December finished off the decade with another exceptional year for real estate in the Door-Kewaunee real estate markets.
2019 completed a 5 year surge in market activity that saw record sales in real estate activity for Northeast Wisconsin. We had been crawling out of the real estate bust which peaked in 2008, but 2015 started a climb that saw sales and values increase dramatically.
The best measure of values can be found in reviewing Median Price over a number of years. In 2009 the median price for real estate sales for Door and Kewaunee Counties was $130,000. Median price in 2019 jumped to $160,000. That’s a solid increase of 23%!
Plug that increase into the increase in overall market activity and property owners have experienced a very solid uptick in the value of property held through this timeframe.
In 2009 there were 598 sales recorded in the Multiple Listing Service (MLS). For the last 4 years beginning with 2016 we have experienced over 1,000 property sales per year. That’s almost a 70% climb in number of properties sold. Here is the reason why we have been experiencing a shortage of available homes for sale locally and really throughout the country.
As we move into this new decade, the immediate future for the real estate industry looks very good. As stated above, the biggest problem is availability of properties for sale. Builders are extremely busy and have not been able to keep up with the demand, so sales of existing homes provide the majority of available inventory. This means that home values will hold strong.
Excellent home mortgage interest rates remain very low and money is readily available. Coupled with very low unemployment and a strong economy, the outlook for 2020 is quite bright for the Door and Kewaunee County real estate markets.
ERA Starr Realty has been carefully following these markets since 1954. Our 3 brokers and 22 professional sales associates strive to provide up-to-date information to our customers and clients. We are “Always There For You!”
