying climate I personally have not witnessed in my 52 years as a real estate agent in Door/Kewaunee Counties.

Naturally, along with all this activity, comes an upward push in prices. Year-to-date, October showed a median price for the MLS at $180,000. Prior to 2020, the strongest YTD October median price was $162,000 in 2018. These numbers were for all types of properties from commercial to residential and everything in between.

Median prices YTD thru October for the last three years of residential inland homes were as follows: 2019 – $184,750, 2020 – $223,000, and 2021 – $268,950. That’s an increase of 46% in just 3 years. Amazing!!

ERA Starr Realty has been a major part of the real estate scene in Door/Kewaunee Counties since 1954. We pride ourselves in keeping up to date in market condition to help serve our customers and clients. We are “Always There for You!”

October 2021 Newsletter

October 19, 2021 by Kathy M

Things slowed down just a bit this September compared to September 2020. Still, real estate activity for Door and Kewaunee counties was strong. All the pertinent barometers that measure activity continue to be strong.

Number of sales is always the first thing we look at when measuring real estate activity for any sector or geographic area of the marketplace. September 2021 number of sales for Door and Kewaunee Counties checked in at 138. That’s down from last year when there were 150 sales. That is an 8% decline; however, looking back 8 years, we find that 122 sales in 2017 was second in sales until this year’s 138…so nothing to be alarmed about.

Perhaps the second most important indicator of the health of real estate markets is Year-to-Date (YTD) Median Price. Here again we trailed 2020 by just 4%, moving from $177,400 last year to $170,200 this year. Certainly there is nothing to be alarmed about here. In fact, median price in 2019 was $160,000 and was never over that amount in the last eight years. Without digging deep into the archives, I would bet that median price has never exceeded $170,000 in the Door-Kewaunee markets until 2020.

Days on the Market (DOM) is another measure indicating a very robust real estate market. There are all kinds of statistics locally, statewide and nationally showing residential properties selling in less than 75 DOM. This number allows perhaps a month or more for title companies to process a closing. Many are backed up to the point where they have to delay closings beyond the scheduled closing date.

Here at ERA Starr Realty, we pride ourselves in helping buyers and sellers navigate the selling/purchase process with as little turmoil as possible. We Are Always There for You!

August 2021 Newsletter

August 20, 2021 by Kathy M

As promised, here is the year-to-date (January – July) summary of the real estate action for residential homes in Door and Kewaunee Counties. Activities will be compared to 2019. 2020 is not used because of the dramatic negative influence of the pandemic on sales for that year.

Area markets will be broken down for inland home sales and a separate category will identify residential shore home sales.

Northern Door: Jacksonport, Egg Harbor and north (except Washington Island) – 61 homes were sold in 2019 compared to 85 in 2021. A 40% increase in the number sold while median price increased from $246,500 to $386,460, a 57% increase.

Southern Door: Sevastopol south to the county line (includes Sturgeon Bay) – 94 homes sold in 2019 vs. 96 in 2021 (little increase mostly because of lack of inventory). Median price increased from $167,200 to $232,500, up 39%.

Kewaunee County: 33 homes sold in 2019 compared to 38 here in 2021. Again lack of inventory limited activity. Median price jumped from $113,500 to $169,900 for an increase of 50%.

How about residential shore home sales for both counties? Here we see the number of sales increase from 46 in 2019 to 62 this year. That’s up 35%. Median price also soared from $391,500 in 2019 to $576,000 here in 2021. That’s a 47% increase.

Another item that was evident in reviewing sales information was a strong decrease in Days on Market (DOM). In short, homes are selling FAST. Buyers have to be ready to act and have to have cash or be pre-qualified at a lender. Multiple offers on homes are common and the best offer usually wins.

To say the housing market is hot is a gross understatement. Low interest rates, high demand, strong stock market, escape from the big city, ability to work from home are all factors in creating this market. Here at ERA Starr Realty, we understand what is going on at all times. We can help buyers and sellers weave their way through any transaction. We are “Always There for You”.

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