With 2022 close to being in the rear view mirror, we can look back at the year to see if there is any evidence of what is awaiting us in 2023 for the real estate business in Door and Kewaunee Counties.
Contrasting November business activity to previous years over 11 months of market activity gives us some facts that may help in forecasting 2023. MAY HELP needs to be emphasized. These last three years was marked with an unusual array of circumstances that makes predictions just that…predictions!
Let’s start with the median price for properties sold in the two counties. In 2014 median price through November was $144,450. Fast forward nine years to 2022, median price increased to $240,000. That is a 67% increase over 9 years of $95,550, or $10,600 per year average.
The increase from 2014 through 2019 was just 11%, moving from $144,450 to $161,000. The next three years show a rather dramatic jump in median price from $161,000 to $240,000 for an increase of 49% – WOW!
It is important to remember that these numbers apply to all types of properties: residential homes, vacant land, commercial, condominiums (residential and condo hotels) etc. Additionally, they refer only to sales reported to the Door County Multiple Listing Service (MLS). I expect that would encompass at least 90 percent of all sales.
Why the dramatic increase in median price over these last three years? Playing a part would be government actions such as historically low interest rates, the infusion of massive amounts of dollars into the economy during Covid and an exit from cities to more peaceful rural and small-town communities. Also, the ability of many jobs to be performed at home.
ERA Starr Realty keeps close tabs on all the activity in our markets. We feel it is our obligation to keep informed so we can provide the best possible service to our customers and clients.
We are “Always There for You”.
Wishing you a Happy Holiday Season and a Healthy and Prosperous 2023!
