July 2023 followed suit with the rest of the year…FEWER SALES…HIGHER PRICES. That says it all in a nutshell.
With 67 total sales in the Door County Multiple Listing Service for the month of July, we see a drop of 22 sales compared to 2022. That’s a 25% decrease! The 89 sales in 2022 dropped from 2021 sales that totaled 139 for a drop of 36%. So, we have a total decrease in number of sales in the last two years of 61%. To put the last two years in context, number of sales for July had exceeded 100 every year since 2017.
Now let’s look at median price over the last three years:
2021………..$162,400
2022………..$220,000 Up 35%
2023………..$280,000 Up 27%
In the 4 years prior to 2021, median price ranged from $154,000 to $162,500. Keep in mind these numbers apply to ALL types of real estate sales from residential inland homes to commercial sales to shore homes to vacant lots to all types of condominiums.
We see the biggest price increases in vacant land, residential inland homes, condos and residential shore homes. Door County price increases are substantially higher than price increases in Kewaunee County.
The simple answer to the phenomenon is the old basic law of economics. Supply and Demand!! Certainly, there are numerous other factors that contribute to this situation such as Covid 19 pandemic, general state of the economy, escape from large cities and ability to work from home, just to name a few.
We here at ERA Starr Realty track all the happenings in the real estate business in order to keep our customers and clients well informed. Contact one of our professional agents today at 800-661-8555!
