The month of October continued the strong real estate markets Door and Kewaunee Counties have been experiencing for the last 4-5 years. Although down a bit from the last two years, 2019 still is the third best October volume in the last 6 years.
The following chart depicts October activity in the last 6 years with year-to-date (YTD) median price for the two counties:
YEAR | NO. OF
SALES |
VOLUME
(Millions) |
YTD MEDIAN
PRICE |
2019 | 98 | $24.0 | $160,000 |
2018 | 119 | $28.7 | $162,000 |
2017 | 114 | $30.1 | $156,850 |
2016 | 91 | $16.7 | $140,250 |
2015 | 113 | $22.5 | $146,000 |
2014 | 89 | $15.9 | $141,200 |
This chart shows an 18% decrease in number of sales from 2018 to 2019. This certainly is a significant number; however, I believe most of this can be attributed to the real shortage of properties for sale. This is the case, and has been, following the banner years the industry experienced in 2017 and 2018.
This housing shortage is especially true for homes priced in the low and median price range, arbitrarily from $75,000 to $200,000. Homes priced in this range typically go under contract within just a few days of showing up in the MLS.
It is likely this situation will continue for the immediate future. Builders are extremely busy with higher priced homes, so there is little relief coming from new construction. Consequently, any new inventory for prospective buyers to consider has to come from existing housing.
Here at ERA Starr Realty we continue to lead all MLS agencies in number of transactions and overall volume. Through October our 349 transactions lead the second place agency’s total of 230. With a total volume of $54.8 million, ERA Starr tops the second place agency that checks in with volume of $51.9 million. Looking for an agency that knows the market? Give us a call. We are “Always There For You!”