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”!
