Last month we looked at sales activity for residential inland homes in the Door-Kewaunee real estate markets. We found there were mixed results in the four main markets monitored by the MLS (Northern Door, Sturgeon Bay, Southern Door and Kewaunee County). The number of sales was generally down a bit, caused mainly by a shortage of inventory. We also discovered that the median price for homes was generally up with only Northern Door showing a decrease.
Now let’s look at residential waterfront homes. For a 12 month period during the years 2011 through 2017, we found the following:
- The number of sales increased every year moving from 65 sales to 112 sales in 2016 while 2017 was down by just one sale at 111.
- Median price ranged from $420,000 in 2011 as a high to a low of $328,750 in 2014. Most recently, we found median price in 2016 was $395,950 with a slightly lower value of $384,000 in 2017.
This brings us to the first 8 months of 2018. Sales activity thus far is locked in at 69 waterfront homes sold through August. Typically, September and October are strong selling months, so I expect total sales to approach 100 for the year. As always, available inventory can be a limiting factor.
Median price to date is $385,000 compared to last year’s ending value of $384,000. Median price for all of 2016 was $395,000. We can see that the last 2 plus years the prices for residential waterfront homes remained stable with a less than 3% increase from 2016 and virtually unchanged comparing 2017 to the first 8 months of 2018.
In my 49 years as a full-time REALTOR here in Door County, I have experienced many ups and downs in the market. One thing has been constant: While the “high profile” markets on the east and west coast can be volatile, here in Northeast Wisconsin we do not experience the drastic highs and lows seen in large urban communities.
Here at ERA Starr Realty we keep a close eye on market activity for all types of properties; homes, lots, shore property, condos, commercial, etc. If you need insight on just what is happening, give us a call….we are “Always There For You”!
