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February 2023 Newsletter – Median Price & Sales Comparison

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With 2022 in the rear view mirror, it’s a good time to take an in-depth look at the housing markets in various locations in Door and Kewaunee Counties.  We will break down sales activity and median price for the various areas and compare that activity with the number of sales and median prices in 2021.  Here goes:

First:  Northern Door (excluding Washington Island) Baileys Harbor up to Liberty Grove.  In 2021 there were 147 homes sold with a median price of $429,500.  2022 showed 94 sales and a median price of $507,500…sales down 36% and median price up 18%.

Second:  Central Door County.  27 sales in 2022 vs 37 sales in 2021, down 27%.  Median price was down slightly from $501,000 to $495,000, just a 5 percent drop.

Third:  Sevastopol Township.  There were 24 sales in both 2021 and 2022.  Median price increased from $307,500 to $322,500 for an increase of 5%.

Fourth:  City of Sturgeon Bay.  The number of sales decreased from 114 in 2021 to 83 in 2022, down 27%.  However, median price jumped from $223,500 to $255,000, up 14%.

Fifth:  Southern Door.  There were 52 sales in 2022 compared to 35 in 2021, up 49%.  The median price also jumped from $223,000 in 2021 to $277,000 last year for an increase of 24%.

Sixth:  Kewaunee County.  There were 69 sales in 2022 compared to 79 in 2021, a drop of 13%.  The median price increased from $166,000 to $175,000, up 5%.

ERA Starr Realty takes pride in keeping up with all real estate activity in Door and Kewaunee Counties.  We feel our customers and clients deserve all the latest information on market prices and activity to help them with their buying or selling decisions.  We are “Always There For You!

January 2023 Newsletter – A Year in Review

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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!

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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!

November 2022 Newsletter

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Residential Inland housing sales in Door and Kewaunee Counties for the first three quarters of 2022 continued to be very strong.  This is especially true for higher-end properties while low and moderately priced properties continued to struggle due to inventory shortages.

The Door County Multiple Listing Service (MLS) captures all sales run through their service where member brokers were involved.  I would guestimate that would be in excess of 90 percent of all sales.  All sales including residential inland, shore homes, vacant land, condominiums, commercial and others are categorized in MLS but only residential inland sales are used for this report.

Residential inland home sales comprise about 50% of all sales recorded and this report deals only with them.  Sale values are at their highest starting with Northern Door County and trend lower as we move south to Southern Door and eventually all of Kewaunee County.  Here are the facts as garnered from the MLS:

Northern Door County running from Liberty Grove through Sevastopol townships…thus far in 2022 (January – October), there have been 124 residential inland homes sold “up north”, with a median price of $500,000.  In 2021 the median price checked in at $389,950, up 22% this year.

Sturgeon Bay South to county line…117 sales with median price of $260,500.  For the same 10 months last year median price was $225,000, up 16% here in 2022.

Kewaunee County…58 sales and a median price of $171,000 this year compared to $167,000 last year for a modest increase of 3%.

ERA Starr Realty keeps up-to-date information on all sales in the Door-Kewaunee real estate markets.  We are “Always There for You!”

October 2022 Newsletter

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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

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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

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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

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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!”

March 2022 Newsletter

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With just two months under our belts, it is still too early to make any profound predictions on the direction of the real estate markets in Door and Kewaunee Counties.  However, in view of all that is going on globally, nationally and locally, I sense some hesitancy in market activity.  On top of that, it is almost impossible to maintain the pace we have experienced these last 2 years with unparalleled sales, dramatic price increases and very limited inventory.

Couple the above with historically low interest rates, record stock market and a strong desire for people to relocate to places like Door and Kewaunee Counties, and you have the makings of the explosive-type market we have experienced over the last few years.

There were 69 properties sold in February this year compared to 81 last year.  That’s down a bit but volume was up from $17.9 million in 2021 to $21.4 million this year for a jump of 20%.

Median price naturally increased, showing a gain from $135,000 in 2021 to $159,750.  Again, with just two months of data and our slowest months in the books, these numbers are not enough to establish a solid trend.

One thing is certain.  There is an absolute shortage of lower and moderately priced housing in both counties.  Inventories of homes priced under $250,000 are scant.  The few that show up on the Multiple Listing Service (MLS) “for sale” shelf are almost all under contract and ready to close.  Few “new listings” show up.

We here at ERA Starr Realty keep a close, daily watch on all activity with homes and other properties as they appear in MLS.  It is our job to keep our customers and clients fully informed as to market conditions.  We Are Always There For You!

February 2022 Newsletter

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As always, January gives us little indication on how the real estate markets in Door and Kewaunee Counties will evolve.  The first couple months of any new year are typically the slowest and activity is minimal.  With this being the case, this newsletter will be a more in-depth summary of the residential housing market and how it has evolved over the last several years.

Last month we summarized residential values comparing 2021 to 2020.  This month we will review median price changes over the last three years and focus on the rather dramatic increase in values in the last two years.

Door County Residential Inland Home Sales:  Median prices 2019 to 2021 were $190,000, $226,500 and $300,000 respectively.  That’s an increase of 58% in 3 years!

City of Sturgeon Bay:  $158,000 (2019), $182,000 (2020) and $223,500 (2021) for an increase of 41%.

Kewaunee County:  $129,000 (2019), $145,200 (2020) and $157,500 (2021) – a 22% increase in median price.

Prior to 2020, increases in value were generally under 10 percent.  Starting in 2020, we have watched values jump in double figures for pretty much all types of properties.  Here are some of the property types which showed double digit increases:

Residential Waterfront up 16% to $608,750

Vacant Land up 16% to $50,000

Residential Condos up 17% to $349,900

Hotel Condos up 52% to $127,000

To say this is a crazy market is an understatement!  That is why sellers and buyers need the help of professional Realtors when considering their real estate needs.  We at ERA Starr Realty review the market on a daily basis and are prepared to assist you.  We Are Always There For You!

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