September finishes off the third quarter of perhaps the most unusual year in real estate in my 51 years of experience. Certainly, the pandemic is the primary factor in defining this market, but many other significant situations exist that have driven the current market.
We are currently dealing with the strongest housing market in recent memory. Interest rates are at historic lows. Demand is so strong that homes selling for over listed price have become more the norm than the exception.
All this leads to a housing market where demand far exceeds supply which eventually leads to higher housing prices. This is evidenced by the following summary of housing activity in Door and Kewaunee Counties (statistics apply only to inland residential home sales):
Area | 2019 Median Price | 2020 Median Price | Change |
Northern Door | $265,000 | $356,250 | +34% |
Southern Door | $169,000 | $189,000 | +12% |
Kewaunee Co. | $117,750 | $140,000 | +19% |
Combined Areas | $180,000 | $219,000 | +22% |
As to the number of sales for each area, we see that Northern Door jumped from 85 sales to 100; Southern Door moved down from 142 sales in 2019 to 125 this year; Kewaunee County stayed almost the same at 46 and 47 sales.
Southern Door, which includes Sevastopol south to the county line, showed fewer sales only because of a rather drastic shortage of available homes for sale. Northern Door was blessed with a strong supply of available inventory. Here at ERA Starr Realty, we are onboard with all the information needed to help our customers and clients solve their real estate needs. We are “Always There For You.”