September finished off the third quarter on a very high note.  In fact, September 2015 checked in as the best September since the glory days in 2005!  With 110 properties sold worth just over $26 million, the increase from the last few years was dramatic.

Year to date, the market continues to show positive signs.  Number of sales is up from 576 in 2014 to 689 thus far this year.  That’s a hefty increase of 20%.  Median price shows a more modest advance moving from $140,000 last year to $145,000 this year for a 3.6% increase.

Residential inland home sales comprises abut 44% of the total sales in the MLS.  These sales are stand-alone homes only and do not include any residential condominiums.  Following is a three year comparison of the vitals for residential inland home sales:

Residential Inland Home Sales	2013	2014	2015
Number Sold	281	265	298
Median Price	$145,000	$143,000	$147,175
Days on the Market	276	253	234

We can see nice increases in the number sold and median price comparing 2014 to 2015.  Also, we can note that 2013 fared better than 2014 in both these measures, so it’s been a bit bumpy, but the general trend is positive with our numbers this year far exceeding the moderate decreases in 2013 vs. 2014.

ERA Starr Realty continues to excel as the top producing agency in the MLS.  Our Sturgeon Bay office participated in 240 transactions through the first three quarters of 2015 while the second leading office checked in with 133.  Third place showed 92 transactions.

We pride ourselves with exceptional service and knowledge of the market.  This business gets more complicated every year with more regulations, more paperwork, and more demands on buyers and sellers. It takes a strong knowledge of market conditions plus the technical skills to put a transaction together.  Here at ERA Starr Realty our commitment to excellence is evident…….we are “Always there for You!”

Overall the first 6 months of 2015 for the Door-Kewaunee real estate market has to be labeled a success.  Number of sales was up, sales volume was up, and median price was up. . .just like Women’s Soccer, we have a hat trick.

That’s a stretch for an analogy, but we have to celebrate when times are good.

First: Number of Sales up from 351 in 2014 to 381 this year for an increase of 9%!

Second:  Volume increased from $62.3 million to $79.7 million.  A huge 28% increase!

Third:  Median Price followed with a 14% increase from $124,000 to $141,000.

In looking over median price for various property types, we have a mixed bag:

Residential Inland Homes overall dropped 4% in median price.

City of Sturgeon Bay Residential Homes showed a solid 15% increase.

Residential Waterfront Homes median price dropped 9%.

Vacant Land jumped a whopping 39%.

Residential Condominiums showed a solid increase of 10%.

Hotel Condominiums moved upwards by 26%.

All the numbers for property type compare year end totals for 2014 with the first 6 months of 2015, so we need the final 6 months of 2015 for a year to year analysis.

Here at ERA Starr Realty we realize the complexity of the real estate markets in Door and Kewaunee counties.  We have tremendous access to information that helps guide us in establishing values and approximate marketing times for various type properties.  All this helps us provide our customers and clients with information to help them make wise decisions regarding their real estate needs.   ERA Starr Realty…“always there for you!”

April and May are typically the two months of the year that get the real estate markets in Door and Kewaunee Counties off and running.  With these two months we can begin to develop trends and forecast for the rest of the year.

Over the last three years, it’s interesting to contrast the real estate activity in the MLS.  This is relevant and helps us see just where the market now stands compared to 2009 which was the lowest point as far as sales recorded in the MLS.  Following is a summary of those years:

YEAR	NUMBER OF SALES	MEDIAN PRICE
2009	144	$131,350
2013	256	$127,625
2014	258	$131,850
2015	288	$131,000

It’s easy to see that the number of sales in 2015 compared to 2009 was exactly double, while median price was pretty much the same.

I believe it’s important to note median price during this recovery has been greatly influenced by the number of foreclosures, short sales and other distressed property sales. This can be verified by the activity of a local real estate agency that specializes in these type properties.  We can see that their activity with “listings sold” dropped from a high of 22 in 2013 to just 3 this year.

As this inventory clears out, I expect to see moderate increases in the median price for inland residential properties.  As we get deeper into the year more information will be available to give us a better picture of just what is going on with median price.

In my 45 years of monitoring the real estate activity in Door County, it has always been evident that our market follows state and national markets, but in a much more moderate way.  For instance, overall median price for all type properties has never fluctuated more than 9% in the years 2008 thru 2014.

Interest rates continue to have a major impact on all real estate activity.  We are seeing some moderate increases as we move into summer, but overall the climate for home financing remains very positive.  Inventory is solid and the economy is growing.  All this points to an excellent year for home sales in the Door/Kewaunee markets.

ERA Starr Realty continues to lead all agencies in sales transactions in the MLS.  We look forward to serving our customers and clients with up-to-date information on market conditions, pricing and marketability of real estate in the area.   ERA Starr Realty…“Always There For You”!

February was pretty much February.  Although the number of sales was down from 2014, it was the same or higher than the previous 7 years.  Forty was the number of sales compared to 48 last year.  In years 2007 thru 2012, the number of sales peaked at 37 while 4 of those years showed sale numbers in the 20’s.  So there is no need to be alarmed.

The first 3 months of any year rarely provides enough information to make a forecast for the rest of the year.  There is just not enough sales activity to provide the necessary data needed for any kind of projection.

We do know, however, that all the ingredients are there for a solid year in the real estate industry here in Northeast Wisconsin.  Banks are doing well and actively soliciting new home loans, interest rates remain low, the overall economy is better, and there is ample supply of homes on the market…and last but not least, real estate companies are anxious to bring buyers and sellers together in a win-win transaction.

I will be out of the office next month so the next report with include the first 4 months of the year with comparative analysis which should begin to give us some solid information about market trends.

You can get right to the minute information on any and all things relating to market conditions on any property in the Door-Kewaunee area.  Give one of our agents a call…we are:  “Always there for you”! 

Until next time,

 

Dennis J. Starr

Realtor Emeritus

As usual, January does not generate enough real estate activity to make any bold predictions on how the real estate market in Door and Kewaunee counties will perform.

This year there were 44 sales for the month compared to 42 last year.  Volume was down slightly.  The nice thing is 44 was the most January sales since 2006, so we can be cautiously optimistic.

Click here for a breakdown by area of residential inland sales for 2014.

ERA Starr Realty is proud to note that our market share for “listings sold” in this category was 19.09%.  The second leading office showed a market share at 9.69%. We have been the leader in this statistic since the current MLS system was implemented in 2003.

Call an ERA Starr Realty associate for all you real estate needs, even if it is just to get a feel for the market.  At ERA Starr Realty,  “We Are Always there for You”.

 

The Door County Multiple Listing System(MLS) has reported the end of year sales numbers for the real estate markets in Door and Kewaunee Counties.

In summary, 2014 can be summarized as a rather “ho hum” year with little change from 2013, which incidentally was not all that different than 2012.  I think we can now officially call this the “new normal” for our real estate markets here in Northeast Wisconsin.

Here are the basics:

	No. of Sales	Median Price
2012	814	$134,250
2013	824	$140,250
2014	782	$141,600

 

In next month’s issue, I will break down these numbers by area (Door and Kewaunee Counties, etc.), and property type:  residential inland, residential waterfront, vacant land, condominiums, etc.

In briefly looking over these categories, I see nothing that can be called a dramatic change.  Almost all changes would be called moderate and within the range of the overall change of 1% increase in median price and the 5% decrease in number of sales.

I believe the higher number of sales in 2012 and 2013 can be directly attributed to a clearing out of various distressed properties such as foreclosures, short sales, bank owned properties, etc.  We believe that the majority of these type properties have been removed from the market.

ERA Starr Realty (Sturgeon Bay Office) is proud to have been involved in more transactions in the Door County MLS than any other office.  We participated in 261 transactions in 2014.  The second strongest office shows 139. This is at least the 10^th consecutive year we have been first.

Contact one of our agents for all your real estate needs.  We are “always there for you!”

 

 

 

November is typically a rather unusual month in the real estate business here in Door and Kewaunee Counties. It can be the start of the really slow season or a rather robust finish to a strong fall selling season.

Last year was the strongest November in nine years. This year we experienced the worst November since 2008. An anomaly I expect as there has been rather good activity in the first couple weeks of December.

Now for the cold hard facts: Number of sales dropped from 86 in 2013 to just 44 this year, while volume decreased from $16.9 million last year to just $11.5 million. That’s almost a 50% drop in number of sales and over 30% decrease in volume.

However, there is some positive news for the month. Median price showed a nice solid increase of 7%, moving from $168,350 in 2013 to $180,000 this year.

Next month we get the opportunity to view all of 2014 and how it compares to previous years. Since 2008/2009, when we were at the depths of the real estate recession here in Door/Kewaunee Counties, there has been steady improvement in the real estate market.
I expect 2014 will be steady at least. Indications are that median price will be up slightly while the number of sales will be down slightly. Sometimes steady is good!

ERA Starr Realty is here to serve you. Listing, buying, or just a free market analysis, we can help. Give one of our experienced associates a call. ERA Starr Realty…..“Always There For You!”