The MLS divides property types into categories. Residential inland home sales is by far the largest category compromising about 45% of all the sales in the Door-Kewaunee area. The second leading type of property showing up as sold is Vacant land. It contributes 15 % of sales.
Other categories and their percent of sales include: Residential condominiums (14%), Hotel Condominiums (5%), Residential waterfront homes (11%). A few other types like vacant waterfront and commercial properties are also represented but comprise just a small number of overall sales.
Most state and national real estate market reports concentrate on residential property and generalize it, calling it the “housing market”. Here in the Door-Kewaunee market place, with our abundance of shorefront properties, we differentiate between inland homes and shore homes because we find there is an entirely different buyer segment that is looking exclusively at shore homes and many are seasonal residents only.
In 2015 there were 429 inland residences reported as sold in the MLS while residential shore home sales amounted to a total of 106 purchases. Median price for residential inland home sales checked in at $149,200 while shore homes boasted a median price of $330,000.
Now for a brief summary of the overall activity in the MLS through the first 4 months of 2016. There were a total of 212 sales compared to 206 in 2015 while the median price dropped from $130,450 to $122,750. More sales but lower prices! I notice in reviewing the “solds” in the MLS that there were a lot of vacant land sales and low-cost home sales which would account for the lower median price thus far this year. I expect the late spring and summer selling season to be strong and values to remain stable or increase slightly. Time will tell.
ERA Starr Realty is Door County’s largest Locally Owned real estate agency in the Door-Kewaunee market. Last year, we listed and sold more properties than any other agency in the area. We are leading again this year. Give one of our agents a call for the latest information on market conditions……we are “Always There For You!”
