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March 2022 Newsletter

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With just two months under our belts, it is still too early to make any profound predictions on the direction of the real estate markets in Door and Kewaunee Counties.  However, in view of all that is going on globally, nationally and locally, I sense some hesitancy in market activity.  On top of that, it is almost impossible to maintain the pace we have experienced these last 2 years with unparalleled sales, dramatic price increases and very limited inventory.

Couple the above with historically low interest rates, record stock market and a strong desire for people to relocate to places like Door and Kewaunee Counties, and you have the makings of the explosive-type market we have experienced over the last few years.

There were 69 properties sold in February this year compared to 81 last year.  That’s down a bit but volume was up from $17.9 million in 2021 to $21.4 million this year for a jump of 20%.

Median price naturally increased, showing a gain from $135,000 in 2021 to $159,750.  Again, with just two months of data and our slowest months in the books, these numbers are not enough to establish a solid trend.

One thing is certain.  There is an absolute shortage of lower and moderately priced housing in both counties.  Inventories of homes priced under $250,000 are scant.  The few that show up on the Multiple Listing Service (MLS) “for sale” shelf are almost all under contract and ready to close.  Few “new listings” show up.

We here at ERA Starr Realty keep a close, daily watch on all activity with homes and other properties as they appear in MLS.  It is our job to keep our customers and clients fully informed as to market conditions.  We Are Always There For You!

February 2022 Newsletter

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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

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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”.

 

December 2021 Newsletter

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November is always an interesting month for real estate practitioners.  Fall is one of the busiest seasons and as we move into the slowest season, we reflect back on the “good times” while contemplating just what lies ahead.

Looking back, November continued the strong rash of business that makes 2021 the strongest year in real estate since Multiple Listing Service (MLS) became fully functional in 2004.  In 2004 there were approximately 1,110 properties sold in the Door/Kewaunee markets.  Through the first 11.5 months of this year, 1,400+ properties have sold.

Median price in 2004 was $140,000 vs. $185,000 here in 2021.  These numbers are for all type properties from vacant land to commercial.

Median price of homes escalated from $137,500 in 2004 to $270,000 here in 2021.  Almost double!  The number of homes sold was relatively stable with 414 sold in 2004 and 444 thus far in 2021.  Also of note for residential home sales is Days on Market (DOM).  Here we find that DOM dropped from 188 days in 2004 to 98 this year.  About half!

Home ownership remains a strong foundation for financial stability for many families here in Door and Kewaunee Counties.

Next month we will have the full year summary of real estate activity for both Door and Kewaunee Counties.  The numbers will be impressive from the southern boundary of Kewaunee County to the tip of Door County.  We here at ERA Starr Realty focus on securing all vital information regarding real estate in our two-county area.  We aim to keep our customers and clients fully informed.  We Are Always There For You!

Wishing you and your loved ones a Merry Christmas and Happy New Year!

October 2021 Newsletter

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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!

September 2021 Newsletter

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August is gone and fall is in the air.  September ushers in a change of season many prefer.  Also, it usually continues to reflect what has been going on in the real estate market over the spring and summer.  Happy to say real estate activity in Door and Kewaunee Counties appears to be stable at a very high level.

Strong sales are evidenced by the 149 sales for the month of August.  This number ties last year for the highest number in the last eight years.  Volume of $180 million is down slightly from the $189.9 million recorded last year.

Year-to-date median price continues at record levels.  At $165,250 this year thru August, we are seeing numbers far and above previous years.  All numbers discussed thus far are for all property types, i.e., residential, commercial, vacant land, condominiums (residential and hotel) and miscellaneous categories.

As noted in previous newsletters, residential is the category that affects median price the most.  It encompasses approximately 45% of all sales.  Depending on which area in the Door-Kewaunee markets we are talking about, we see residential homes selling for anywhere from 40 to 60% more than last year.

Certainly each property has to be viewed independently.  There are many factors that affect the value of a property.  Things like location, condition, age, neighborhood, style, etc. all play a role in value.

Here at ERA Starr Realty, we are trained to examine all factors that come into play when pricing a property.  We have the tools to examine recent sales as to things like selling price, days on the market, financing type, lot size and other pertinent information.  At ERA Starr Realty “We Are Always There For You”.

August 2021 Newsletter

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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”.

July 2021 Newsletter

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The first half of 2021 is now history for the real estate markets of Door and Kewaunee Counties, and it has left most of the very experienced and knowledgeable real estate professionals not only in our market area but statewide and nationwide scratching their heads.  This includes me and my 52 years as a full-time area Realtor!

The first six months of 2021 compared to 2020 says it all:

  1. 663 sales in 2021 compared to last year’s 378 is a 75% increase!
  2. Sales volume of $168.0 million vs. $82.5 million is more than double!

These 2 indicators may well reflect the turnaround in the market that likely is unprecedented in several decades.  I’m not sure, but these 2 indicators plus the dramatic conditions created by a demand market that far surpasses supply have created a buying frenzy for residential real estate that is characterized by:

  1. Tremendous buying pressure on most all residential homes and condos.
  2. Homes selling for full list price and in many cases over list price by thousands.
  3. Multiple offers on many homes.

For Door and Kewaunee Counties, all this resulted in home prices jumping from a median value in 2020 of $190,000 to $250,000 in 2021.  That’s an unheard of increase of 32% in just one year.

Next month we will break down this increase as it pertains to the different areas of the two-county area.  As we know, values in Northern Door County are much higher than home prices as we move south into Kewaunee County.

All this makes it much more important to seek out a professional with access to the latest market information when addressing your real estate needs.  Here at ERA Starr Realty, we make it a point to keep current with market conditions so we can provide meaningful information to our customers and clients.

At ERA Starr Realty, we are always there for you!

June 2021 Newsletter

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“The Beat Goes On” defines the real estate markets in Door and Kewaunee Counties here in 2021.  My apologies to Cher, but I am running out of descriptive ways to depict real estate in times like these.  I’ve spent 50+ years in the Door-Kewaunee County real estate business through really good times and really bad times.  The last 10 years display just how volatile this market has been.

Median price for inland residential homes is a measure most indicative of the strength of any real estate market.  January – May is a 5 month term that tells us a lot.  Here are the five month median price values for the 10 years from 2012 thru 2021:

  • 2012    $122,750
  • 2013    $136,000
  • 2014    $131,850
  • 2015    $135,000
  • 2016    $137,000
  • 2017    $156,900
  • 2018    $191,000
  • 2019    $165,950
  • 2020    $205,000
  • 2021    $240,000

Ten years is used to give us a quick glance of values as we were coming out of a depressed housing period following the collapse of the real estate market in 2008.  This contrasts the exceptionally strong housing market of today where the powers of supply and demand are far out of whack:  tremendous demand and a very limited supply.

Over these ten years we see median price increase just over 100%.  Just in the last 2 years values have increased 17%.  We also see a very stable market in the 4 years running from 2013 to 2016.

Next month we will break down the current values with attention given to the different areas in the Door-Kewaunee County residential housing markets.

Residential inland housing remains the most active area of real estate with commercial, vacant land, residential waterfront and condominium sales comprising most other sales.

Here at ERA Starr Realty we continue to be the most active agency in the Multiple Listing Service (MLS) with more transactions than any other agency.  Our agents and staff strive to provide the very best for our customers and clients.  We are “ALWAYS THERE FOR YOU”.

March 2021 Newsletter

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January and February typically give little indication of just what is in store for the real estate markets in Door and Kewaunee Counties.  Not so here in 2021.  The number of sales, volume and median price clearly show that the very strong markets of the last two years continue despite the slow down experienced during the first six months of 2020 when Covid first raised its ugly head.

The numbers don’t lie.  Total sales for February increased from 52 last year to 80 in 2021.  That’s a powerful jump of 54%.  Total volume for those 80 sales amounted to $17.5 million compared to $10.6 million in 2020…up 65%.

As we move into March, the buying pressure continues for all types of property with the exception of commercial offerings.  That pressure is especially strong for housing.  From high-end to modestly priced homes, the market is heavy demand while supply is woefully low.  This continues the trend we witnessed starting the last half of 2020.

Multiple offers on homes are more the usual than the exception.  Selling prices well over listed price have become common.  Cash offers abound.  Buyers are making their offers as attractive as they can.  Cash is always king while buyers often will eliminate contingencies such as property inspections to make their offer as attractive to sellers as possible.

Out-of-town buyers often submit offers based on a video tour of the property.  Buyers may make an offer where they will enhance their offering price a certain amount if competing offers are submitted by other buyers.  A hot market like we are experiencing will bring out all kinds of imaginative ideas where it is more important than ever to have a knowledgeable professional on your side whether listing or buying.

Here at ERA Starr Realty we are very fortunate to have an exceptional staff of smart, experienced agents very willing and able to assist in any and all of your real estate needs.  We are “Always There For You”!

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