2017 proved to be a continuation of a very strong rebound of the real estate markets in Door and Kewaunee Counties. Strong increases in the number of properties sold, total volume for those sales and median price highlighted a very solid performance for all sectors of the market.
Here are the basics:
Category 2016 2017 % of Change
No. of Properties Sold 1008 1071 +6%
Total Volume (millions) $194.4 $232.0 +19%
Median Price $159,500 $145,000 +10%
To put this in perspective, we can look back to 2013 and note a consistent overall improvement in virtually all the major measures of real estate activity over these last 5 years.
Needless to say, different sectors of the market experienced different rates of growth. In 2017 this is especially true for residential waterfront home sales. We find a huge uptick in values in the overall category plus major differences when looking at the values in Northern Door vs. Southern Door.
Although the number of sales was relatively stable, median price increased for shore homes north of Sturgeon Bay by 35% rising from $452,500 to $610,000. South of Sturgeon Bay we saw median price move up 14% from $283,500 to $324,250. Washington Island and the City of Sturgeon Bay are not included in the calculations.
In Kewaunee County there were just 3 waterfront homes sold in 2016 and 6 in 2017 so there is not enough data to draw any meaningful conclusions.
ERA Starr Realty feels it is important to be informed on all aspects of the real estate market in order to provide the best service possible to our customers and clients. We Are…..”Always There For You”