Last month’s newsletter concentrated on residential inland home sales which accounts for approximately 50 percent of all sales in Door and Kewaunee Counties. Any numbers presented in this or any other publication produced by ERA Starr Realty represents only those sales reported to our Multiple Listing Service (MLS) provider. Sales consummated through private parties are not entered in the MLS and would be a small percentage of total sales.
It’s been a couple of crazy years for the real estate markets locally, statewide and nationally. Year to year we have seen fluctuations in activity and prices not seen in my 53 years of real estate experience. Example: through September 12th this year the MLS has recorded 785 sales compared to 1,012 sales last year over the same period of time. That’s a 22% drop in the number of sales from last year to this year. With 227 fewer sales you would think dollar volume would decrease at a similar pace. Wrong!! Dollar volume in 2021 was $263,755,927. Here in 2022, we find dollar volume for the same period at $250,225,674. That’s just a 5% decrease.
Obviously, property was selling at much higher prices in 2022 than in 2021. This is verified by a rather dramatic increase in the Median Dollar Value for sales in 2022 vs 2021. Last year median dollar for the 1,012 sales was $169,900, while 2022 showed a median dollar value of $229,500 – a jump of 35%.
Fewer sales but much higher prices. That’s it in a nutshell and this applies to all type of properties from residential to vacant land to commercial to condominiums, with the greatest increases recorded in Northern Door County. Kewaunee County witnessed much smaller price increases.
ERA Starr Realty knows the importance of keeping a close eye on the fluctuations in market conditions in the two-county region. We feel it is our obligation to keep our clients current on the market conditions. We are “Always There For You”.
