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July 2019 Newsletter – Market Update

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June polished off the first half of 2019 in fine style.  Sales remained strong, volume was good, and the outlook for the remainder of the year is positive.

The major indicators for the health of the real estate industry for any area are:  Sales Volume, Number of Sales, and Median Price.  The Door County MLS capsules these indicators for the several different markets in Door and Kewaunee Counties.  In this report all numbers reflect the cumulative activity for both counties and compare them for the month of June in 2018 and 2019.

June 2018 showed 103 sales for a total volume of $25.0 million.  Here in 2019, the number of sales increased to 116 and volume was up at $26.3 million.  That’s a 13% increase in sales and a 5% jump in volume.

Median price for the first 6 months of 2019 took a moderate decline of 6%, moving from a 6 year high of $158,750 in 2018 to $149,100.  This minor change can be attributed to especially strong sales activity with high end home sales in Northern Door County last year.

Next month we will take a closer look at the different markets for the full first 6 months of 2018 vs. 2019.

Overall activity for low to moderately priced homes in all the Door and Kewaunee markets remains very strong with many homes receiving strong interest and often multiple offers soon after being exposed in MLS and other social media sites.

When inquiries on homes for sale are received by many Realtors, an all too often typical response will be “sorry, that home is under contract”!

ERA Starr Realty has their hand on the pulse of the real estate markets in Door and Kewaunee Counties.  Daily we tabulate what’s new on the market and what has just been sold.  We dissect sale prices, locations, square footage, etc. to better serve our customers and clients.  We are “ALWAYS THERE FOR YOU!”

June 2019 Newsletter – Year-to-Date Update

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The Door and Kewaunee real estate markets continue to be strong through the first 5 months of the year.  However, there are some subtle changes that indicate the markets are at least leveling off.  Leveling off can be a positive, and a stable market at the current level would be welcomed by most real estate companies.

Activity for May 2019 included 81 sales for a gross volume of $11.6 million. This compares to 86 sales in 2018 with volume of $15.8 million and 85 sales in 2017 with volume of $17.0 million.

All this resulted in a year-to-date (January thru May) moderate decline in median price:

2019 median price…$147,725;  2018 median price…$155,000;  2017 median price…$149,500

Much of this change can be attributed to an exceptionally strong housing market for low and modest priced homes in the Sturgeon Bay area where prices are typically lower than northern areas of Door County.

For example, in 2018 the median price of residential inland homes for all areas in Door and Kewaunee Counties was $181,000.  For Sturgeon Bay median price in 2018 was $139,500.  That’s a 30% difference!  And that does not even take into account Kewaunee County where the median price for homes sold in 2018 was $124,350.  Coincidentally, that is the highest median price for Kewaunee in the last 7 years (and probably the highest ever).

The biggest problem facing the housing market today is available inventory.  Demand far exceeds supply for lower priced homes and it appears it will stay that way for the immediate future.  This is all the more reason buyers and sellers need our help with their real estate needs.  ERA Starr Realty has been helping to satisfy those needs since 1954.  With our 3 brokers having over 100 years of combined experience, coupled with a sales staff of 22 highly qualified agents, we are:  “ALWAYS THERE FOR YOU!”

March 2019 Newsletter – Market Update

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February, predictable, continues what is always a slow start to the real estate activity in the Door-Kewaunee markets.  There is little information to help forecast just where sales and prices are heading as we get into the stronger listing and selling months beginning in March.

However, we do see that January and February’s cumulative sales generally mirror where sales have been over the last several years.  According to the Door County Multiple Listing Service (MLS), there were 48 sales in February for $9.2 million in volume.  This is slightly above last year’s activity.

Year to date median price checked in at $149,200 compared to $181,000 last year.  This large discrepancy is the result of a few very large sales last year during the months of January and February.  The two years prior to 2018 showed median prices of $154,500 and $144,500 with the $154,500 being the highest in the last 6 years, excepting 2018.

Residential shore home sales for 2018 continued what is now 4 consecutive years with over 100 properties sold.  Here are the vitals:

 

  Year       No. of Homes Sold      Median Price  
    2015

106

$330,000

2016

112

$394,950

2017

111

$384,000

2018

104

$393,500

In breaking down the median prices depicted above, we find a great difference in values and sales activity for properties located in different areas.  For example:

  1. Shore homes sold north of Sturgeon Bay had a median price of $600,000 for 59 sales.

 

  1. Sturgeon Bay and Southern Door County median price dropped to $285,000, while Kewaunee County had just 3 sales with a median price of $335,000.

Information like this is valuable for customers and clients looking to purchase or market a shore property.  Here at ERA Starr Realty, we realize that in order to maximize our service to buyers and sellers, we must do a very careful market analysis in order to best analyze the true value of any property.  Please give one of our qualified sales associates a call.  We are “ALWAYS THERE FOR YOU”!

 P.S.  My next newsletter will cover market activity for March and April.

February 2019 Newsletter

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January 2019 got off to a good start for the Door-Kewaunee County real estate markets.  The number of sales pretty much matched the start of last year’s banner year.  According to the Door County Multiple Listing Service (MLS), there were 61 sales for $13 million in volume compared to 60 sales for $13.3 million in 2017.  Median price was almost identical at $150,000.

As always, inland residential properties represented the largest share of overall 2018 sales with 442 total sales.  That’s 41% of the total number of 1,068 sales.  Overall median price was up 4%, increasing from $173,900 to $181,000 for all types of properties in all areas.

Median price for inland residential properties showed solid increases for the three main market areas of our MLS:

  1.  Northern Door (Sevastopol and North) jumped from $250,000 to $259,250 for an increase of 4%.
  2. City of Sturgeon Bay moved from $130,900 to $139,500, up 7%.
  3. Kewaunee County median price increased from $103,450 to $125,350, up 21%.

The second largest segment of the overall market was vacant land.  Here we find 187 sales and a median price of $40,000.  In 2017 there were 183 sales and a median price of $41,000.

We must keep in mind that every parcel of property is unique and it is important not to generalize too much.  It requires a professional to do a proper analysis of a property using the MLS data and then making the proper adjustments to best reflect that property’s value.

Here at ERA Starr Realty we are licensed and trained to evaluate properties and render to our customers and clients the information that satisfies their real estate needs.  We are  “ALWAYS THERE FOR YOU”!

January 2019 Newsletter – Year End Review

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December activity in the Door-Kewaunee real estate market was down a bit with the Multiple Listing Service (MLS) showing just 62 total sales for the month, down from 91 sales in 2017.  Volume also dropped from $24.5 million in 2017 to $17.2 million in 2018; however, with fewer sales median price jumped considerably from $196,000 to $230,500.

Year end numbers compared very favorably with the previous 4 years.  Below are the year end statistics for the last four years:

 

All MLS Sold Properties 2015 2016 2017 2018
Number of Sales 955 1,008 1,071 1,065
Volume in Millions $198.5 $194.4 $233.0 $245.2
Median Price $146,000 $145,000 $159,900 $165,000

 

Certainly the number that stands out the most is the 2018 median price of $165,000.  The increase from the low of $145,000 in 2017 amounts to a 14% increase.  This increase coupled with the strong number of sales indicates a very healthy real estate market for the Door-Kewaunee area.

Over the next few months I will focus on individual markets in the two county area.  The differences within this macro market are significant.  Kewaunee County compared to Northern Door County is like night and day.  Million dollar sales in Northern Door were fairly common while prices in Southern Door and Kewaunee County were significantly lower.  More on this topic in upcoming newsletters.

ERA Starr Realty is proud to have played a rather substantial part in the healthy market we have enjoyed.  We again listed and sold more real estate properties than any other agency in the MLS system in 2018.  With 395 sales and listings sold, we exceeded the second most active agency which totaled 286 transactions.  This continues the decades old pattern of sales for ERA Starr Realty.  Any questions?  Call one of our agents…we are “Always There For You!”

December 2018 Newsletter

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With 2019 right on the horizon and 2018 into its last month, we can reflect on the last several years and hopefully have a reasonable, positive projection for the real estate market in 2019.

Certainly with all the distractions nationally, there is limited assurances as to just what the future may hold for any market, but real estate looks like it will continue to provide very solid results regarding market activity and price integrity.

November activity in the Door-Kewaunee market was solid with a total of 82 transactions garnering $19.2 million in sales volume.  That compares to a slight decrease in number of sales, but a nice increase in volume:  86 sales in 2017 and $16.6 million in volume.

2018 year-to-date statistics are impressive when compared to 2017 which was by all accounts also an excellent year for real estate.  Number of sales increased from 980 to 999 for a 2% increase while median price rose from $155,475 to $163,000.  That’s a nice 5% jump.

Next month when we have the final year end numbers, we can look at the last 4 years of activity in the Northeast Wisconsin real estate market.  2015 marked the first real solid year since things imploded in 2008.  In 2015 we moved from 782 sales the previous year to 953 sales for a rather dramatic 22% positive increase.  Each year since the number of sales has increased steadily, topping 1,070 sales in 2017.

ERA Starr Realty has been right in the middle of all this activity.  We have listed and sold the greatest number of properties in the MLS every year for the last decade and longer. We have been a “trusted name in real estate since 1954”.  Need answers?  Give one of our agents a call, we are “Always There For You”!

THE BEST OF THE HOLIDAY SEASON TO ALL!

November 2018 Newsletter

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As we move through the last quarter of 2018 and continue what has been a very solid year for real estate in the Door-Kewaunee markets, I spent some time and compared today’s market to the “glory days” in the mid 2000’s.

2004, 2005, and 2006 were the years with the most activity since 2000.  These 3 years reflected the greatest number of sales and the strongest median prices.  Here are their vitals:

 

2004 2005 2006
No. of Sales 1126 1181 1047
Median Price $140,000 $145,000 $152,000
Days on Market 295 297 314

With 2018 sure to check in with more than 1,000 sales, and 2016 and 2017 also boasting sales in excess of 1,000, here are the last two year’s annual numbers:

 

2016 2017
No. of Sales 1008 1071
Median Price $145,000 $159,900
Days on Market 380 312

This year through November 14th, the MLS has recorded 949 sales with a median price of $162,400.  It is likely the final numbers for 2018 will generate the highest median price in the last 2 decades.  I believe we can officially declare the “bust” market over. At its lowest point in 2009, the number of sales dipped to 596 and median price bottomed out at $130,000.

I feel this healthy real estate market will continue in the foreseeable future.  Here at ERA Starr Realty, we will watch closely for any “blips” that may appear and influence the market one way or another.  We believe this is an obligation we owe to all our customers and clients.  After all, we are:  “We Are Always There For You!”

Until next time,

Dennis Starr, Realtor Emeritus

September 2018 Newsletter

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Last month we looked at sales activity for residential inland homes in the Door-Kewaunee real estate markets.  We found there were mixed results in the four main markets monitored by the MLS (Northern Door, Sturgeon Bay, Southern Door and Kewaunee County).  The number of sales was generally down a bit, caused mainly by a shortage of inventory.  We also discovered that the median price for homes was generally up with only Northern Door showing a decrease.

Now let’s look at residential waterfront homes. For a 12 month period during the years 2011 through 2017, we found the following:

  1. The number of sales increased every year moving from 65 sales to 112 sales in 2016 while 2017 was down by just one sale at 111.
  2. Median price ranged from $420,000 in 2011 as a high to a low of $328,750 in 2014.  Most recently, we found median price in 2016 was $395,950 with a slightly lower value of $384,000 in 2017.

This brings us to the first 8 months of 2018.  Sales activity thus far is locked in at 69 waterfront homes sold through August.  Typically, September and October are strong selling months, so I expect total sales to approach 100 for the year.  As always, available inventory can be a limiting factor.

Median price to date is $385,000 compared to last year’s ending value of $384,000. Median price for all of 2016 was $395,000.  We can see that the last 2 plus years the prices for residential waterfront homes remained stable with a less than 3% increase from 2016 and virtually unchanged comparing 2017 to the first 8 months of 2018.

In my 49 years as a full-time REALTOR here in Door County, I have experienced many ups and downs in the market.  One thing has been constant:  While the “high profile” markets on the east and west coast can be volatile, here in Northeast Wisconsin we do not experience the drastic highs and lows seen in large urban communities.

Here at ERA Starr Realty we keep a close eye on market activity for all types of properties; homes, lots, shore property, condos, commercial, etc.  If you need insight on just what is happening, give us a call….we are “Always There For You”!

August 2018 Newsletter

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Residential Inland Home sales comprise the vast majority of activity in the Door-Kewaunee MLS system.  Last year a total of 477 homes out of 1070 total sales were recorded in the MLS.  That’s almost 45% of all sales.  The second most active category of sold properties was Vacant Inland with 183 sales or 17% of total sales.

We are well into the third year of very strong activity in Door and Kewaunee Counties.  Now is the time to look at the last 3 years of residential home sales for the main markets in our region through the first 6 months of each year:

AREA 2018 2017 2016
Gills Rock to Egg Harbor
No. of Sales 71 91 47
Median Price $235,000 $244,000 $210,000
Sturgeon Bay Area
No. of Sales 78 75 64
Median Price $162,200 $137,000 $148,375
Southern Door County
No. of Sales 31 32 32
Median Price $144,000 $157,200 $163,000
Kewaunee County
No. of Sales 59 59 51
Median Price $139,000 $130,000 $143,000

It’s difficult to pinpoint a definitive, consistent trend for any of the areas analyzed.  Information over a whole year would be of greater value.  Additionally, there is no way to factor in the effect of inventory limitations.  With 3+ years of strong activity, there is a definite shortage of homes for sale in all areas.  There are also economic factors that can greatly affect home prices.   However, we can say all markets are strong with indications that they will stay that way in the foreseeable future.

ERA Starr Realty can help with any of your real estate needs.  Give us a call, we are: “Always There For You”!

July 2018 Newsletter

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With the first half of 2018 in the books, we are encouraged to see a strong continuation of the upsurge of the real estate markets in Door and Kewaunee Counties.  Since 2014 the markets have shown solid improvement through the first 6 months of each year.

Here’s the proof with the 6 month numbers for the last 5 years:

 

YEAR NO. OF SALES MEDIAN PRICE
2018 438 $157,500
2017 433 $154,000
2016 389 $139,225
2015 382 $140,500
2014 351 $124,000

Of note is the steady increase in the number of sales and the rather dramatic increase in median price comparing 2014 to 2018.  The movement from $124,000 in 2014 to $157,500 this year amounts to a 27% increase over those 5 years.

Number of sales also shows a very solid increase moving from 351 in 2014 to 438 thus far this year…that’s a 25% increase.

All the above numbers include all the property categories listed in the MLS (residential, commercial, condos, vacant land, hotel-condo, etc.)  Most real estate statistics quoted in various publications deal only with residential homes.

My August newsletter will get specific with information on residential home sales, differentiating between Northern Door, Sturgeon Bay area, and Kewaunee County.  Sales activity and median prices will be addressed.

Here at ERA Starr Realty we make every effort to keep on top of the real estate markets in Door and Kewaunee Counties. We feel it is our obligation to keep informed so we can offer the very best service to our customers and clients.

We are “ALWAYS THERE FOR YOU”!

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