The third quarter of the year generally will give us a good idea of where the real estate markets in Door and Kewaunee Counties are headed. These last few years a lot of crazy things have happened in real estate which makes it difficult to foresee, with any degree of confidence, what to expect. Looking at the last nine months and comparing it to previous years will help…somewhat!
The following numbers refer to ALL types of real estate from residential homes, vacant land, condominiums (hotel and residential), commercial, etc.
The first number that jumps out at me is $230,000. That is the median price of property sold in the Multiple Listing Service (MLS) through September 2022. Last year at this time that number was $170,000. That’s a rather dramatic increase of 35% in just one year.
The next number to consider is “number of properties sold”. In 2021, there were 1,094 properties sold compared to 859 in 2022. That is a decrease of 22%. Number of sales down 22% while median price jumps! Sound strange?
Add to the mix “dollar volume” and you find the answer. Volume in 2021 was $289.4 million, while 2022 volume is at $278.2 million, down just 4 percent.
So, what we have is 22% fewer sales with volume down just 4%. And the answer to why is: much more activity at the high-end of the price scale while lower priced properties showed fewer sales. Higher-end home sales are flourishing while low and moderately priced home sales suffer from a continuing, rather drastic, shortage of supply.
I hope this makes sense! If not, contact one of ERA Starr Realty’s professional agents! We are “Always There for You!”
