The Door and Kewaunee real estate markets continue to be strong through the first 5 months of the year. However, there are some subtle changes that indicate the markets are at least leveling off. Leveling off can be a positive, and a stable market at the current level would be welcomed by most real estate companies.
Activity for May 2019 included 81 sales for a gross volume of $11.6 million. This compares to 86 sales in 2018 with volume of $15.8 million and 85 sales in 2017 with volume of $17.0 million.
All this resulted in a year-to-date (January thru May) moderate decline in median price:
2019 median price…$147,725; 2018 median price…$155,000; 2017 median price…$149,500
Much of this change can be attributed to an exceptionally strong housing market for low and modest priced homes in the Sturgeon Bay area where prices are typically lower than northern areas of Door County.
For example, in 2018 the median price of residential inland homes for all areas in Door and Kewaunee Counties was $181,000. For Sturgeon Bay median price in 2018 was $139,500. That’s a 30% difference! And that does not even take into account Kewaunee County where the median price for homes sold in 2018 was $124,350. Coincidentally, that is the highest median price for Kewaunee in the last 7 years (and probably the highest ever).
The biggest problem facing the housing market today is available inventory. Demand far exceeds supply for lower priced homes and it appears it will stay that way for the immediate future. This is all the more reason buyers and sellers need our help with their real estate needs. ERA Starr Realty has been helping to satisfy those needs since 1954. With our 3 brokers having over 100 years of combined experience, coupled with a sales staff of 22 highly qualified agents, we are: “ALWAYS THERE FOR YOU!”
