Homes for sale in Door County, Real estate, waterfront property for sale in Sturgeon Bay, Southern Door, Fish Creek, Sister Bay, Algoma, Kewaunee

March 2023 Newsletter

March 23, 2023 by Kathy M

The first two months of any year for real estate in Northeast Wisconsin, especially Door and Kewaunee Counties, is typically slow at best. 2021 and 2022 were the exception. Extreme factors like low interest rates coupled with a nervous stock market and an unusually tight inventory of homes for sale created an ideal scenario for home sellers. Homes sold like “hotcakes” at prices we would never have imagined just a few years ago.

In February of 2021 there were 81 properties sold in the Door County Multiple Listing Service (MLS) and 69 in 2022. Here in 2023 that number has dropped to just 36 sales, down 48% from last year and 56% from 2021. In fact, 36 sales in February are the fewest in the last 7 years.

Such is life in real estate in the United States. Highs and lows have been the case in my 54 years as a full-time Realtor in Door County.

On the positive side, as we move through the year we should see median price for properties sold holding strong. There remain few homes on the market. This is especially true for low and medium priced homes. Northern Door County continues to have a much more active market with greater supply, much higher prices and homeowners frequently moving in and out of the area. Sturgeon Bay and south through Kewaunee County continue to have a real shortage of average priced homes for sale…with little help in sight.

For the remainder of 2023 it appears interest rates will remain high as the government fights inflation. The overall economy appears solid with low unemployment so demand, although down, should at least keep prices stable. Needless to say there are so many factors involved in prices and activity in the real estate industry that any prediction is only an educated guess.

At ERA Starr Realty we pride ourselves in keeping up with the ever-changing dynamics in the real estate business. With 25 experienced and professional associates, we are “Always There For You!”

January 2023 Newsletter – A Year in Review

January 19, 2023 by Kathy M

December real estate activity continued with the slowing pace of sales in the Door-Kewaunee County real estate markets.

Compared to December 2021, sales fell off from 136 to 78 here in December of 2022. That’s a drop off of 43%. Higher interest rates, inflation and limited homes for sale are three of the main reasons for this decrease.

Prices of property sold is another story. 2022 ended with a median price of $240,000 for the 12 months. That’s a jump of $55,250 compared to 2021 median price of $184,750, a 30% increase. Back tracking to 2014, we found median price for that year at $140,900, almost a $100,000 increase in median price. All numbers reported in this report refer to the sales of all types of properties from residential homes to vacant land, condominiums, commercial real estate, etc.

2021 was most likely the strongest year in real estate sales for Door and Kewaunee Counties. It certainly was in my 53 years as a full time Realtor. Ups and downs in real estate is a given.

Comparing total number of transactions in 2021 to 2022, we see an overall decrease from 2,984 in 2021 to 2,270 in 2022. That’s a decrease of 24%. That decrease in transactions was accompanied by a 10% drop in sales volume, dropping from $858,222,144 in 2021 to $774,966,546 in 2022. To explain why we saw a 24% decline in sales and just a 10% decline in volume…”the higher the price, the fewer sales”…an economic adage for the ages.

ERA Starr Realty is proud to report that in 2022 we again were the top producing office in the Multiple Listing Service (MLS) with 264 total transactions. That is 37 more than the second place office and repeats our performance over the past many years. With 24 highly professional agents, ERA Starr Realty emphasizes a strong knowledge of market conditions to help our agents provide the very best service to our customers and clients.

At ERA Starr Realty…We are Always There for You.

December 2022 Newsletter – Happy Holidays!

December 20, 2022 by Kathy M

With 2022 close to being in the rear view mirror, we can look back at the year to see if there is any evidence of what is awaiting us in 2023 for the real estate business in Door and Kewaunee Counties.

Contrasting November business activity to previous years over 11 months of market activity gives us some facts that may help in forecasting 2023. MAY HELP needs to be emphasized. These last three years was marked with an unusual array of circumstances that makes predictions just that…predictions!

Let’s start with the median price for properties sold in the two counties. In 2014 median price through November was $144,450. Fast forward nine years to 2022, median price increased to $240,000. That is a 67% increase over 9 years of $95,550, or $10,600 per year average.

The increase from 2014 through 2019 was just 11%, moving from $144,450 to $161,000. The next three years show a rather dramatic jump in median price from $161,000 to $240,000 for an increase of 49% – WOW!

It is important to remember that these numbers apply to all types of properties: residential homes, vacant land, commercial, condominiums (residential and condo hotels) etc. Additionally, they refer only to sales reported to the Door County Multiple Listing Service (MLS). I expect that would encompass at least 90 percent of all sales.

Why the dramatic increase in median price over these last three years? Playing a part would be government actions such as historically low interest rates, the infusion of massive amounts of dollars into the economy during Covid and an exit from cities to more peaceful rural and small-town communities. Also, the ability of many jobs to be performed at home.

ERA Starr Realty keeps close tabs on all the activity in our markets. We feel it is our obligation to keep informed so we can provide the best possible service to our customers and clients.

We are “Always There for You”.

Wishing you a Happy Holiday Season and a Healthy and Prosperous 2023!

October 2022 Newsletter

October 19, 2022 by Kathy M

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!”

August 2022 Newsletter

August 18, 2022 by Kathy M

Residential housing typically accounts for approximately half of all the real estate activity in the Multiple Listing Service (MLS). The second most active property category is vacant land, and certainly vacant land sales typically involve the prospect of eventually building a home.

This report will concentrate on the housing market with emphasis on location of sales, price of sales, median price and location in Door and Kewaunee Counties.

Starting at the top (literally and figuratively) is Northern Door County, excluding Washington Island. This area starts at the northern tip of Door County, Liberty Grove, and extends south to and including Egg Harbor and Jacksonport Townships. This area is loaded with high-end buyers and involves purchasing seasonal homes, often over listed price and with cash.

In 2021 there were 110 inland homes sold in Northern Door. 2022 showed 64 sales, a rather dramatic decrease of 42%. Median price accelerated from $402,000 to $497,500 this year for a 24% jump. Shrinking supply and continued strong demand are the forces at work.

Moving down to Southern Door, including Sturgeon Bay and Sevastopol Townships, we see things moderating. 113 home sales in 2021 compared to 94 here in 2022 for a 17% decrease. Median price improved from $225,000 last year to $275,000 this year for a 24% increase. Serious supply issues continue while demand remains high.

Kewaunee County, as is typical, shows little change year to year. Number of sales was down 8% moving from 48 to 44 homes sold. Median price was pretty much the same with a slight increase from $166,950 to $167,500.

We here at ERA Starr Realty feel it is important to follow the trends in all the real estate markets we serve. Our customers and clients expect us to have the latest information for them.

June 2022 Newsletter

June 15, 2022 by Kathy M

With the overall economy in such a flux (if that is the right word), I find it virtually impossible to forecast just where the housing markets in Door and Kewaunee Counties are headed. Keeping my experiences with the 1980’s recession in mind, I will venture a guess.

The big difference I see in today’s housing market and the housing bust of 1980 is the current lack of inventory for sale versus plenty of inventory in the 80’s. However, interest rates were well into double figures, even above 15%. Certainly, many other factors come into play, but I feel this was the crux of housing problems along with the ultra-liberal lending practices. Enough history.

May 2022 and 2021 were almost identical regarding number of sales and sales volume. 119 sales this year compared to 116 last year. $33.3 million this year vs. $33.8 million last year. This year is a bit stronger than the first five months of past years where sales were generally off around 20% from the very strong numbers of 2021.

Median Price of property sold is another story. Year-to-date through May we show a median price of $190,000. Last year’s median price for the same five-month period was $150,000. That’s a 27% increase – and remember this is for ALL types of property, from homes to vacant land to commercial to condos, etc.

This tells us that there is more inventory and more sales with high-end properties than with more “affordable” housing. Here at ERA Starr Realty, we certainly see that as being the case for the southern part of Door County & Kewaunee County. Northern Door County is where the majority of high-end sales take place.

Through May, ERA Starr Realty continues to be the top listing and selling office in the Door County Multiple Listing Service (MLS). We monitor sales and listing activity in the MLS on a daily basis in order to keep our customers and clients well informed. We are “Always There For You”!

May Newsletter

June 10, 2022 by Kathy M

With a third of the year in the books, you would think we could begin to see a path as to what the rest of the year will bring. No so!! With the country in such turmoil on so many levels, it’s very difficult to forecast just where the markets are headed – but we will try.

One thing is for sure. With the supply side of the market so limited, prices will remain strong. How long it takes for supply to catch up with demand is anyone’s guess. Higher interest rates will temper demand somewhat, but there continues to be a whole lot of cash buyers disenchanted with the stock market and looking to purchase property in places like Door and Kewaunee Counties.

Median price for the first 4 months of 2022 was $175,000 compared to $139,900 in 2021. That’s a 25% jump. Of note, these numbers take into account ALL type properties in our Multiple Listing Service (MLS) from vacant land to condominiums. With a shortage of homes for sale, vacant land sales have increased dramatically, which lowers the overall median price.

Median price for inland residential homes in 2022 for the first 4 months of the year was $258,700. In 2021 thru the first 4 months, the median price was $230,750, or an 11% increase. Just to put things in context, the year 2019 showed a median price for homes at $190,000. That equates to a 36% increase in median price 2022 over 2019.

The general consensus in the industry for Door and Kewaunee Counties is that the pace of sales will decrease somewhat as the year rolls on. Prices will remain strong with most homes selling for over listed price. A local appraiser assures me that building costs are at historically high numbers and builders are so busy, it may take a year for construction to start.

It’s this kind of market where buyers and sellers need the guidance of professional Realtors. Our seasoned associates here at ERA Starr Realty are “Always There For You!”

Featured Agent

Real Estate News

Organizations We Support

Office Locations