October continued a somewhat moderate softening of the real estate markets in Door and Kewaunee Counties. Keeping in mind that 2015 was somewhat of a banner year in the recovery, and looking at October’s performance since 2008, it is important to note that production in 2016 was the second strongest October since 2008.
There were 90 sales this year compared to 113 last year for a decrease of 20%. Volume also moved down from $22.5 million in 2015 to $16.6 million this year. That’s a drop of 26%…obviously not good numbers, but just a single month is not enough time to get overly concerned. Remember October 2016 was the second best year since 2008.
Naturally with the above numbers we expect there to be a decrease in median price. October 2016 revealed a median price of $140,250, down from the October 2015 robust median price of $165,000. Again, over the last 9 years for October, we see median price range from a low in 2013 of $125,000 to a high last year at $165,000, so one month is not a good indicator of where the market is heading.
Year-to-date numbers carry more meaning. Here we see number of sales showing a very moderate 1.5% decrease moving down from 809 sales last year to 797 this year. Volume showed a 10% decrease while median price dropped from $146,000 to $140,500 this yea…just 4% lower.
ERA Starr Realty continues to excel in the Door-Kewaunee markets. This is especially true in the residential markets where we were involved in 169 residential inland home transactions while the second leading office completed 60. Also, with shorefront residential homes ERA Starr Realty completed 37 transactions while the second place office checked in with 20. Any questions, give us a call. We are “Always There For YOU”?