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2023 Real Estate Review

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December finished off a year in the real estate business for Door and Kewaunee Counties that will be difficult to duplicate.  I believe I also said that after 2022; however, I cannot see this market continuing to produce the overall value increases we saw in 2023.

Median price is the measure of where property values (all types from homes to commercial to vacant land to condos, etc.) shake out at the end of the year.

From 2016 to 2023 we see annual values fluctuate from -1% to +30%.  2016 was the only year with a negative increase in value.  In 2017 values increased 10%.  The next 4 years were:  +3%, 0%, +9%, and +3%.  That took us to 2022 where we found an increase in median price of 30%!  WOW you say!  Well, in 2023, values increased another 25%.  That’s over 50 percent in just two years!

What accounts for these drastic increases?  Simply – supply and demand.  Many buyers but few homes for sale.  Many buyers were forced to build, forcing up land prices.  More buyers streamed in from the large cities because of the pandemic and a quest for a safer and less hectic lifestyle.  Zoom and other internet options allowed many to work from their homes…and on and on…

I do not believe it will be possible to continue the value increases we have seen over the last several years.  I expect more moderate increases in values in the near future.

Here at ERA Starr Realty, we are proud to have served many customers and clients in the housing portion of the real estate markets in Door and Kewaunee Counties in 2023, and we have the numbers to prove it!   In 2023, ERA Starr Realty had 58 transactions with Sturgeon Bay homes while the second place office showed 21; 16 waterfront homes sold while second place had 10; 104 residential home transactions compared to the second place agency with just 50.

ERA Starr Realty has been a “Trusted Name in Real Estate Since 1954” and we continue to be “Always There For You”.

November Real Estate Market Report

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November carried on the 2023 monthly picture of a changing housing market…high prices and fewer sales.

We do see some moderating of the very high interest rates for home mortgages but that helps just a little with so few “affordable” homes for sale. A few years ago that was commonly referred to as a “no win situation” for young people looking to purchase their first home.

Overall, real estate sales for November in the Door County Multiple Listing Service (MLS) dropped from 100 in 2022 to just 71 here in 2023. A wild guess would say that’s a 29% decrease in the total number of property sales.

Sales volume for November checked in at $32.4 million. 2022 sales volume was 17% higher showing a total of $38.9 million. The same pattern as most of the previous months this year.

Year-to-date, looking at residential inland home sales only, we find the total number of home sales thru November to be 249. That’s the fewest in the last 10 years and down from 318 sales last year. However, we also see the YTD median price for this year at $355,000, the highest in the last 10 years. Median price for the first 11 months last year was $315,000. Compare this to 10 years ago where the median price of a home was $144,500 and we see a whopping increase of 245% !!

Here at ERA Starr Realty we follow what’s happening in the real estate community in Door and Kewaunee Counties very closely, trying to predict trends. This keeps our clients and customers fully informed as to where the markets are trending.

Wishing you a very Merry Christmas and Happy Holiday Season!

October News – Median Prices Continue to Rise

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Real estate sales in the Door-Kewaunee County market areas for October continued with a strong trend toward fewer sales but much higher prices.  This is the typical scenario in all types of commodity markets.  “The higher the price, the fewer the sales!”

In this market, we are seeing this old economic adage playing out at a level probably never seen before, at least not since my entrance in the real estate business in 1969.

This is exemplified by an examination of median price over the last 7 years.  Median price in this context is garnered from the Multiple Listing Service (MLS) and summarizes sales of all type properties, from homes to businesses to vacant land to condominiums, etc.  All numbers are measured from January 1 through October 31.  Median price for real estate properties sold in Door and Kewaunee Counties back in 2017 was $156,850.  Here in 2023, 7 years later, median price exploded to $300,500.  That’s a jump of 92%!

How ‘bout just homes prices, you ask?  Here in 2023, residential inland homes carried a median price of $355,000.  Back 7 years the number was $165,000.  That calculates out to a rousing 115% increase!  Again, this is for a January-October time frame.

Now let’s take a look at the supply side of the picture.  Back 7 years to 2017 there were 401 homes sold.  This year just 249 homes sold.  That equates to 61% fewer homes sold.

Another measure we in the real estate business consider is days on market (DOM), or time from listing to closing.  Seven years ago, DOM was 225, now it’s just 85 days.  A big part of this difference is CASH!  There is so much competition for desirable homes, buyers are aware they must make their offer as attractive to sellers as possible.  And cash, not a financing contingency, is king.

At ERA Starr Realty, we will break down the steps a buyer and seller need to take to complete a successful home purchase.  We are “ALWAYS THERE FOR YOU!”

September 2023 Real Estate Report – Median Prices Up

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With the first nine months of 2023 in the books, it’s a good time to take a closer look at where home values have gone over the last couple of years.  We have seen some rather dramatic price increases throughout the Door-Kewaunee housing market starting in 2020 and consistently showing double digit increases in median price each year for the last three years.

From the end of 2020 until September 30, 2023 we can track where prices have gone for the major housing areas covered in the Door County Multiple Listing Service (MLS).

Let’s start with just the Door County sector.  At 2020 year-end, the median price of homes sold for the entire county was $226,500.  At the end of September this year, median price escalated to $395,250.  That’s a whopping 75% jump…unheard of in my 54 years in local real estate business!

Moving on to Sturgeon Bay, we find median price for city homes at the end of 2020 at $226,500.  So far this year, that number is up to $306,000, or a jump of 35%.  Why not as much as at the county level?  Simply, we find Northern Door County experiencing tremendous demand with very limited supply.

How ‘bout Kewaunee County?  Since the end of 2020 to September 30, 2023, we see median price for residential homes move from $145,200 to $212,500.  That’s a substantial increase of 46%.

Here at ERA Starr Realty, we constantly monitor market fluctuations.  Not only by price but by area and other criteria, depending on customer and client requests.  We pride ourselves in having the latest market data on the different types of properties available for our customers and clients to help them make informative decisions.   We are “Always There For You!

August 2023 Real Estate Market Report

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Real estate action in Door and Kewaunee Counties continued on a pace that is marked by a decreasing number of homes sold, shrinking inventory of homes for sale, and consequently, higher prices.  This has been the situation since 2021 and applies to all types of properties from residential to commercial to vacant land to condominiums, etc.

In 2021 the median price of a property sold in the Multiple Listing Service (MLS) through      August was $165,000.  There were 995 total sales.

In 2022 the median price jumped to $220,000 with 745 sales.

2023 median price exploded to $282,500 for the first eight months of the year, with 526 sales generated.

That’s a 71% increase in property values in just three years!

On top of that, we find that selling time dropped rather dramatically over the same 3 years from days on market (DOM) of 250 days in 2021 to 128 DOM here in 2023.

During this time we find residential home sales following the same pattern.  Fewer sales…higher prices.  Median price for residential homes moved from $261,250 in 2021 to $297,000 in 2022 with 241 sales compared to 290 in 2021.

Thus far this year median price for residential inland homes checks in at $339,000 with 181 sales.  That’s a 30% increase in value in three years.

Here at ERA Starr Realty we pride ourselves in keeping in touch with market activity on a daily basis in order to best serve our buyers and sellers.   We are “Always There For You!

 

July 2023 Market Report

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July 2023 followed suit with the rest of the year…FEWER SALES…HIGHER PRICES.  That says it all in a nutshell.

With 67 total sales in the Door County Multiple Listing Service for the month of July, we see a drop of 22 sales compared to 2022.  That’s a 25% decrease!  The 89 sales in 2022 dropped from 2021 sales that totaled 139 for a drop of 36%.  So, we have a total decrease in number of sales in the last two years of 61%.  To put the last two years in context, number of sales for July had exceeded 100 every year since 2017.

Now let’s look at median price over the last three years:

2021………..$162,400

2022………..$220,000      Up 35%

2023………..$280,000      Up 27%

In the 4 years prior to 2021, median price ranged from $154,000 to $162,500.  Keep in mind these numbers apply to ALL types of real estate sales from residential inland homes to commercial sales to shore homes to vacant lots to all types of condominiums.

We see the biggest price increases in vacant land, residential inland homes, condos and residential shore homes.  Door County price increases are substantially higher than price increases in Kewaunee County.

The simple answer to the phenomenon is the old basic law of economics.  Supply and Demand!!  Certainly, there are numerous other factors that contribute to this situation such as Covid 19 pandemic, general state of the economy, escape from large cities and ability to work from home, just to name a few.

We here at ERA Starr Realty track all the happenings in the real estate business in order to keep our customers and clients well informed.  Contact one of our professional agents today at 800-661-8555!

June 2023 Real Estate Market Report

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July ushered in the second half of 2023 with a very interesting view of what is happening with the real estate markets in Door and Kewaunee Counties.  The numbers tell it all.  But the question remains:  WHY?

Let’s start with Median Price.  We were astonished back in 2022 when we saw median price for the first half of the year climb from $151,250 to $200,000.  That’s a rather fat increase of 32%.  Now for this year…here we see median price increase to $280,000, or 40% over 2022!  These kinds of numbers are unheard of in the real estate business.

Alert! Alert!  The median price numbers quoted above apply to ALL types of properties from commercial to vacant land to condominiums to residential homes, etc.  Inland residential home prices for the Door County Multiple Listing Service (MLS) jumped from $291,000 last year during the first six months to $335,000 so far in 2023 for a solid 15% increase.

Along with the increase in median price came a decrease in number of sales.  2022 showed 548 sales for the first six months of the year while the total number of sales this year through June was 357.  That’s 191 fewer sales here in 2023.

Now the WHY.  Higher interest rates took many lower-end buyers out of the market while upper-end buyers, many with cash, flourished.  This coupled with the realization that life in the big city had lost much of its luster and business could be conducted from afar in this new high-tech society.

Here at ERA Starr Realty, we understand the demands of buyers and sellers in today’s real estate market.  We are in constant touch with all the happenings that affect this industry and pass on changes to our customers and clients to help them make informed decisions.  We are “Always There For You”!

May 2023 Real Estate Market Report

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May sales and volume statistics continued the trends we have witnessed during the first 5 months of 2023.  Fewer sales but significantly higher sales prices.  This would portray the old pyramid sales logic where you have diminishing sales as prices go higher – “Econ 101”!

Needless to say but will say it anyhow:  Median price escalation has to accompany this scenario.  Here’s the proof:  Median price year-to-date was $190,000 in 2022 and here in 2023 that number increased 43% to an all-time high of $271,375.

Keep in mind that those numbers are NOT strictly for home prices.  They include ALL sales registered in the Door County Multiple Listing System (MLS) i.e., vacant land, condominiums (residential and hotel), commercial properties, etc.  Certainly home sales will encompass the majority of sales.  In fact, in 2022 residential homes represented 43% of the 1,139 total sales for the year.

Also remember that the Door County MLS includes most of the real estate sales activity in Kewaunee County.  The MLS does not include any private sales completed directly by a buyer and seller without the use of a Realtor.

ERA Starr Realty was pleased to have been involved in 23 transactions for the month of May.  That exceeded the next 2 highest offices.  They checked in with 16 and 11 sales respectively.  Year-to-date through June 22nd, ERA Starr Realty has recorded 95 sales.  The second leading office has 67.  We are proud to be “A Trusted Name in Real Estate Since 1954” and We Are Always There For YOU!

March & April 2023 Market Report

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March and April are typically the first two months when we can get a general feel for the real estate markets in Door and Kewaunee Counties.  Listing and selling activity begins to ramp up.  Late spring and fall are typically the strongest activity times for real estate sales and listings, while during November through February things tend to slow up.

During March and April here in 2023, the Multiple Listing Service (MLS) recorded 117 sales for a total sales volume of $37.4 million.  Compared to 2022, this was a rather steep slowdown in just one year’s time.  With 189 sales last year, we see a 38% drop.  Naturally, volume was also down, falling from $56.1 million last year to $37.4 million so far in 2023.  That’s a drop of 33%.

However, on the “upside”, we see that median price showed a rather dramatic increase moving from $189,000 last year to $250,000 this year, for an increase of 32%…happy sellers, sad buyers.

With all the turmoil in this country over the last several years, it is easy to understand the rather wild fluctuations in market conditions.  It’s become crazy in the real estate business trying to price properties accurately.  There is a serious shortage of moderately priced homes which pushes value up, while higher interest rates moderate demand and push cost up.  Supply and demand at work.

Here at ERA Starr Realty, we pride ourselves in staying on top of all the factors affecting real estate values.  Our agents monitor these fast-changing market conditions in order to offer the best service possible to our customers and clients.  We are “Always There For You”!

March 2023 Newsletter

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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!”

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