May sales and volume statistics continued the trends we have witnessed during the first 5 months of 2023. Fewer sales but significantly higher sales prices. This would portray the old pyramid sales logic where you have diminishing sales as prices go higher – “Econ 101”!
Needless to say but will say it anyhow: Median price escalation has to accompany this scenario. Here’s the proof: Median price year-to-date was $190,000 in 2022 and here in 2023 that number increased 43% to an all-time high of $271,375.
Keep in mind that those numbers are NOT strictly for home prices. They include ALL sales registered in the Door County Multiple Listing System (MLS) i.e., vacant land, condominiums (residential and hotel), commercial properties, etc. Certainly home sales will encompass the majority of sales. In fact, in 2022 residential homes represented 43% of the 1,139 total sales for the year.
Also remember that the Door County MLS includes most of the real estate sales activity in Kewaunee County. The MLS does not include any private sales completed directly by a buyer and seller without the use of a Realtor.
ERA Starr Realty was pleased to have been involved in 23 transactions for the month of May. That exceeded the next 2 highest offices. They checked in with 16 and 11 sales respectively. Year-to-date through June 22nd, ERA Starr Realty has recorded 95 sales. The second leading office has 67. We are proud to be “A Trusted Name in Real Estate Since 1954” and We Are Always There For YOU!
