November carried on the 2023 monthly picture of a changing housing market…high prices and fewer sales.
We do see some moderating of the very high interest rates for home mortgages but that helps just a little with so few “affordable” homes for sale. A few years ago that was commonly referred to as a “no win situation” for young people looking to purchase their first home.
Overall, real estate sales for November in the Door County Multiple Listing Service (MLS) dropped from 100 in 2022 to just 71 here in 2023. A wild guess would say that’s a 29% decrease in the total number of property sales.
Sales volume for November checked in at $32.4 million. 2022 sales volume was 17% higher showing a total of $38.9 million. The same pattern as most of the previous months this year.
Year-to-date, looking at residential inland home sales only, we find the total number of home sales thru November to be 249. That’s the fewest in the last 10 years and down from 318 sales last year. However, we also see the YTD median price for this year at $355,000, the highest in the last 10 years. Median price for the first 11 months last year was $315,000. Compare this to 10 years ago where the median price of a home was $144,500 and we see a whopping increase of 245% !!
Here at ERA Starr Realty we follow what’s happening in the real estate community in Door and Kewaunee Counties very closely, trying to predict trends. This keeps our clients and customers fully informed as to where the markets are trending.
Wishing you a very Merry Christmas and Happy Holiday Season!
