The fourth quarter of 2020 is off to a rousing start! With 158 sales for a total volume of $51 million and a median price of $229,000, October may well have been the best single month in recent Multiple Listing Service (MLS) history. Certainly it was since the market collapsed in 2008.
By comparison, October 2019 showed 101 sales for volume of $24.2 million and a median price of $167,500. That’s a 56% increase in number of sales, a 111% jump in volume and a leap in median price of 37%. Needless to say, those numbers cannot sustain for a whole year. However, it does reflect on just how hot the Door-Kewaunee markets are.
As stated in last month’s newsletter, Northern Door County is responsible for much of the real estate activity, while the Sturgeon Bay area market is somewhat less active. Kewaunee County also has shown solid gains.
In this climate, we see the typical market forces at work. Demand far exceeds supply, increasing selling prices. Interest rates are at historic lows, pushing buyers into the market. And then there is the pandemic. After the initial onset back in January-February, we had a very soft market which resulted in pent up demand. On top of that, we found many city dwellers looking for second homes as a place to “hole up”. In addition, many families found that they could work virtually from a new home located in a very desirable, less dense environment. Door and Kewaunee Counties filled the bill for many home seekers.
Things can change rapidly in the real estate world. Here at ERA Starr Realty, we follow these changes very closely in order to keep our customers and clients up to speed on the latest developments. We are “Always There For You!”
Wishing you a Happy, Healthy Thanksgiving from all of us here at ERA Starr Realty!
